Redwood Trust Keeps Dividend Steady
Real estate investment trust Redwood Trust announced today its third-quarter dividend of $0.28 per share, the same rate it's paid for the past two quarters after raising the payout 12% from $0.25 per share.
The board of directors said the quarterly dividend is payable on Sept. 30 to the holders of record at the close of business on Sept. 13.
Noting the importance of the quarterly payout, Redwood Trust CEO Marty Hughes said the "third quarter dividend will mark our 57th consecutive quarterly dividend." Redwood had maintained the dividend at the $0.25 level since 2009 after the payout was slashed from $0.75 per share during the depths of the recession.
The regular dividend payment equates to a $1.12-per-share annual dividend, yielding 6.7% based on the closing price today of Redwood Trust's stock.
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