Redwood Capital Bancorp (OTCMKTS:RWCB) Stock Price Up 0.5% – Here’s What Happened
by Michael Walen · The Markets DailyRedwood Capital Bancorp (OTCMKTS:RWCB – Get Free Report)’s stock price was up 0.5% during trading on Friday . The stock traded as high as $29.64 and last traded at $29.64. Approximately 300 shares changed hands during trading, a decline of 91% from the average daily volume of 3,310 shares. The stock had previously closed at $29.50.
Redwood Capital Bancorp Trading Up 0.5%
The firm has a fifty day moving average of $29.09 and a 200-day moving average of $27.51.
Redwood Capital Bancorp declared that its Board of Directors has initiated a share repurchase program on Friday, November 21st that allows the company to buyback $1.00 million in shares. This buyback authorization allows the company to buy shares of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s management believes its stock is undervalued.
About Redwood Capital Bancorp
Redwood Capital Bancorp is the bank holding company for Redwood Capital Bank FSB, a community-oriented financial institution headquartered in Santa Rosa, California. As a federally chartered savings bank, it provides a full range of deposit and lending products to individuals, small businesses, and professional clients, with a focus on personalized service and local decision-making.
The company’s deposit portfolio includes checking and savings accounts, money market funds, and certificates of deposit, all designed to meet the needs of both personal and commercial clients.