Crestline Management LP Purchases New Stake in Rocket Companies, Inc. (NYSE:RKT)

Crestline Management LP acquired a new position in Rocket Companies, Inc. (NYSE:RKT) during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund acquired 64,498 shares of the company’s stock, valued at approximately $726,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Vanguard Group Inc. raised its holdings in shares of Rocket Companies by 3.6% in the 4th quarter. Vanguard Group Inc. now owns 12,520,074 shares of the company’s stock worth $140,976,000 after purchasing an additional 431,054 shares during the period. Boston Partners raised its stake in shares of Rocket Companies by 29.8% in the fourth quarter. Boston Partners now owns 12,313,780 shares of the company’s stock valued at $138,673,000 after buying an additional 2,829,292 shares during the period. JPMorgan Chase & Co. raised its stake in shares of Rocket Companies by 2.2% in the fourth quarter. JPMorgan Chase & Co. now owns 8,161,979 shares of the company’s stock valued at $91,904,000 after buying an additional 174,978 shares during the period. Wellington Management Group LLP lifted its position in shares of Rocket Companies by 174.5% during the 4th quarter. Wellington Management Group LLP now owns 4,705,177 shares of the company’s stock valued at $52,980,000 after buying an additional 2,990,837 shares during the last quarter. Finally, Geode Capital Management LLC grew its stake in shares of Rocket Companies by 3.7% during the 4th quarter. Geode Capital Management LLC now owns 2,118,701 shares of the company’s stock worth $23,865,000 after acquiring an additional 74,726 shares during the period. 4.59% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research firms have commented on RKT. Wedbush reaffirmed a “neutral” rating and set a $12.00 price objective (down from $13.00) on shares of Rocket Companies in a report on Friday. JPMorgan Chase & Co. dropped their price target 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. UBS Group reduced their price objective on shares of Rocket Companies from $14.00 to $13.00 and set a “neutral” rating for the company in a research note on Wednesday, April 16th. Barclays upgraded Rocket Companies from an “underweight” rating to an “equal weight” rating and increased their target price for the stock from $10.00 to $14.00 in a research report on Tuesday, April 8th. Finally, Keefe, Bruyette & Woods boosted their price objective on Rocket Companies from $14.00 to $15.00 and gave the company a “market perform” rating in a research note on Tuesday, April 8th. Two equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and one has given a buy rating to the company’s stock. According to data from MarketBeat, Rocket Companies currently has a consensus rating of “Hold” and an average price target of $14.29.

Rocket Companies Stock Down 4.6 %

Shares of NYSE RKT opened at $11.11 on Friday. 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, Inc. has a 12 month low of $10.06 and a 12 month high of $21.38. The firm has a market capitalization of $22.18 billion, a price-to-earnings ratio of -69.44 and a beta of 2.33. The business has a 50-day moving average of $13.19 and a 200-day moving average of $13.14.

Rocket Companies (NYSE:RKT) last posted its quarterly earnings data on Thursday, May 8th. The company reported $0.04 earnings per share for the quarter, meeting the consensus estimate of $0.04. The firm had revenue of $1.04 billion for the quarter, compared to analysts’ expectations of $1.26 billion. Rocket Companies had a negative net margin of 0.38% and a positive return on equity of 2.86%. The business’s quarterly revenue was down 10.8% on a year-over-year basis. During the same quarter last year, the company posted $0.04 EPS. Sell-side analysts expect that Rocket Companies, Inc. will post 0.15 earnings per share for the current fiscal year.

Rocket Companies Cuts Dividend

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

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.