Principal Financial Group Inc. Trims Stake in Rocket Companies, Inc. $RKT

Principal Financial Group Inc. lessened its stake in shares of Rocket Companies, Inc. (NYSE:RKT) by 30.2% during the first quarter, Holdings Channel.com reports. The institutional investor owned 297,099 shares of the company’s stock after selling 128,340 shares during the period. Principal Financial Group Inc.’s holdings in Rocket Companies were worth $4,234,000 at the end of the most recent reporting period.

Other institutional investors also recently made changes to their positions in the company. Vaughan Nelson Investment Management L.P. acquired a new stake in Rocket Companies in the 4th quarter valued at $40,455,000. Vanguard Group Inc. boosted its position in shares of Rocket Companies by 280.3% in the fourth quarter. Vanguard Group Inc. now owns 87,256,540 shares of the company’s stock worth $1,689,287,000 after buying an additional 64,311,040 shares during the period. Prescott Group Capital Management L.L.C. acquired a new stake in shares of Rocket Companies in the fourth quarter valued at about $4,259,000. KBC Group NV purchased a new stake in shares of Rocket Companies during the 4th quarter valued at about $2,857,000. Finally, J. Safra Sarasin Holding AG raised its holdings in shares of Rocket Companies by 765.6% during the 4th quarter. J. Safra Sarasin Holding AG now owns 345,465 shares of the company’s stock valued at $6,688,000 after buying an additional 305,555 shares during the period. 4.59% of the stock is owned by institutional investors and hedge funds.

Rocket Companies Trading Up 3.6%

NYSE RKT opened at $13.98 on Wednesday. The company has a market capitalization of $39.56 billion, a price-to-earnings ratio of 279.60 and a beta of 2.16. The company has a debt-to-equity ratio of 1.13, a current ratio of 4.37 and a quick ratio of 4.37. Rocket Companies, Inc. has a 12 month low of $12.17 and a 12 month high of $24.36. The company’s fifty day moving average price is $14.08 and its two-hundred day moving average price is $15.94.

Rocket Companies (NYSE:RKT) last released its earnings results on Thursday, May 7th. The company reported $0.15 earnings per share for the quarter, topping the consensus estimate of $0.12 by $0.03. The company had revenue of $2.82 billion during the quarter, compared to the consensus estimate of $2.76 billion. Rocket Companies had a net margin of 2.78% and a return on equity of 4.30%. The company’s revenue was up 167.1% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.04 EPS. As a group, research analysts predict that Rocket Companies, Inc. will post 0.58 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

RKT has been the subject of several recent research reports. JPMorgan Chase & Co. lowered their price objective on shares of Rocket Companies from $16.00 to $15.50 and set a “neutral” rating for the company in a research report on Monday, July 13th. Morgan Stanley raised shares of Rocket Companies from an “equal weight” rating to an “overweight” rating and lifted their price target for the stock from $18.00 to $19.00 in a research note on Thursday, July 16th. Wells Fargo & Company decreased their price objective on shares of Rocket Companies from $19.00 to $17.00 and set an “equal weight” rating for the company in a research report on Thursday, April 9th. Stephens initiated coverage on Rocket Companies in a research note on Thursday, April 23rd. They set an “overweight” rating and a $22.50 target price for the company. Finally, BTIG Research reiterated a “neutral” rating on shares of Rocket Companies in a research note on Tuesday, June 16th. One investment analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and nine have given a Hold rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $20.73.

About Rocket Companies

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.