UBS Group Cuts Rocket Companies (NYSE:RKT) Price Target to $13.00

Rocket Companies (NYSE:RKT) had its price objective reduced by UBS Group from $14.00 to $13.00 in a research report report published on Wednesday morning,Benzinga reports. They currently have a neutral rating on the stock.

Other equities research analysts also recently issued reports about the company. Deutsche Bank Aktiengesellschaft upgraded Rocket Companies from a “hold” rating to a “buy” rating and set a $16.00 target price on the stock in a report on Wednesday, April 2nd. Keefe, Bruyette & Woods boosted their target price on shares of Rocket Companies from $14.00 to $15.00 and gave the stock a “market perform” rating in a research report on Tuesday, April 8th. The Goldman Sachs Group dropped their price target on shares of Rocket Companies from $16.00 to $14.00 and set a “neutral” rating on the stock in a research note on Tuesday, January 7th. Barclays raised shares of Rocket Companies from an “underweight” rating to an “equal weight” rating and upped their price objective for the company from $10.00 to $14.00 in a research report on Tuesday, April 8th. Finally, Wedbush restated a “neutral” rating and set a $13.00 target price on shares of Rocket Companies in a research note on Wednesday, March 5th. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $14.38.

Rocket Companies Stock Down 1.4 %

Shares of NYSE RKT opened at $12.08 on Wednesday. The stock has a fifty day moving average price of $13.48 and a 200 day moving average price of $13.71. The company has a market cap of $24.11 billion, a P/E ratio of -75.49 and a beta of 2.35. Rocket Companies has a 12-month low of $10.06 and a 12-month high of $21.38. The company has a current ratio of 15.47, a quick ratio of 15.47 and a debt-to-equity ratio of 1.51.

Rocket Companies Cuts Dividend

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

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the company. Wellington Management Group LLP lifted its stake in Rocket Companies by 174.5% during the fourth quarter. Wellington Management Group LLP now owns 4,705,177 shares of the company’s stock worth $52,980,000 after purchasing an additional 2,990,837 shares during the last quarter. Boston Partners raised its holdings in shares of Rocket Companies by 29.8% during the fourth quarter. Boston Partners now owns 12,313,780 shares of the company’s stock worth $138,673,000 after purchasing an additional 2,829,292 shares during the period. Nuveen Asset Management LLC lifted its position in shares of Rocket Companies by 52.7% in the 4th quarter. Nuveen Asset Management LLC now owns 8,122,148 shares of the company’s stock worth $91,455,000 after buying an additional 2,804,090 shares during the last quarter. State Street Corp boosted its holdings 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 valued at $78,836,000 after buying an additional 1,269,795 shares during the period. Finally, Point72 Asset Management L.P. bought a new stake in shares of Rocket Companies during the 4th quarter valued at about $14,113,000. Institutional investors and hedge funds 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.