Arizona State Retirement System Raises Holdings in Rocket Companies, Inc. (NYSE:RKT)

Arizona State Retirement System lifted its holdings in Rocket Companies, Inc. (NYSE:RKT) by 6.0% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 34,974 shares of the company’s stock after acquiring an additional 1,979 shares during the period. Arizona State Retirement System’s holdings in Rocket Companies were worth $479,000 as of its most recent SEC filing.

Other institutional investors have also recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its position in shares of Rocket Companies by 10.4% during the fourth quarter. Vanguard Group Inc. now owns 11,702,838 shares of the company’s stock worth $169,457,000 after buying an additional 1,101,325 shares in the last quarter. Boston Partners increased its holdings in shares of Rocket Companies by 4.2% in the 1st quarter. Boston Partners now owns 9,382,173 shares of the company’s stock valued at $136,462,000 after acquiring an additional 381,841 shares during the last quarter. Jacobs Levy Equity Management Inc. acquired a new stake in shares of Rocket Companies during the 1st quarter valued at approximately $2,698,000. Bank of Nova Scotia bought a new position in Rocket Companies during the fourth quarter worth $1,852,000. Finally, Greylin Investment Management Inc increased its stake in Rocket Companies by 45.7% during the second quarter. Greylin Investment Management Inc now owns 355,868 shares of the company’s stock valued at $4,875,000 after purchasing an additional 111,563 shares during the last quarter. 4.59% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

RKT has been the subject of several recent research reports. Bank of America upped their price target on shares of Rocket Companies from $12.00 to $14.00 and gave the stock an “underperform” rating in a research report on Thursday, August 29th. JPMorgan Chase & Co. upped their target price on Rocket Companies from $13.50 to $15.00 and gave the stock an “underweight” rating in a research report on Friday, August 2nd. Wedbush upped their price objective on Rocket Companies from $15.00 to $18.00 and gave the company a “neutral” rating in a report on Wednesday, September 11th. Deutsche Bank Aktiengesellschaft boosted their price target on shares of Rocket Companies from $11.00 to $15.00 and gave the stock a “hold” rating in a research report on Friday, August 2nd. Finally, Keefe, Bruyette & Woods upgraded shares of Rocket Companies from an “underperform” rating to a “market perform” rating in a research report on Monday, August 5th. Five investment analysts have rated the stock with a sell rating and seven have issued a hold rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $13.73.

Rocket Companies Price Performance

Rocket Companies stock opened at $20.37 on Tuesday. The business has a 50 day simple moving average of $17.62 and a 200 day simple moving average of $14.91. Rocket Companies, Inc. has a one year low of $7.17 and a one year high of $21.28. The company has a market capitalization of $40.50 billion, a PE ratio of 185.18 and a beta of 2.45. The company has a debt-to-equity ratio of 1.27, a current ratio of 13.18 and a quick ratio of 13.18.

Rocket Companies (NYSE:RKT) last announced its earnings results on Thursday, August 1st. The company reported $0.06 EPS for the quarter, topping the consensus estimate of $0.05 by $0.01. Rocket Companies had a return on equity of 0.90% and a net margin of 0.29%. The business had revenue of $1.30 billion for the quarter, compared to the consensus estimate of $1.22 billion. During the same period in the previous year, the business earned ($0.05) EPS. Rocket Companies’s revenue was up 5.3% compared to the same quarter last year. On average, sell-side analysts forecast that Rocket Companies, Inc. will post 0.22 EPS for the current fiscal year.

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.