JMP Securities Reiterates Market Outperform Rating for Redwood Trust (NYSE:RWT)

Redwood Trust (NYSE:RWT)‘s stock had its “market outperform” rating reaffirmed by equities research analysts at JMP Securities in a research note issued on Thursday, Benzinga reports. They presently have a $8.00 price target on the real estate investment trust’s stock. JMP Securities’ price target indicates a potential upside of 40.97% from the company’s current price.

A number of other brokerages have also issued reports on RWT. Wedbush lowered shares of Redwood Trust from an “outperform” rating to a “neutral” rating and dropped their price objective for the company from $8.00 to $6.50 in a report on Thursday, April 11th. UBS Group dropped their price objective on shares of Redwood Trust from $9.00 to $8.50 and set a “buy” rating for the company in a report on Tuesday, March 5th. Keefe, Bruyette & Woods dropped their price objective on shares of Redwood Trust from $7.75 to $7.25 and set an “outperform” rating for the company in a report on Wednesday, April 10th. Piper Sandler dropped their price objective on shares of Redwood Trust from $7.50 to $7.00 and set a “neutral” rating for the company in a report on Wednesday, February 21st. Finally, Raymond James dropped their price objective on shares of Redwood Trust from $9.00 to $8.50 and set a “strong-buy” rating for the company in a report on Friday, January 19th. Four analysts have rated the stock with a hold rating, four have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Redwood Trust presently has a consensus rating of “Moderate Buy” and a consensus target price of $7.64.

Redwood Trust Price Performance

Redwood Trust stock opened at $5.68 on Thursday. Redwood Trust has a 52-week low of $5.45 and a 52-week high of $8.30. The firm has a market capitalization of $746.72 million, a price-to-earnings ratio of -47.29 and a beta of 1.48. The company has a fifty day simple moving average of $6.15 and a 200-day simple moving average of $6.69. The company has a quick ratio of 7.36, a current ratio of 7.36 and a debt-to-equity ratio of 10.12.

Institutional Trading of Redwood Trust

Several hedge funds have recently made changes to their positions in RWT. Wellington Management Group LLP lifted its position 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 purchasing an additional 7,035,524 shares in the last quarter. Mesirow Institutional Investment Management Inc. acquired a new stake in shares of Redwood Trust during the fourth quarter worth about $13,246,000. Boston Partners acquired a new stake in shares of Redwood Trust during the third quarter worth about $12,015,000. Norges Bank acquired a new stake in shares of Redwood Trust during the fourth quarter worth about $7,534,000. Finally, Millennium Management LLC lifted its position in shares of Redwood Trust by 544.7% during the fourth quarter. Millennium Management LLC now owns 1,187,981 shares of the real estate investment trust’s stock worth $8,031,000 after purchasing an additional 1,003,705 shares in the last quarter. Institutional investors and hedge funds own 74.34% of the company’s stock.

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.