Bank of New York Mellon Corp Grows Holdings in Rocket Companies, Inc. (NYSE:RKT)

Bank of New York Mellon Corp increased its holdings in Rocket Companies, Inc. (NYSE:RKT - Free Report) by 39.4% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 468,620 shares of the company's stock after purchasing an additional 132,453 shares during the quarter. Bank of New York Mellon Corp's holdings in Rocket Companies were worth $5,277,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors also recently modified their holdings of the company. KBC Group NV increased its holdings in shares of Rocket Companies by 58.1% during the fourth quarter. KBC Group NV now owns 6,056 shares of the company's stock valued at $68,000 after acquiring an additional 2,226 shares in the last quarter. V Square Quantitative Management LLC grew its holdings in shares of Rocket Companies by 130.2% in the fourth quarter. V Square Quantitative Management LLC now owns 14,371 shares of the company's stock worth $162,000 after acquiring an additional 8,127 shares during the period. Kingsview Wealth Management LLC purchased a new position in shares of Rocket Companies in the third quarter worth approximately $235,000. Townsquare Capital LLC bought a new stake in shares of Rocket Companies during the 3rd quarter valued at $238,000. Finally, Patriot Financial Group Insurance Agency LLC increased its position in Rocket Companies by 55.0% in the fourth quarter. Patriot Financial Group Insurance Agency LLC now owns 21,513 shares of the company's stock worth $242,000 after buying an additional 7,635 shares in the last quarter. 4.59% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several analysts recently issued reports on RKT shares. Wedbush reissued a "neutral" rating and set a $13.00 target price on shares of Rocket Companies in a research note on Wednesday, March 5th. Morgan Stanley reduced their price objective on shares of Rocket Companies from $16.00 to $13.00 and set an "equal weight" rating on the stock in a research report on Thursday, December 19th. The Goldman Sachs Group decreased their price target on Rocket Companies from $16.00 to $14.00 and set a "neutral" rating for the company in a research note on Tuesday, January 7th. JPMorgan Chase & Co. cut 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. Finally, Keefe, Bruyette & Woods lifted their target price on Rocket Companies from $10.50 to $12.00 and gave the stock an "underperform" rating in a research report on Monday, March 3rd. Four analysts have rated the stock with a sell rating and eight have issued a hold rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and an average target price of $13.83.

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Rocket Companies Stock Performance

Rocket Companies stock traded down $0.25 during mid-day trading on Friday, reaching $14.10. 4,901,720 shares of the company traded hands, compared to its average volume of 3,405,296. Rocket Companies, Inc. has a fifty-two week low of $10.06 and a fifty-two week high of $21.38. The firm's fifty day moving average is $13.06 and its two-hundred day moving average is $14.68. The company has a debt-to-equity ratio of 1.51, a current ratio of 15.47 and a quick ratio of 15.47. The company has a market capitalization of $28.14 billion, a price-to-earnings ratio of -88.09 and a beta of 2.39.

Rocket Companies Cuts Dividend

The company also recently declared 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 dividend payout ratio 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.