Rocket Companies (NYSE:RKT) Given Sector Perform Rating at Royal Bank of Canada

Royal Bank of Canada reiterated their sector perform rating on shares of Rocket Companies (NYSE:RKT - Free Report) in a research report released on Tuesday,Benzinga reports. The firm currently has a $18.00 target price on the stock.

A number of other analysts also recently commented on RKT. Keefe, Bruyette & Woods boosted their price objective on Rocket Companies from $10.50 to $12.00 and gave the stock an "underperform" rating in a research note on Monday, March 3rd. UBS Group raised Rocket Companies from a "sell" rating to a "neutral" rating and decreased their target price for the stock from $12.50 to $11.50 in a research report on Friday, January 10th. JPMorgan Chase & Co. lowered their price target on shares of Rocket Companies from $14.00 to $10.50 and set an "underweight" rating on the stock in a report on Tuesday, January 14th. The Goldman Sachs Group dropped their target price on Rocket Companies from $16.00 to $14.00 and set a "neutral" rating on the stock in a research report on Tuesday, January 7th. Finally, Morgan Stanley cut their target price on Rocket Companies from $16.00 to $13.00 and set an "equal weight" rating on the stock in a report on Thursday, December 19th. Three investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and one has assigned a buy rating to the stock. According to data from MarketBeat.com, Rocket Companies currently has an average rating of "Hold" and an average target price of $14.08.

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Rocket Companies Stock Up 11.1 %

Shares of RKT traded up $1.53 during midday trading on Tuesday, hitting $15.38. The company had a trading volume of 36,549,894 shares, compared to its average volume of 4,106,403. The company has a quick ratio of 15.47, a current ratio of 15.47 and a debt-to-equity ratio of 1.51. Rocket Companies has a 52 week low of $10.06 and a 52 week high of $21.38. The company's 50 day moving average price is $13.49 and its 200 day moving average price is $14.23. The stock has a market cap of $30.70 billion, a price-to-earnings ratio of -96.13 and a beta of 2.39.

Rocket Companies Cuts Dividend

The business also recently disclosed a dividend, which was paid on Thursday, April 3rd. Stockholders of record on Thursday, March 20th were issued a dividend of $0.80 per share. The ex-dividend date of this dividend was Thursday, March 20th. Rocket Companies's dividend payout ratio is currently 801.25%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Wellington Management Group LLP lifted 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 purchasing an additional 2,990,837 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in Rocket Companies by 16.5% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 330,293 shares of the company's stock worth $3,719,000 after purchasing an additional 46,856 shares during the period. Voloridge Investment Management LLC increased its stake in shares of Rocket Companies by 37.3% in the fourth quarter. Voloridge Investment Management LLC now owns 2,187,240 shares of the company's stock worth $24,628,000 after purchasing an additional 593,708 shares in the last quarter. Vident Advisory LLC raised its position in shares of Rocket Companies by 3.6% in the fourth quarter. Vident Advisory LLC now owns 30,798 shares of the company's stock valued at $347,000 after purchasing an additional 1,078 shares during the period. Finally, Two Sigma Investments LP lifted its stake in shares of Rocket Companies by 6.5% during the 4th quarter. Two Sigma Investments LP now owns 205,273 shares of the company's stock valued at $2,311,000 after buying an additional 12,508 shares in the last quarter. Institutional investors own 4.59% of the company's stock.

About Rocket Companies

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.