Principal Financial Group Inc. Cuts Stock Position in Redwood Trust, Inc. (NYSE:RWT)

Principal Financial Group Inc. trimmed its position in Redwood Trust, Inc. (NYSE:RWT) by 4.4% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 623,246 shares of the real estate investment trust’s stock after selling 28,589 shares during the quarter. Principal Financial Group Inc. owned about 0.47% of Redwood Trust worth $4,818,000 at the end of the most recent reporting period.

Several other institutional investors have also bought and sold shares of RWT. Vanguard Group Inc. lifted its position in shares of Redwood Trust by 19.5% in the 1st quarter. Vanguard Group Inc. now owns 15,504,440 shares of the real estate investment trust’s stock worth $98,763,000 after purchasing an additional 2,530,937 shares during the period. Ceredex Value Advisors LLC grew its position in Redwood Trust by 22.8% during the 3rd quarter. Ceredex Value Advisors LLC now owns 1,113,600 shares of the real estate investment trust’s stock worth $8,608,000 after purchasing an additional 207,088 shares during the period. Van ECK Associates Corp increased its holdings in shares of Redwood Trust by 21.7% during the 2nd quarter. Van ECK Associates Corp now owns 976,283 shares of the real estate investment trust’s stock valued at $6,336,000 after purchasing an additional 174,317 shares in the last quarter. Rhumbline Advisers raised its holdings in Redwood Trust by 1.6% in the 2nd quarter. Rhumbline Advisers now owns 390,185 shares of the real estate investment trust’s stock worth $2,532,000 after purchasing an additional 6,242 shares during the period. Finally, Public Sector Pension Investment Board lifted its holdings in Redwood Trust by 7.9% during the second quarter. Public Sector Pension Investment Board now owns 290,767 shares of the real estate investment trust’s stock valued at $1,887,000 after purchasing an additional 21,232 shares in the last quarter. Institutional investors own 74.34% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have issued reports on RWT shares. JPMorgan Chase & Co. raised 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. Wedbush lifted 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. Piper Sandler raised their price objective on shares of Redwood Trust from $6.50 to $7.50 and gave the company a “neutral” rating in a research report on Monday, August 5th. JMP Securities boosted 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. Finally, Raymond James raised their price target on Redwood Trust from $8.50 to $9.50 and gave the stock a “strong-buy” rating in a research report on Thursday, September 19th. Four equities research analysts have rated the stock with a hold rating, five have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $8.19.

Redwood Trust Stock Performance

Redwood Trust stock opened at $7.11 on Friday. Redwood Trust, Inc. has a 12 month low of $5.45 and a 12 month high of $8.15. The company has a fifty day moving average price of $7.51 and a two-hundred day moving average price of $7.07. The company has a debt-to-equity ratio of 14.55, a current ratio of 44.36 and a quick ratio of 44.36. The company has a market cap of $940.44 million, a PE ratio of 12.76 and a beta of 1.59.

Redwood Trust Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Monday, September 23rd were given a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a dividend yield of 9.56%. This is an increase from Redwood Trust’s previous quarterly dividend of $0.16. The ex-dividend date was Monday, September 23rd. Redwood Trust’s payout ratio is 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.