Redwood Capital Bancorp (OTCMKTS:RWCB) Stock Price Down 0.3% – Here’s Why

Redwood Capital Bancorp (OTCMKTS:RWCB) traded down 0.3% during trading on Friday . The company traded as low as $31.40 and last traded at $32.00. 321 shares changed hands during trading, a decline of 87% from the average session volume of 2,447 shares. The stock had previously closed at $32.09.

Redwood Capital Bancorp Price Performance

The stock’s 50-day simple moving average is $32.21 and its two-hundred day simple moving average is $30.51.

Redwood Capital Bancorp announced that its Board of Directors has approved a stock buyback plan on Wednesday, April 1st that permits the company to buyback $1.00 million in outstanding shares. This buyback authorization permits the company to repurchase shares of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s board of directors believes its shares are undervalued.

About Redwood Capital Bancorp

Redwood Capital Bancorp is the bank holding company for Redwood Capital Bank FSB, a community-oriented financial institution headquartered in Santa Rosa, California. As a federally chartered savings bank, it provides a full range of deposit and lending products to individuals, small businesses, and professional clients, with a focus on personalized service and local decision-making.

The company’s deposit portfolio includes checking and savings accounts, money market funds, and certificates of deposit, all designed to meet the needs of both personal and commercial clients.