JPMorgan Chase & Co. Cuts Redwood Trust (NYSE:RWT) Price Target to $6.00

Redwood Trust (NYSE:RWT) had its price objective lowered by JPMorgan Chase & Co. from $6.50 to $6.00 in a report released on Friday,Benzinga reports. The firm currently has an overweight rating on the real estate investment trust’s stock.

Several other equities research analysts have also recently weighed in on RWT. BTIG Research decreased their price target on Redwood Trust from $8.50 to $6.00 and set a “buy” rating for the company in a research note on Wednesday, June 17th. Zacks Research lowered Redwood Trust from a “strong-buy” rating to a “hold” rating in a research note on Monday, April 13th. Piper Sandler reduced their target price on Redwood Trust from $6.50 to $5.50 and set a “neutral” rating on the stock in a report on Thursday, July 2nd. JonesTrading reissued a “buy” rating and set a $6.25 target price on shares of Redwood Trust in a research report on Thursday, April 30th. Finally, Keefe, Bruyette & Woods upgraded shares of Redwood Trust from a “market perform” rating to an “outperform” rating and lowered their price target for the stock from $7.00 to $6.00 in a report on Thursday, July 9th. Six research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $6.11.

Redwood Trust Stock Up 0.3%

Shares of NYSE:RWT opened at $5.13 on Friday. The firm has a market cap of $643.00 million, a P/E ratio of -6.58 and a beta of 1.37. Redwood Trust has a 12-month low of $4.19 and a 12-month high of $6.97. The business has a fifty day simple moving average of $5.10 and a 200 day simple moving average of $5.55. The company has a quick ratio of 59.63, a current ratio of 59.63 and a debt-to-equity ratio of 28.42.

Redwood Trust Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, June 30th. Shareholders of record on Tuesday, June 23rd were issued a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a yield of 14.0%. The ex-dividend date was Tuesday, June 23rd. Redwood Trust’s dividend payout ratio (DPR) is presently -92.31%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Wellington Management Group LLP grew its stake in Redwood Trust by 0.5% during the fourth quarter. Wellington Management Group LLP now owns 15,101,012 shares of the real estate investment trust’s stock worth $83,509,000 after purchasing an additional 80,529 shares during the period. UBS Group AG lifted its stake in Redwood Trust by 521.1% in the fourth quarter. UBS Group AG now owns 3,875,226 shares of the real estate investment trust’s stock valued at $21,430,000 after buying an additional 3,251,302 shares during the period. Invesco Ltd. boosted its holdings in shares of Redwood Trust by 25.4% during the 4th quarter. Invesco Ltd. now owns 2,551,067 shares of the real estate investment trust’s stock worth $14,107,000 after buying an additional 516,630 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in shares of Redwood Trust by 15.0% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,169,992 shares of the real estate investment trust’s stock worth $12,000,000 after buying an additional 282,800 shares in the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in shares of Redwood Trust by 7.5% during the 3rd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 2,148,393 shares of the real estate investment trust’s stock worth $12,439,000 after buying an additional 149,003 shares during the period. 74.34% of the stock is owned by institutional investors and hedge funds.

Redwood Trust Company Profile

Redwood Trust, Inc (NYSE:RWT) is a publicly traded real estate investment trust specializing in the U.S. residential mortgage market. Headquartered in Mill Valley, California, the company focuses on investing in a diversified portfolio of residential mortgage assets, including whole loans, agency and non-agency mortgage-backed securities, and structured credit products.

The company’s core activities encompass the acquisition, financing, and management of prime residential mortgage whole loans and mortgage-backed securities.