Raymond James Financial Inc. purchased a new stake in Rocket Companies, Inc. (NYSE:RKT - Free Report) during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm purchased 308,088 shares of the company's stock, valued at approximately $3,469,000.
A number of other large investors have also recently modified their holdings of RKT. State Street Corp raised its stake in Rocket Companies by 44.7% in the third quarter. State Street Corp now owns 4,108,189 shares of the company's stock valued at $78,836,000 after purchasing an additional 1,269,795 shares in the last quarter. Bruni J V & Co. Co. lifted its holdings in shares of Rocket Companies by 21.2% during the 4th quarter. Bruni J V & Co. Co. now owns 1,860,060 shares of the company's stock worth $20,944,000 after acquiring an additional 324,976 shares during the last quarter. Tidal Investments LLC grew its position in Rocket Companies by 804.3% in the third quarter. Tidal Investments LLC now owns 315,764 shares of the company's stock worth $6,060,000 after acquiring an additional 280,847 shares in the last quarter. Lincoln Capital Corp bought a new position in Rocket Companies in the fourth quarter valued at $1,831,000. Finally, National Bank of Canada FI raised its position in Rocket Companies by 6,932.4% during the third quarter. National Bank of Canada FI now owns 145,922 shares of the company's stock valued at $2,800,000 after purchasing an additional 143,847 shares in the last quarter. Institutional investors own 4.59% of the company's stock.
Wall Street Analyst Weigh In
RKT has been the topic of several recent research reports. JPMorgan Chase & Co. reduced their price objective on Rocket Companies from $14.00 to $10.50 and set an "underweight" rating on the stock in a research report on Tuesday, January 14th. Keefe, Bruyette & Woods increased their price target on shares of Rocket Companies from $10.50 to $12.00 and gave the company an "underperform" rating in a research report on Monday, March 3rd. Wedbush restated a "neutral" rating and issued a $13.00 price objective on shares of Rocket Companies in a report on Wednesday, March 5th. UBS Group raised shares of Rocket Companies from a "sell" rating to a "neutral" rating and reduced their target price for the company from $12.50 to $11.50 in a report on Friday, January 10th. Finally, Morgan Stanley lowered their price target on shares of Rocket Companies from $16.00 to $13.00 and set an "equal weight" rating for the company in a research note on Thursday, December 19th. Four equities research analysts have rated the stock with a sell rating and eight have assigned a hold rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average target price of $13.83.
Get Our Latest Stock Analysis on Rocket Companies
Rocket Companies Trading Down 7.6 %
NYSE:RKT traded down $0.99 during mid-day trading on Monday, reaching $12.05. 43,824,219 shares of the company's stock traded hands, compared to its average volume of 3,701,901. The company has a 50 day moving average price of $13.34 and a 200-day moving average price of $14.32. The firm has a market capitalization of $24.04 billion, a price-to-earnings ratio of -75.28 and a beta of 2.39. The company has a debt-to-equity ratio of 1.51, a current ratio of 15.47 and a quick ratio of 15.47. Rocket Companies, Inc. has a 12-month low of $10.06 and a 12-month high of $21.38.
Rocket Companies Cuts Dividend
The business also recently disclosed a dividend, which will be paid on Thursday, April 3rd. Shareholders of record on Thursday, March 20th will be given a dividend of $0.80 per share. The ex-dividend date of this dividend is Thursday, March 20th. Rocket Companies's payout ratio is currently 801.25%.
Rocket Companies Profile
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Free Report)
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.
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