Hilton Capital Management LLC grew its position in shares of Redwood Trust, Inc. (NYSE:RWT) by 4.8% in the first quarter, Holdings Channel reports. The fund owned 1,298,562 shares of the real estate investment trust’s stock after buying an additional 59,976 shares during the quarter. Redwood Trust makes up about 2.8% of Hilton Capital Management LLC’s portfolio, making the stock its 10th biggest position. Hilton Capital Management LLC’s holdings in Redwood Trust were worth $20,972,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also recently bought and sold shares of the company. BlackRock Inc. lifted its position in Redwood Trust by 12.2% during the 1st quarter. BlackRock Inc. now owns 16,384,220 shares of the real estate investment trust’s stock worth $264,604,000 after acquiring an additional 1,778,088 shares during the period. Northern Trust Corp lifted its position in Redwood Trust by 23.5% during the 1st quarter. Northern Trust Corp now owns 1,330,182 shares of the real estate investment trust’s stock worth $21,484,000 after acquiring an additional 252,750 shares during the period. Norges Bank acquired a new stake in Redwood Trust during the 4th quarter worth approximately $18,679,000. Shoals Capital Management LP purchased a new position in shares of Redwood Trust during the 4th quarter worth approximately $18,461,000. Finally, Boston Partners purchased a new position in shares of Redwood Trust during the 1st quarter worth approximately $19,296,000. Hedge funds and other institutional investors own 95.02% of the company’s stock.
NYSE RWT traded up $0.01 during mid-day trading on Friday, hitting $15.91. The stock had a trading volume of 2,194 shares, compared to its average volume of 529,400. Redwood Trust, Inc. has a 52-week low of $14.29 and a 52-week high of $17.50. The company has a market capitalization of $1.56 billion, a P/E ratio of 8.94 and a beta of 0.66. The company has a debt-to-equity ratio of 5.30, a current ratio of 4.25 and a quick ratio of 4.25.
Redwood Trust (NYSE:RWT) last released its quarterly earnings data on Wednesday, May 8th. The real estate investment trust reported $0.36 earnings per share for the quarter, missing the consensus estimate of $0.38 by ($0.02). Redwood Trust had a net margin of 24.71% and a return on equity of 10.86%. The firm had revenue of $32.00 million during the quarter, compared to analysts’ expectations of $44.20 million. During the same period in the previous year, the business earned $0.60 earnings per share. The business’s revenue for the quarter was down 8.6% on a year-over-year basis. On average, research analysts expect that Redwood Trust, Inc. will post 1.48 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Investors of record on Friday, June 14th will be paid a $0.30 dividend. This represents a $1.20 annualized dividend and a yield of 7.54%. The ex-dividend date of this dividend is Thursday, June 13th. Redwood Trust’s payout ratio is currently 67.42%.
A number of equities analysts have recently issued reports on the company. Nomura assumed coverage on Redwood Trust in a research note on Wednesday, March 27th. They set a “buy” rating and a $17.50 target price for the company. Zacks Investment Research raised Redwood Trust from a “sell” rating to a “hold” rating in a research note on Wednesday. Finally, JMP Securities raised Redwood Trust from a “market perform” rating to an “outperform” rating and set a $17.00 target price for the company in a research note on Monday, March 4th. Three analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Redwood Trust has an average rating of “Buy” and an average target price of $17.83.
Redwood Trust Profile
Redwood Trust, Inc, together with its subsidiaries, operates as a specialty finance company in the United States. The company operates through two segments, Investment Portfolio and Residential Mortgage Banking. The Investment Portfolio segment offers a portfolio of investments in residential mortgage-backed securities retained from Sequoia securitizations, as well as issued by third parties and other credit risk-related investments; and invests directly in residential mortgage loans.
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