Rocket Companies, Inc. (NYSE:RKT) Receives Consensus Rating of “Reduce” from Analysts

Shares of Rocket Companies, Inc. (NYSE:RKT) have been assigned an average recommendation of “Reduce” from the twelve brokerages that are presently covering the stock, Marketbeat reports. Three investment analysts have rated the stock with a sell rating, eight have given a hold rating and one has assigned a buy rating to the company. The average 12 month price target among brokers that have updated their coverage on the stock in the last year is $14.08.

RKT has been the subject of several recent research reports. UBS Group upgraded Rocket Companies from a “sell” rating to a “neutral” rating and cut their price objective for the stock from $12.50 to $11.50 in a report on Friday, January 10th. Morgan Stanley reduced their price target on Rocket Companies from $16.00 to $13.00 and set an “equal weight” rating for the company in a report on Thursday, December 19th. Royal Bank of Canada restated a “sector perform” rating and issued a $18.00 price objective on shares of Rocket Companies in a report on Tuesday, April 1st. JPMorgan Chase & Co. reduced their target price on shares of Rocket Companies from $14.00 to $10.50 and set an “underweight” rating for the company in a research note on Tuesday, January 14th. Finally, Deutsche Bank Aktiengesellschaft upgraded shares of Rocket Companies from a “hold” rating to a “buy” rating and set a $16.00 price target on the stock in a research note on Wednesday, April 2nd.

Rocket Companies Stock Up 11.1 %

RKT stock opened at $15.38 on Wednesday. The company has a 50 day moving average of $13.49 and a two-hundred day moving average of $14.14. 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 12-month low of $10.06 and a 12-month high of $21.38. The company has a market cap of $30.70 billion, a price-to-earnings ratio of -96.13 and a beta of 2.35.

Rocket Companies Cuts Dividend

The firm also recently disclosed a dividend, which was paid on Thursday, April 3rd. Investors 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

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Itau Unibanco Holding S.A. acquired a new stake in Rocket Companies in the 4th quarter worth $47,000. KBC Group NV lifted its stake in shares of Rocket Companies by 58.1% in the fourth quarter. KBC Group NV now owns 6,056 shares of the company’s stock valued at $68,000 after buying an additional 2,226 shares during the period. Sterling Capital Management LLC lifted its stake in shares of Rocket Companies by 57.2% in the fourth 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 during the period. Caisse Des Depots ET Consignations acquired a new stake in Rocket Companies during the fourth quarter worth about $99,000. Finally, Garner Asset Management Corp bought a new position in Rocket Companies during the fourth quarter valued at about $118,000. Institutional investors and hedge funds 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.