Rocket Companies (NYSE:RKT) Upgraded to "Buy" at Deutsche Bank Aktiengesellschaft

Deutsche Bank Aktiengesellschaft upgraded shares of Rocket Companies (NYSE:RKT - Free Report) from a hold rating to a buy rating in a report issued on Wednesday, MarketBeat Ratings reports. They currently have $16.00 price objective on the stock.

Other analysts have also recently issued reports about the stock. Morgan Stanley reduced their target price 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. The Goldman Sachs Group cut their target price on Rocket Companies from $16.00 to $14.00 and set a "neutral" rating on the stock in a report on Tuesday, January 7th. Royal Bank of Canada reiterated a "sector perform" rating and set a $18.00 price target on shares of Rocket Companies in a research note on Tuesday. 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 report on Tuesday, January 14th. Finally, UBS Group upgraded Rocket Companies from a "sell" rating to a "neutral" rating and lowered their price target for the company from $12.50 to $11.50 in a report on Friday, January 10th. Three equities research analysts have rated the stock with a sell rating, eight have given a hold rating and one has issued a buy rating to the stock. According to data from MarketBeat, Rocket Companies currently has a consensus rating of "Hold" and a consensus target price of $14.08.

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Rocket Companies Stock Up 11.1 %

RKT stock traded up $1.53 during mid-day trading on Wednesday, hitting $15.38. The stock had a trading volume of 36,549,894 shares, compared to its average volume of 4,106,403. Rocket Companies has a 1-year low of $10.06 and a 1-year high of $21.38. The company has a fifty day moving average of $13.49 and a 200 day moving average of $14.23. 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 $30.70 billion, a price-to-earnings ratio of -96.13 and a beta of 2.39.

Rocket Companies Cuts Dividend

The company also recently disclosed a dividend, which was paid on Thursday, April 3rd. Stockholders 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 dividend payout ratio is presently 801.25%.

Institutional Trading of Rocket Companies

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Wellington Management Group LLP lifted its holdings in Rocket Companies by 174.5% during the 4th quarter. Wellington Management Group LLP now owns 4,705,177 shares of the company's stock valued at $52,980,000 after purchasing an additional 2,990,837 shares during the last quarter. Boston Partners lifted its holdings in Rocket Companies by 29.8% in the fourth quarter. Boston Partners now owns 12,313,780 shares of the company's stock valued at $138,673,000 after buying an additional 2,829,292 shares during the period. Nuveen Asset Management LLC boosted its stake in Rocket Companies by 52.7% in the fourth quarter. Nuveen Asset Management LLC now owns 8,122,148 shares of the company's stock valued at $91,455,000 after acquiring an additional 2,804,090 shares during the last quarter. State Street Corp boosted 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 purchasing an additional 1,269,795 shares during the last quarter. Finally, Point72 Asset Management L.P. acquired a new position in Rocket Companies in the fourth quarter valued at about $14,113,000. Institutional investors own 4.59% of the company's stock.

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.