Garner Asset Management Corp Invests $118,000 in Rocket Companies, Inc. (NYSE:RKT)

Garner Asset Management Corp acquired a new position in Rocket Companies, Inc. (NYSE:RKT) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 10,480 shares of the company’s stock, valued at approximately $118,000.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in RKT. Sterling Capital Management LLC lifted its stake in shares of Rocket Companies by 57.2% during the 4th quarter. Sterling Capital Management LLC now owns 8,295 shares of the company’s stock valued at $93,000 after buying an additional 3,019 shares in the last quarter. Raymond James Financial Inc. purchased a new stake in shares of Rocket Companies during the fourth quarter worth $3,469,000. Polymer Capital Management US LLC bought a new position in shares of Rocket Companies in the fourth quarter worth $229,000. Envestnet Asset Management Inc. grew its position in shares of Rocket Companies by 34.2% in the fourth quarter. Envestnet Asset Management Inc. now owns 22,413 shares of the company’s stock valued at $252,000 after purchasing an additional 5,710 shares in the last quarter. Finally, Cinctive Capital Management LP bought a new stake in shares of Rocket Companies during the 4th quarter valued at $3,945,000. Institutional investors own 4.59% of the company’s stock.

Rocket Companies Trading Down 0.2 %

Shares of RKT opened at $11.86 on Friday. Rocket Companies, Inc. has a fifty-two week low of $10.06 and a fifty-two week high of $21.38. The firm has a market cap of $23.67 billion, a price-to-earnings ratio of -74.12 and a beta of 2.35. The firm has a 50 day moving average price of $13.53 and a 200-day moving average price of $13.90. The company has a debt-to-equity ratio of 1.51, a quick ratio of 15.47 and a current ratio of 15.47.

Rocket Companies Cuts Dividend

The firm also recently declared a dividend, which was paid on Thursday, April 3rd. Shareholders of record on Thursday, March 20th were given a dividend of $0.80 per share. The ex-dividend date was Thursday, March 20th. Rocket Companies’s payout ratio is 801.25%.

Analysts Set New Price Targets

RKT has been the subject of a number of recent analyst reports. Deutsche Bank Aktiengesellschaft raised Rocket Companies from a “hold” rating to a “buy” rating and set a $16.00 target price for the company in a report on Wednesday, April 2nd. Wedbush reaffirmed a “neutral” rating and set a $13.00 target price on shares of Rocket Companies in a report on Wednesday, March 5th. Keefe, Bruyette & Woods raised their price target on shares of Rocket Companies from $14.00 to $15.00 and gave the company a “market perform” rating in a report on Tuesday, April 8th. Barclays upgraded Rocket Companies from an “underweight” rating to an “equal weight” rating and increased their price objective for the stock from $10.00 to $14.00 in a research report on Tuesday, April 8th. Finally, JPMorgan Chase & Co. reduced their target price on Rocket Companies from $14.00 to $10.50 and set an “underweight” rating for the company in a research report on Tuesday, January 14th. Two investment analysts have rated the stock with a sell rating, nine have given a hold rating and one has assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $14.25.

Rocket Companies 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.