Redwood Capital Bancorp (OTCMKTS:RWCB) Shares Down 0.9% – Time to Sell?

Redwood Capital Bancorp (OTCMKTS:RWCB)’s share price dropped 0.9% on Friday . The company traded as low as $27.25 and last traded at $27.25. Approximately 689 shares changed hands during mid-day trading, a decline of 77% from the average daily volume of 2,974 shares. The stock had previously closed at $27.50.

Redwood Capital Bancorp Stock Performance

The firm’s 50 day moving average price is $26.22 and its 200-day moving average price is $24.09.

Redwood Capital Bancorp declared that its Board of Directors has authorized a stock buyback program on Monday, September 22nd that allows the company to buyback $1.00 million in shares. This buyback authorization allows the company to repurchase shares of its stock through open market purchases. Shares buyback programs are generally an indication that the company’s board of directors believes its stock is undervalued.

Redwood Capital Bancorp Company Profile

Redwood Capital Bancorp operates as the bank holding company for Redwood Capital Bank that provides various banking products and services to individuals and businesses in California. The company accepts checking, savings, and money market accounts, as well as certificates of deposit. It also offers real estate loans, home equity lines of credit, construction and development loans, term loans for machinery and equipment, and lines of credit for working capital, as well as industrial, agricultural, and personal credits.