Wall Street brokerages expect that Redwood Trust, Inc. (NYSE:RWT) will announce sales of $26.60 million for the current quarter, according to Zacks. Three analysts have provided estimates for Redwood Trust’s earnings. The highest sales estimate is $33.00 million and the lowest is $15.30 million. Redwood Trust reported sales of $22.00 million in the same quarter last year, which would suggest a positive year-over-year growth rate of 20.9%. The company is scheduled to issue its next quarterly earnings results on Thursday, November 4th.
According to Zacks, analysts expect that Redwood Trust will report full-year sales of $110.86 million for the current fiscal year, with estimates ranging from $87.27 million to $125.00 million. For the next year, analysts expect that the company will report sales of $148.99 million, with estimates ranging from $132.98 million to $164.00 million. Zacks’ sales averages are an average based on a survey of analysts that that provide coverage for Redwood Trust.
A number of research analysts recently commented on RWT shares. Raymond James upped their price target on shares of Redwood Trust from $14.50 to $16.00 and gave the company a “strong-buy” rating in a research note on Thursday, July 29th. Piper Sandler upgraded shares of Redwood Trust from a “neutral” rating to an “overweight” rating and increased their target price for the stock from $12.00 to $14.00 in a research report on Monday, July 19th. Credit Suisse Group increased their target price on shares of Redwood Trust from $13.00 to $14.00 and gave the stock an “outperform” rating in a research report on Monday, September 13th. JMP Securities increased their target price on shares of Redwood Trust from $12.00 to $13.50 and gave the stock a “market outperform” rating in a research report on Thursday, June 24th. Finally, Zacks Investment Research upgraded shares of Redwood Trust from a “hold” rating to a “buy” rating and set a $14.00 target price on the stock in a research report on Wednesday, July 14th. Seven equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Redwood Trust currently has a consensus rating of “Buy” and an average price target of $13.31.
The company also recently declared a quarterly dividend, which will be paid on Thursday, September 30th. Investors of record on Thursday, September 23rd will be paid a dividend of $0.21 per share. This is an increase from Redwood Trust’s previous quarterly dividend of $0.18. This represents a $0.84 dividend on an annualized basis and a yield of 6.59%. The ex-dividend date of this dividend is Wednesday, September 22nd. Redwood Trust’s dividend payout ratio is 1,800.00%.
A number of hedge funds have recently bought and sold shares of the stock. BlackRock Inc. raised its stake in shares of Redwood Trust by 5.6% in the first quarter. BlackRock Inc. now owns 20,917,191 shares of the real estate investment trust’s stock worth $217,747,000 after purchasing an additional 1,113,684 shares during the last quarter. Alliancebernstein L.P. raised its stake in shares of Redwood Trust by 44.1% in the first quarter. Alliancebernstein L.P. now owns 222,958 shares of the real estate investment trust’s stock worth $2,321,000 after purchasing an additional 68,262 shares during the last quarter. Amundi Asset Management US Inc. raised its stake in shares of Redwood Trust by 13.4% in the first quarter. Amundi Asset Management US Inc. now owns 2,588,749 shares of the real estate investment trust’s stock worth $26,950,000 after purchasing an additional 305,805 shares during the last quarter. Van ECK Associates Corp raised its stake in shares of Redwood Trust by 35.1% in the second quarter. Van ECK Associates Corp now owns 717,442 shares of the real estate investment trust’s stock worth $8,660,000 after purchasing an additional 186,309 shares during the last quarter. Finally, Schonfeld Strategic Advisors LLC grew its holdings in shares of Redwood Trust by 39.1% in the first quarter. Schonfeld Strategic Advisors LLC now owns 16,000 shares of the real estate investment trust’s stock valued at $167,000 after acquiring an additional 4,500 shares in the last quarter. 70.61% of the stock is currently owned by institutional investors and hedge funds.
Redwood Trust Company Profile
Redwood Trust, Inc is a financial company, which focuses on several distinct areas of housing credit. It operates through the segments: Residential Lending, Business Purpose Lending, Third-Party Investments, and Corporate. The Residential Lending segment consists of a mortgage loan conduit that acquires residential loans from third-party originators for subsequent sale, securitization, or transfer into the investment portfolio.
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