Redwood Trust Q2 net loss narrows sequentially, mortgage banking production doubles y/y
RWT•Segment results and outlook
Mortgage banking platforms' GAAP net income rose 9% from Q1, but CoreVest Mortgage Banking funded 5% fewer loans due to higher rates.
The company does not provide specific financial guidance for the upcoming quarter or full year.
Selected financial and market details
| Metric | Actual |
|---|---|
| Q2 Net Interest Income | $32.10 million |
The current average analyst rating on the shares is buy, with 6 strong buy or buy ratings, 2 hold ratings and no sell or strong sell ratings.
The median 12-month price target for Redwood Trust Inc is $6.00, about 21.5% above its July 27 closing price of $4.94.
The stock recently traded at 5 times next 12-month earnings, versus a P/E of 5 three months ago.
