Bank of New York Mellon Corp Grows Holdings in Rocket Companies, Inc. (NYSE:RKT)

Bank of New York Mellon Corp increased its stake in shares of Rocket Companies, Inc. (NYSE:RKT) by 39.4% in the fourth quarter, according to its most recent 13F filing with the SEC. The firm owned 468,620 shares of the company’s stock after purchasing an additional 132,453 shares during the period. Bank of New York Mellon Corp’s holdings in Rocket Companies were worth $5,277,000 at the end of the most recent reporting period.

Several other institutional investors have also recently added to or reduced their stakes in the stock. State Street Corp lifted its position in shares of Rocket Companies by 44.7% during the third quarter. State Street Corp now owns 4,108,189 shares of the company’s stock worth $78,836,000 after purchasing an additional 1,269,795 shares in the last quarter. Tidal Investments LLC increased its stake in Rocket Companies by 804.3% during the 3rd quarter. Tidal Investments LLC now owns 315,764 shares of the company’s stock worth $6,060,000 after buying an additional 280,847 shares during the period. Lincoln Capital Corp acquired a new stake in Rocket Companies during the 4th quarter worth approximately $1,831,000. National Bank of Canada FI lifted its holdings in Rocket Companies by 6,932.4% during the 3rd quarter. National Bank of Canada FI now owns 145,922 shares of the company’s stock worth $2,800,000 after buying an additional 143,847 shares in the last quarter. Finally, PDT Partners LLC grew its stake in shares of Rocket Companies by 130.3% in the third quarter. PDT Partners LLC now owns 253,936 shares of the company’s stock worth $4,873,000 after acquiring an additional 143,664 shares in the last quarter. Institutional investors and hedge funds own 4.59% of the company’s stock.

Rocket Companies Stock Performance

NYSE RKT opened at $15.71 on Tuesday. The company has a current ratio of 15.47, a quick ratio of 15.47 and a debt-to-equity ratio of 1.51. The business’s 50 day moving average is $12.80 and its two-hundred day moving average is $14.71. The stock has a market capitalization of $31.37 billion, a price-to-earnings ratio of -98.21 and a beta of 2.39. Rocket Companies, Inc. has a 12-month low of $10.06 and a 12-month high of $21.38.

Rocket Companies Cuts Dividend

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

Analyst Upgrades and Downgrades

RKT has been the topic of a number of recent analyst reports. Morgan Stanley dropped their price objective on shares of Rocket Companies from $16.00 to $13.00 and set an “equal weight” rating on the stock in a research report on Thursday, December 19th. Keefe, Bruyette & Woods raised their price target on Rocket Companies from $10.50 to $12.00 and gave the company an “underperform” rating in a research note on Monday, March 3rd. UBS Group upgraded Rocket Companies from a “sell” rating to a “neutral” rating and dropped their price objective for the company from $12.50 to $11.50 in a report on Friday, January 10th. Wedbush restated a “neutral” rating and set a $13.00 target price on shares of Rocket Companies in a research note on Wednesday, March 5th. Finally, 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. Four investment analysts have rated the stock with a sell rating and eight have assigned a hold rating to the company. According to MarketBeat.com, Rocket Companies has a consensus rating of “Hold” and a consensus target price of $13.83.

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.