The Manufacturers Life Insurance Company Cuts Stock Holdings in Redwood Trust, Inc. $RWT

The Manufacturers Life Insurance Company lowered its holdings in Redwood Trust, Inc. (NYSE:RWT) by 99.2% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 34,664 shares of the real estate investment trust’s stock after selling 4,183,009 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in Redwood Trust were worth $194,000 at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. Clearstead Advisors LLC boosted its stake in shares of Redwood Trust by 192.5% during the fourth quarter. Clearstead Advisors LLC now owns 5,428 shares of the real estate investment trust’s stock valued at $30,000 after purchasing an additional 3,572 shares in the last quarter. Russell Investments Group Ltd. raised its stake in Redwood Trust by 331.8% in the second quarter. Russell Investments Group Ltd. now owns 7,915 shares of the real estate investment trust’s stock worth $47,000 after buying an additional 6,082 shares in the last quarter. Bank of Marin bought a new position in Redwood Trust in the fourth quarter worth approximately $58,000. Abel Hall LLC purchased a new stake in Redwood Trust during the fourth quarter worth $58,000. Finally, Tower Research Capital LLC TRC lifted its holdings in Redwood Trust by 136.9% during the second quarter. Tower Research Capital LLC TRC now owns 10,823 shares of the real estate investment trust’s stock worth $64,000 after buying an additional 6,255 shares during the period. Hedge funds and other institutional investors own 74.34% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have recently issued reports on the company. BTIG Research reiterated a “buy” rating and issued a $6.00 price target on shares of Redwood Trust in a report on Tuesday, July 28th. JPMorgan Chase & Co. decreased their price objective on Redwood Trust from $6.50 to $6.00 and set an “overweight” rating for the company in a research note on Friday, July 17th. Weiss Ratings reaffirmed a “sell (d)” rating on shares of Redwood Trust in a research report on Wednesday, June 24th. Keefe, Bruyette & Woods cut their target price on Redwood Trust from $6.00 to $5.50 and set an “outperform” rating on the stock in a research note on Wednesday, July 29th. Finally, Zacks Research downgraded shares of Redwood Trust from a “hold” rating to a “strong sell” rating in a report on Tuesday, July 21st. Six analysts have rated the stock with a Buy rating, three have assigned a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $6.00.

Redwood Trust Stock Performance

RWT opened at $4.82 on Tuesday. The company has a market cap of $605.45 million, a P/E ratio of -120.47 and a beta of 1.38. The company has a quick ratio of 67.49, a current ratio of 67.49 and a debt-to-equity ratio of 31.69. The firm’s 50-day moving average price is $4.88 and its 200-day moving average price is $5.41. Redwood Trust, Inc. has a 52-week low of $4.19 and a 52-week high of $6.97.

Redwood Trust (NYSE:RWT) last released its earnings results on Tuesday, July 28th. The real estate investment trust reported $0.25 EPS for the quarter, topping analysts’ consensus estimates of $0.23 by $0.02. The company had revenue of $56.01 million during the quarter, compared to analysts’ expectations of $89.45 million. Redwood Trust had a net margin of 0.42% and a return on equity of 16.02%. As a group, equities analysts anticipate that Redwood Trust, Inc. will post 1.03 EPS for the current fiscal year.

Redwood Trust Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, June 30th. Shareholders of record on Tuesday, June 23rd were issued a $0.18 dividend. The ex-dividend date of this dividend was Tuesday, June 23rd. This represents a $0.72 dividend on an annualized basis and a dividend yield of 14.9%. Redwood Trust’s dividend payout ratio (DPR) is currently -1,800.00%.

Redwood Trust Company Profile

Redwood Trust, Inc (NYSE:RWT) is a publicly traded real estate investment trust specializing in the U.S. residential mortgage market. Headquartered in Mill Valley, California, the company focuses on investing in a diversified portfolio of residential mortgage assets, including whole loans, agency and non-agency mortgage-backed securities, and structured credit products.

The company’s core activities encompass the acquisition, financing, and management of prime residential mortgage whole loans and mortgage-backed securities.