Evergreen Capital Management LLC Sells 42,770 Shares of Redwood Trust, Inc. (NYSE:RWT)

Evergreen Capital Management LLC reduced its stake in shares of Redwood Trust, Inc. (NYSE:RWT) by 3.3% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,251,877 shares of the real estate investment trust’s stock after selling 42,770 shares during the quarter. Evergreen Capital Management LLC owned approximately 0.95% of Redwood Trust worth $8,125,000 as of its most recent SEC filing.

A number of other institutional investors also recently added to or reduced their stakes in the stock. Charles Schwab Investment Management Inc. raised its stake in shares of Redwood Trust by 7.6% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,798,260 shares of the real estate investment trust’s stock worth $13,325,000 after acquiring an additional 127,435 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its stake in Redwood Trust by 13.0% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,103,231 shares of the real estate investment trust’s stock worth $7,182,000 after purchasing an additional 127,143 shares in the last quarter. Wellington Management Group LLP lifted its stake in shares of Redwood Trust by 164.4% during the fourth quarter. Wellington Management Group LLP now owns 11,314,715 shares of the real estate investment trust’s stock worth $83,842,000 after buying an additional 7,035,524 shares during the period. SG Americas Securities LLC purchased a new stake in shares of Redwood Trust during the second quarter valued at $242,000. Finally, Illinois Municipal Retirement Fund increased its position in shares of Redwood Trust by 4.5% in the 1st quarter. Illinois Municipal Retirement Fund now owns 69,768 shares of the real estate investment trust’s stock valued at $444,000 after acquiring an additional 2,993 shares during the period. Institutional investors own 74.34% of the company’s stock.

Analysts Set New Price Targets

RWT has been the topic of a number of research reports. Wells Fargo & Company increased their price objective on Redwood Trust from $7.50 to $8.50 and gave the company an “equal weight” rating in a report on Friday. Wedbush raised their price target 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. JPMorgan Chase & Co. upped their price objective on shares of Redwood Trust from $7.00 to $7.50 and gave the company an “overweight” rating in a report on Tuesday, July 16th. Piper Sandler increased 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. Finally, JMP Securities boosted their target price on shares of Redwood Trust from $8.00 to $8.50 and gave the company a “market outperform” rating in a research report on Friday, July 19th. Four research analysts have rated the stock with a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, Redwood Trust presently has a consensus rating of “Moderate Buy” and a consensus price target of $8.08.

Redwood Trust Stock Down 1.6 %

Shares of RWT opened at $7.93 on Monday. The firm has a market cap of $1.05 billion, a P/E ratio of 113.29 and a beta of 1.58. Redwood Trust, Inc. has a 12 month low of $5.45 and a 12 month high of $8.15. The stock’s 50 day moving average is $7.37 and its two-hundred day moving average is $6.65. The company has a current ratio of 50.47, a quick ratio of 50.47 and a debt-to-equity ratio of 12.97.

Redwood Trust (NYSE:RWT) last issued its quarterly earnings results on Thursday, August 1st. The real estate investment trust reported $0.13 EPS for the quarter, topping the consensus estimate of $0.12 by $0.01. Redwood Trust had a net margin of 4.45% and a return on equity of 4.93%. During the same period last year, the firm posted $0.14 earnings per share. Analysts predict that Redwood Trust, Inc. will post 0.5 earnings per share for the current fiscal year.

Redwood Trust Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Monday, September 23rd will be paid a $0.17 dividend. The ex-dividend date is Monday, September 23rd. This is a positive change from Redwood Trust’s previous quarterly dividend of $0.16. This represents a $0.68 dividend on an annualized basis and a yield of 8.58%. Redwood Trust’s dividend payout ratio (DPR) is currently 971.43%.

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.