Citizens JMP lowered the firm’s price target on Redwood Trust (RWT) to $7 from $7.50 and keeps an Outperform rating on the shares following the Q2 report. The firm says the company’s accelerated transition to its core operating strategies hurt book value as it winds down legacy investments exposures in multifamily bridge loans and other third-party assets.
TipRanks Cyber Monday Sale
- Claim 60% off TipRanks Premium for data-backed insights and research tools you need to invest with confidence.
- Subscribe to TipRanks' Smart Investor Picks and see our data in action through our high-performing model portfolio - now also 60% off
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on RWT: