Redwood Trust, Inc. (NYSE:RWT) Shares Sold by Wolverine Asset Management LLC

Wolverine Asset Management LLC reduced its stake in shares of Redwood Trust, Inc. (NYSE:RWT) by 71.7% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 296,709 shares of the real estate investment trust’s stock after selling 752,598 shares during the quarter. Wolverine Asset Management LLC owned 0.22% of Redwood Trust worth $1,926,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also recently bought and sold shares of RWT. Louisiana State Employees Retirement System raised its stake in shares of Redwood Trust by 2.2% during the second quarter. Louisiana State Employees Retirement System now owns 66,500 shares of the real estate investment trust’s stock valued at $432,000 after purchasing an additional 1,400 shares during the period. Dynamic Technology Lab Private Ltd lifted its holdings in Redwood Trust by 8.2% in the 4th quarter. Dynamic Technology Lab Private Ltd now owns 24,292 shares of the real estate investment trust’s stock worth $180,000 after buying an additional 1,847 shares in the last quarter. Mutual of America Capital Management LLC boosted its position in Redwood Trust by 9.1% in the 1st quarter. Mutual of America Capital Management LLC now owns 22,653 shares of the real estate investment trust’s stock valued at $144,000 after buying an additional 1,889 shares during the last quarter. Principal Financial Group Inc. grew its stake in shares of Redwood Trust by 0.4% during the fourth quarter. Principal Financial Group Inc. now owns 617,725 shares of the real estate investment trust’s stock valued at $4,577,000 after acquiring an additional 2,296 shares in the last quarter. Finally, TCW Group Inc. increased its position in shares of Redwood Trust by 3.2% during the fourth quarter. TCW Group Inc. now owns 82,852 shares of the real estate investment trust’s stock worth $614,000 after acquiring an additional 2,541 shares during the last quarter. 74.34% of the stock is owned by institutional investors and hedge funds.

Redwood Trust Stock Performance

Shares of NYSE RWT opened at $7.42 on Wednesday. The company has a quick ratio of 50.47, a current ratio of 50.47 and a debt-to-equity ratio of 12.97. The firm’s 50-day moving average price is $7.07 and its two-hundred day moving average price is $6.51. Redwood Trust, Inc. has a 52-week low of $5.45 and a 52-week high of $8.16. The stock has a market capitalization of $980.41 million, a P/E ratio of 105.93 and a beta of 1.58.

Redwood Trust (NYSE:RWT) last announced its quarterly earnings results on Thursday, August 1st. The real estate investment trust reported $0.13 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.12 by $0.01. Redwood Trust had a return on equity of 4.93% and a net margin of 4.45%. During the same period in the prior year, the business posted $0.14 EPS. As a group, sell-side analysts forecast that Redwood Trust, Inc. will post 0.5 earnings per share for the current year.

Redwood Trust Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, June 28th. Shareholders of record on Friday, June 21st were paid a dividend of $0.16 per share. This represents a $0.64 dividend on an annualized basis and a yield of 8.63%. The ex-dividend date of this dividend was Friday, June 21st. Redwood Trust’s payout ratio is 914.29%.

Analysts Set New Price Targets

Several research firms have issued reports on RWT. JPMorgan Chase & Co. lifted their price objective on Redwood Trust from $7.00 to $7.50 and gave the stock an “overweight” rating in a report on Tuesday, July 16th. Piper Sandler lifted their price target on shares of 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 price objective on shares of Redwood Trust from $6.50 to $7.00 and gave the company a “neutral” rating in a research note on Friday, August 2nd. Finally, JMP Securities increased their price target on shares of Redwood Trust from $8.00 to $8.50 and gave the stock a “market outperform” rating in a research report on Friday, July 19th. Four investment analysts have rated the stock with a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $7.81.

Redwood Trust 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.