Rocket Companies, Inc. (NYSE:RKT) Receives $13.83 Average Price Target from Brokerages

Shares of Rocket Companies, Inc. (NYSE:RKT) have earned an average recommendation of “Reduce” from the twelve brokerages that are covering the company, MarketBeat reports. Four analysts have rated the stock with a sell recommendation and eight have assigned a hold recommendation to the company. The average 12 month target price among brokers that have issued a report on the stock in the last year is $13.83.

RKT has been the subject of several research reports. Bank of America raised their target price on Rocket Companies from $14.00 to $15.00 and gave the company an “underperform” rating in a research note on Thursday, November 14th. Wedbush restated a “neutral” rating and set a $13.00 price objective on shares of Rocket Companies in a report on Wednesday, March 5th. Royal Bank of Canada cut their target price on Rocket Companies from $20.00 to $18.00 and set a “sector perform” rating on the stock in a report on Wednesday, November 13th. UBS Group upgraded shares of Rocket Companies from a “sell” rating to a “neutral” rating and decreased their price target for the company from $12.50 to $11.50 in a research note on Friday, January 10th. Finally, Piper Sandler dropped their price objective on shares of Rocket Companies from $17.00 to $16.00 and set a “neutral” rating on the stock in a research note on Thursday, November 14th.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in RKT. Cetera Investment Advisers boosted its stake in 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 buying an additional 936 shares during the period. Vident Advisory LLC boosted its position in shares of Rocket Companies by 3.6% during the 4th quarter. Vident Advisory LLC now owns 30,798 shares of the company’s stock valued at $347,000 after acquiring an additional 1,078 shares during the last quarter. Capital Performance Advisors LLP bought a new position in shares of Rocket Companies in the third quarter worth approximately $39,000. KBC Group NV raised its stake in Rocket Companies by 58.1% in the fourth 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 in the last quarter. Finally, The Manufacturers Life Insurance Company lifted its position in Rocket Companies by 9.6% during 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 during the last quarter. 4.59% of the stock is currently owned by hedge funds and other institutional investors.

Rocket Companies Stock Up 8.4 %

Shares of Rocket Companies stock opened at $14.29 on Friday. The firm has a market cap of $28.52 billion, a price-to-earnings ratio of -89.28 and a beta of 2.39. The stock’s 50-day moving average is $12.55 and its 200 day moving average is $14.85. 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 has a one year low of $10.06 and a one year high of $21.38.

Rocket Companies Cuts Dividend

The company also recently announced a dividend, which will be paid on Thursday, April 3rd. Shareholders of record on Thursday, March 20th will be paid a $0.80 dividend. The ex-dividend date is Thursday, March 20th. Rocket Companies’s dividend payout ratio 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.