Rocket Companies, Inc. (NYSE:RKT) Receives $13.83 Consensus PT from Brokerages

Shares of Rocket Companies, Inc. (NYSE:RKT) have received a consensus rating of “Reduce” from the twelve brokerages that are presently covering the stock, Marketbeat.com reports. Four investment analysts have rated the stock with a sell recommendation and eight have issued a hold recommendation on the company. The average 12-month price objective among brokers that have covered the stock in the last year is $13.83.

RKT has been the topic of a number of recent research reports. JPMorgan Chase & Co. reduced their price target on shares of Rocket Companies from $14.00 to $10.50 and set an “underweight” rating on the stock in a research report on Tuesday, January 14th. Morgan Stanley reduced their target price on shares of Rocket Companies from $16.00 to $13.00 and set an “equal weight” rating on the stock in a report on Thursday, December 19th. Royal Bank of Canada lowered their price target on shares of Rocket Companies from $20.00 to $18.00 and set a “sector perform” rating for the company in a research note on Wednesday, November 13th. Piper Sandler reduced their price objective on Rocket Companies from $17.00 to $16.00 and set a “neutral” rating on the stock in a research note on Thursday, November 14th. Finally, Bank of America lifted their price objective on Rocket Companies from $14.00 to $15.00 and gave the stock an “underperform” rating in a report on Thursday, November 14th.

Institutional Investors Weigh In On Rocket Companies

Several institutional investors and hedge funds have recently modified their holdings of the stock. Wellington Management Group LLP increased its position in shares of Rocket Companies by 174.5% during the fourth quarter. Wellington Management Group LLP now owns 4,705,177 shares of the company’s stock valued at $52,980,000 after buying an additional 2,990,837 shares during the period. Boston Partners boosted its position in Rocket Companies by 29.8% during the 4th quarter. Boston Partners now owns 12,313,780 shares of the company’s stock valued at $138,673,000 after acquiring an additional 2,829,292 shares in the last quarter. Nuveen Asset Management LLC grew its holdings in shares of Rocket Companies by 52.7% during the 4th quarter. Nuveen Asset Management LLC now owns 8,122,148 shares of the company’s stock worth $91,455,000 after acquiring an additional 2,804,090 shares during the period. State Street Corp raised its position in shares of Rocket Companies by 44.7% in the 3rd quarter. State Street Corp now owns 4,108,189 shares of the company’s stock worth $78,836,000 after acquiring an additional 1,269,795 shares in the last quarter. Finally, Point72 Asset Management L.P. purchased a new position in shares of Rocket Companies in the 4th quarter valued at approximately $14,113,000. 4.59% of the stock is owned by hedge funds and other institutional investors.

Rocket Companies Price Performance

RKT opened at $14.29 on Friday. The company has a current ratio of 15.47, a quick ratio of 15.47 and a debt-to-equity ratio of 1.51. The stock has a market capitalization of $28.52 billion, a P/E ratio of -89.28 and a beta of 2.39. The stock has a 50-day moving average price of $12.55 and a 200-day moving average price of $14.85. Rocket Companies has a 12-month low of $10.06 and a 12-month high of $21.38.

Rocket Companies Cuts Dividend

The business also recently declared a dividend, which will be paid on Thursday, April 3rd. Investors of record on Thursday, March 20th will be issued a $0.80 dividend. The ex-dividend date is Thursday, March 20th. Rocket Companies’s dividend payout ratio (DPR) is currently 801.25%.

Rocket Companies Company Profile

Rocket Companies, Inc, a fintech holding company, provides mortgage lending, title and settlement services, and other financial technology services in the United States and Canada. It operates through two segments, Direct to Consumer and Partner Network. The company’s solutions include Rocket Mortgage, a mortgage lender; Amrock that provides title insurance, property valuation, and settlement services; Rocket Homes, a home search platform and real estate agent referral network, which offers technology-enabled services to support the home buying and selling experience; and Rocket Loans, an online-based personal loans business.