Van ECK Associates Corp Trims Position in Redwood Trust, Inc. (NYSE:RWT)

Van ECK Associates Corp cut its holdings in shares of Redwood Trust, Inc. (NYSE:RWT) by 5.7% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The firm owned 920,312 shares of the real estate investment trust’s stock after selling 55,971 shares during the period. Van ECK Associates Corp owned 0.70% of Redwood Trust worth $6,875,000 as of its most recent SEC filing.

Several other hedge funds have also recently made changes to their positions in the business. State of Alaska Department of Revenue grew its stake in Redwood Trust by 9.8% in the first quarter. State of Alaska Department of Revenue now owns 80,107 shares of the real estate investment trust’s stock worth $510,000 after purchasing an additional 7,123 shares during the period. Mutual of America Capital Management LLC grew its stake in Redwood Trust by 9.1% in the first quarter. Mutual of America Capital Management LLC now owns 22,653 shares of the real estate investment trust’s stock worth $144,000 after purchasing an additional 1,889 shares during the period. Texas Permanent School Fund Corp grew its stake in Redwood Trust by 12.4% in the first quarter. Texas Permanent School Fund Corp now owns 114,377 shares of the real estate investment trust’s stock worth $729,000 after purchasing an additional 12,591 shares during the period. Illinois Municipal Retirement Fund grew its stake in Redwood Trust by 4.5% in the first quarter. Illinois Municipal Retirement Fund now owns 69,768 shares of the real estate investment trust’s stock worth $444,000 after purchasing an additional 2,993 shares during the period. Finally, Swiss National Bank grew its stake in Redwood Trust by 4.0% in the first quarter. Swiss National Bank now owns 234,200 shares of the real estate investment trust’s stock worth $1,492,000 after purchasing an additional 9,000 shares during the period. 74.34% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

RWT has been the topic of several recent research reports. JMP Securities upped their price target on Redwood Trust from $8.50 to $9.00 and gave the stock a “market outperform” rating in a research note on Friday, October 4th. Raymond James increased their target price on Redwood Trust from $8.50 to $9.50 and gave the stock a “strong-buy” rating in a research note on Thursday, September 19th. Piper Sandler increased their target price on Redwood Trust from $6.50 to $7.50 and gave the stock a “neutral” rating in a research note on Monday, August 5th. Wedbush increased their target price on Redwood Trust from $6.50 to $7.00 and gave the stock a “neutral” rating in a research note on Friday, August 2nd. Finally, JPMorgan Chase & Co. increased their target price on Redwood Trust from $7.50 to $8.00 and gave the stock an “overweight” rating in a research note on Thursday, October 17th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $8.19.

Redwood Trust Trading Up 0.8 %

Shares of NYSE:RWT opened at $7.18 on Friday. The company has a market cap of $949.34 million, a P/E ratio of 13.05 and a beta of 1.59. The company has a debt-to-equity ratio of 13.75, a current ratio of 50.47 and a quick ratio of 50.47. Redwood Trust, Inc. has a 1 year low of $5.45 and a 1 year high of $8.15. The stock’s fifty day moving average price is $7.57 and its 200-day moving average price is $6.98.

Redwood Trust Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Monday, September 23rd were issued a dividend of $0.17 per share. This is an increase from Redwood Trust’s previous quarterly dividend of $0.16. This represents a $0.68 dividend on an annualized basis and a dividend yield of 9.47%. The ex-dividend date was Monday, September 23rd. Redwood Trust’s dividend payout ratio is presently 123.64%.

Redwood Trust Company Profile

Redwood Trust, Inc, together with its subsidiaries, operates as a specialty finance company in the United States. The company operates through three segments: Residential Consumer Mortgage Banking, Residential Investor Mortgage Banking, and Investment Portfolio. The Residential Consumer Mortgage Banking segment operates a mortgage loan conduit that acquires residential loans from third-party originators for subsequent sale, securitization, or transfer to its investment portfolio.