Rocket Companies (NYSE:RKT) Upgraded by Keefe, Bruyette & Woods to “Market Perform” Rating

Keefe, Bruyette & Woods upgraded shares of Rocket Companies (NYSE:RKT) from an underperform rating to a market perform rating in a research note issued to investors on Wednesday, MarketBeat Ratings reports. Keefe, Bruyette & Woods currently has $14.00 price objective on the stock, up from their previous price objective of $12.00.

Several other brokerages also recently issued reports on RKT. The Goldman Sachs Group cut their price target on shares of Rocket Companies from $16.00 to $14.00 and set a “neutral” rating for the company in a report on Tuesday, January 7th. Morgan Stanley reduced 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. JPMorgan Chase & Co. dropped their price target on Rocket Companies from $14.00 to $10.50 and set an “underweight” rating for the company in a report on Tuesday, January 14th. Royal Bank of Canada reissued a “sector perform” rating and issued a $18.00 price objective on shares of Rocket Companies in a research note on Tuesday. Finally, UBS Group upgraded Rocket Companies from a “sell” rating to a “neutral” rating and lowered their target price for the company from $12.50 to $11.50 in a research note on Friday, January 10th. Three analysts have rated the stock with a sell rating, eight have issued a hold rating and one has assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $14.08.

Rocket Companies Stock Performance

Rocket Companies stock opened at $13.81 on Wednesday. The firm has a market capitalization of $27.57 billion, a P/E ratio of -86.31 and a beta of 2.39. The stock has a fifty day moving average price of $13.39 and a two-hundred day moving average price of $14.27. Rocket Companies has a 52-week low of $10.06 and a 52-week high of $21.38. The company has a debt-to-equity ratio of 1.51, a current ratio of 15.47 and a quick ratio of 15.47.

Rocket Companies Cuts Dividend

The firm also recently announced 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 is Thursday, March 20th. Rocket Companies’s payout ratio is presently 801.25%.

Institutional Investors Weigh In On Rocket Companies

Several institutional investors have recently modified their holdings of RKT. Itau Unibanco Holding S.A. bought a new stake in shares of Rocket Companies during the fourth quarter worth approximately $47,000. KBC Group NV grew its holdings in Rocket Companies by 58.1% during the 4th quarter. KBC Group NV now owns 6,056 shares of the company’s stock worth $68,000 after acquiring an additional 2,226 shares during the period. Sterling Capital Management LLC raised its position in shares of Rocket Companies by 57.2% during the 4th quarter. Sterling Capital Management LLC now owns 8,295 shares of the company’s stock valued at $93,000 after acquiring an additional 3,019 shares during the last quarter. Caisse Des Depots ET Consignations acquired a new position in shares of Rocket Companies in the 4th quarter valued at $99,000. Finally, Garner Asset Management Corp bought a new position in shares of Rocket Companies in the 4th quarter worth $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.