Redwood Trust (NYSE:RWT) Price Target Raised to $8.50

Redwood Trust (NYSE:RWT) had its price target boosted by stock analysts at Wells Fargo & Company from $7.50 to $8.50 in a research note issued on Friday, Benzinga reports. The firm currently has an “equal weight” rating on the real estate investment trust’s stock. Wells Fargo & Company‘s price target would indicate a potential upside of 5.99% from the company’s previous close.

Other equities research analysts have also issued research reports about the company. Raymond James boosted their price target on Redwood Trust from $8.50 to $9.50 and gave the stock a “strong-buy” rating in a research note on Thursday. JMP Securities lifted their price objective on Redwood Trust from $8.00 to $8.50 and gave the company a “market outperform” rating in a research report on Friday, July 19th. JPMorgan Chase & Co. upped their target price on Redwood Trust from $7.00 to $7.50 and gave the company an “overweight” rating in a research note on Tuesday, July 16th. Wedbush raised their target price on shares of Redwood Trust from $6.50 to $7.00 and gave the stock a “neutral” rating in a research report on Friday, August 2nd. Finally, Piper Sandler boosted their price objective 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. Four equities research analysts have rated the stock with a hold rating, five have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $8.08.

Redwood Trust Stock Performance

NYSE RWT traded down $0.04 during trading hours on Friday, hitting $8.02. 421,420 shares of the stock were exchanged, compared to its average volume of 1,131,077. 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 stock has a 50-day moving average of $7.36 and a 200 day moving average of $6.63. Redwood Trust has a 12-month low of $5.45 and a 12-month high of $8.15. The company has a market cap of $1.06 billion, a price-to-earnings ratio of 114.57 and a beta of 1.58.

Redwood Trust (NYSE:RWT) last posted its quarterly earnings results on Thursday, August 1st. The real estate investment trust reported $0.13 earnings per share for the quarter, beating analysts’ consensus estimates 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 firm earned $0.14 EPS. As a group, equities research analysts forecast that Redwood Trust will post 0.5 earnings per share for the current year.

Institutional Trading of Redwood Trust

Several institutional investors and hedge funds have recently added to or reduced their stakes in RWT. Concurrent Investment Advisors LLC acquired a new stake in Redwood Trust in the second quarter valued at approximately $69,000. MQS Management LLC bought a new position in Redwood Trust in the first quarter valued at about $72,000. Algert Global LLC bought a new stake in shares of Redwood Trust during the second quarter worth about $86,000. Ameritas Investment Partners Inc. increased its stake in shares of Redwood Trust by 26.5% in the first quarter. Ameritas Investment Partners Inc. now owns 14,324 shares of the real estate investment trust’s stock valued at $91,000 after buying an additional 3,000 shares during the period. Finally, Quest Partners LLC bought a new stake in Redwood Trust during the 4th quarter worth approximately $107,000. 74.34% of the stock is owned by institutional investors.

About Redwood Trust

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.