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RWT

Redwood Trust

$16.67

0.06 (0.36%)

16:41
09/03/19
09/03
16:41
09/03/19
16:41

Redwood Trust announces offering of 11M shares of common stock

Redwood Trust announced that it intends to offer 11M shares of its common stock in an underwritten public offering. Redwood intends to use the net proceeds from this offering to fund its business and investment activity, which may include funding pending or recently completed investment transactions. In addition, Redwood may use a portion of the net proceeds from this offering to fund new investment opportunities in portfolios of residential, multifamily, or business purpose residential loans or securities, to make other portfolio investments, to fund its mortgage banking business, and to repay its $201M principal amount of exchangeable senior notes maturing in November, and for general corporate purposes. Pending such uses, Redwood may use all or a portion of the net proceeds from this offering to temporarily reduce borrowings under its short-term residential or business purpose loan warehouse facilities and its short-term real estate securities repurchase facilities and Redwood may subsequently re-borrow amounts under such facilities to fund the activity described above. J.P. Morgan, Wells Fargo Securities, Goldman Sachs, and Credit Suisse Securities are acting as joint book-running managers for the proposed offering. JMP Securities and Keefe, Bruyette & Woods are acting as co-managers for the proposed offering.

RWT Redwood Trust
$16.67

0.06 (0.36%)

02/05/19
FBCO
02/05/19
INITIATION
Target $18
FBCO
Outperform
Redwood Trust initiated with an Outperform at Credit Suisse
Credit Suisse analyst Douglas Harter started coverage of Redwood Trust with an Outperform rating and $18 price target. The analyst believes the company's differentiated business model and its risk management history warrant a premium valuation over traditional mREITs. Harter forecasts a 20% TR opportunity over the next 12 months.
03/04/19
BARD
03/04/19
UPGRADE
BARD
Outperform
Redwood Trust upgraded to Outperform from Neutral at Baird
03/04/19
JMPS
03/04/19
UPGRADE
Target $17
JMPS
Outperform
Redwood Trust upgraded to Outperform from Market Perform at JMP Securities
JMP Securities analyst Steven DeLaney upgraded Redwood Trust to Outperform from Market Perform and set a $17 price target on the shares, telling investors that he consider the current valuation an unwarranted discount to hybrid MREIT peers. He also said that based on management commentary in the QQ4 shareholder letter that it appears providing a sustainably higher dividend payout is a priority for new management.
03/26/19
NOMU
03/26/19
INITIATION
Target $17.5
NOMU
Buy
Redwood Trust initiated with a Buy at Nomura Instinet
Nomura Instinet analyst Matthew Howlett started Redwood Trust with a Buy rating and $17.50 price target. The analyst says the recent dissipation of the company's premium valuation has created an opportunity for investors. He initiated coverage of the U.S. Mortgage REITs industry with a positive outlook. The environment for levered mortgage-based operating models is the best it's been since the Taper Tantrum, Howlett tells investors in a research note. He thinks the space is poised to attract interest from "yield-starved investors amid a low, range-bound interest rate environment and expected yield curve steepening."

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