Okabena Investment Services Inc. Buys New Position in Rocket Companies, Inc. $RKT

Okabena Investment Services Inc. bought a new stake in Rocket Companies, Inc. (NYSE:RKT) in the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor bought 83,914 shares of the company’s stock, valued at approximately $1,625,000.

A number of other large investors have also recently made changes to their positions in the company. Vanguard Group Inc. boosted its position in shares of Rocket Companies by 280.3% in the 4th quarter. Vanguard Group Inc. now owns 87,256,540 shares of the company’s stock valued at $1,689,287,000 after purchasing an additional 64,311,040 shares during the period. Nuveen LLC boosted its position in shares of Rocket Companies by 5.5% in the 4th quarter. Nuveen LLC now owns 32,538,137 shares of the company’s stock valued at $629,938,000 after purchasing an additional 1,706,659 shares during the period. Morgan Stanley boosted its position in shares of Rocket Companies by 461.2% in the 4th quarter. Morgan Stanley now owns 27,009,279 shares of the company’s stock valued at $522,900,000 after purchasing an additional 22,196,782 shares during the period. ValueAct Holdings L.P. boosted its position in shares of Rocket Companies by 67.9% in the 3rd quarter. ValueAct Holdings L.P. now owns 25,395,627 shares of the company’s stock valued at $492,167,000 after purchasing an additional 10,270,018 shares during the period. Finally, State Street Corp boosted its position in shares of Rocket Companies by 323.9% in the 4th quarter. State Street Corp now owns 20,688,336 shares of the company’s stock valued at $400,526,000 after purchasing an additional 15,807,776 shares during the period. 4.59% of the stock is owned by institutional investors and hedge funds.

Rocket Companies Stock Up 6.7%

Rocket Companies stock opened at $13.95 on Tuesday. Rocket Companies, Inc. has a twelve month low of $12.17 and a twelve month high of $24.36. The stock has a 50 day moving average of $14.41 and a two-hundred day moving average of $17.05. The company has a current ratio of 4.37, a quick ratio of 4.37 and a debt-to-equity ratio of 1.13. The stock has a market capitalization of $39.47 billion, a price-to-earnings ratio of 279.02 and a beta of 2.19.

Rocket Companies (NYSE:RKT) last posted its quarterly earnings data on Thursday, May 7th. The company reported $0.15 earnings per share for the quarter, topping analysts’ consensus estimates of $0.12 by $0.03. Rocket Companies had a return on equity of 4.30% and a net margin of 2.78%.The company had revenue of $2.82 billion during the quarter, compared to analysts’ expectations of $2.76 billion. During the same period last year, the firm earned $0.04 EPS. The firm’s revenue for the quarter was up 167.1% on a year-over-year basis. As a group, research analysts expect that Rocket Companies, Inc. will post 0.65 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on the company. Citizens Jmp assumed coverage on Rocket Companies in a research report on Wednesday, March 25th. They issued a “market perform” rating for the company. Keefe, Bruyette & Woods decreased their target price on Rocket Companies from $22.00 to $21.00 and set an “outperform” rating for the company in a research report on Tuesday, May 12th. Royal Bank Of Canada reissued a “sector perform” rating and issued a $20.00 target price on shares of Rocket Companies in a research report on Monday, May 11th. JPMorgan Chase & Co. decreased their price objective on Rocket Companies from $24.00 to $16.50 and set a “neutral” rating for the company in a research report on Thursday, April 9th. Finally, Barclays raised Rocket Companies from an “equal weight” rating to an “overweight” rating and decreased their price objective for the stock from $22.00 to $19.00 in a research report on Monday, April 6th. Nine investment analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $20.93.

Rocket Companies Profile

Rocket Companies, Inc is a Detroit-based holding company whose businesses are centered on digital mortgage origination and related consumer finance and real estate services. The company grew out of the Quicken Loans franchise and completed an initial public offering in 2020. Founder Dan Gilbert remains a prominent figure associated with the firm, which operates a suite of brands that aim to simplify the home financing and buying experience through technology and scale.

The company’s core activity is mortgage lending through its Rocket Mortgage platform, which offers online application, underwriting and servicing for home purchase and refinance loans.