Rocket Companies, Inc. (NYSE:RKT) Given Average Recommendation of “Reduce” by Brokerages

Shares of Rocket Companies, Inc. (NYSE:RKT) have been given a consensus recommendation of “Reduce” by the twelve ratings firms that are currently covering the firm, MarketBeat Ratings reports. Three research analysts have rated the stock with a sell rating, eight have assigned a hold rating and one has given a buy rating to the company. The average 12 month price target among brokers that have covered the stock in the last year is $14.08.

RKT has been the subject of a number of analyst reports. Deutsche Bank Aktiengesellschaft upgraded Rocket Companies from a “hold” rating to a “buy” rating and set a $16.00 price target for the company in a research report on Wednesday, April 2nd. UBS Group raised shares of Rocket Companies from a “sell” rating to a “neutral” rating and reduced their price objective for the stock from $12.50 to $11.50 in a report on Friday, January 10th. Wedbush reissued a “neutral” rating and set a $13.00 target price on shares of Rocket Companies in a research note on Wednesday, March 5th. Keefe, Bruyette & Woods raised shares of Rocket Companies from an “underperform” rating to a “market perform” rating and upped their price target for the stock from $12.00 to $14.00 in a research note on Wednesday, April 2nd. Finally, JPMorgan Chase & Co. lowered their price objective on shares of Rocket Companies from $14.00 to $10.50 and set an “underweight” rating on the stock in a research note on Tuesday, January 14th.

Institutional Investors Weigh In On Rocket Companies

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Cetera Investment Advisers raised its holdings in shares of Rocket Companies by 2.9% during the fourth quarter. Cetera Investment Advisers now owns 33,035 shares of the company’s stock valued at $372,000 after acquiring an additional 936 shares during the period. Vident Advisory LLC grew its position in Rocket Companies by 3.6% during the 4th quarter. Vident Advisory LLC now owns 30,798 shares of the company’s stock worth $347,000 after purchasing an additional 1,078 shares in the last quarter. KBC Group NV raised its stake in Rocket Companies by 58.1% during the 4th quarter. KBC Group NV now owns 6,056 shares of the company’s stock valued at $68,000 after purchasing an additional 2,226 shares during the period. The Manufacturers Life Insurance Company lifted its holdings in shares of Rocket Companies by 9.6% in the fourth quarter. The Manufacturers Life Insurance Company now owns 27,825 shares of the company’s stock valued at $313,000 after purchasing an additional 2,437 shares in the last quarter. Finally, Lakeshore Financial Planning Inc. boosted its position in shares of Rocket Companies by 21.7% in the fourth quarter. Lakeshore Financial Planning Inc. now owns 13,996 shares of the company’s stock worth $158,000 after buying an additional 2,500 shares during the period. 4.59% of the stock is owned by institutional investors and hedge funds.

Rocket Companies Stock Performance

RKT opened at $15.38 on Wednesday. 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 business’s 50 day moving average is $13.49 and its 200-day moving average is $14.14. The stock has a market cap of $30.70 billion, a PE ratio of -96.13 and a beta of 2.35. Rocket Companies has a twelve month low of $10.06 and a twelve month high of $21.38.

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 paid 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 presently 801.25%.

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.