Rocket Companies (NYSE:RKT) Given “Sector Perform” Rating at Royal Bank of Canada

Royal Bank of Canada restated their sector perform rating on shares of Rocket Companies (NYSE:RKT) in a research report released on Tuesday morning,Benzinga reports. The brokerage currently has a $18.00 target price on the stock.

RKT has been the subject of a number of other reports. Wedbush reaffirmed a “neutral” rating and issued a $13.00 target price on shares of Rocket Companies in a research note on Wednesday, March 5th. The Goldman Sachs Group reduced their price objective on Rocket Companies from $16.00 to $14.00 and set a “neutral” rating on the stock in a report on Tuesday, January 7th. Keefe, Bruyette & Woods lifted their target price on Rocket Companies from $10.50 to $12.00 and gave the company an “underperform” rating in a research note on Monday, March 3rd. JPMorgan Chase & Co. cut their price target on Rocket Companies from $14.00 to $10.50 and set an “underweight” rating on the stock in a research note on Tuesday, January 14th. Finally, UBS Group raised Rocket Companies from a “sell” rating to a “neutral” rating and dropped their price objective for the stock from $12.50 to $11.50 in a report on Friday, January 10th. Four investment analysts have rated the stock with a sell rating and eight have issued a hold rating to the stock. Based on data from MarketBeat.com, Rocket Companies presently has a consensus rating of “Hold” and an average target price of $13.83.

Rocket Companies Stock Up 4.1 %

NYSE RKT opened at $12.57 on Tuesday. The stock’s 50 day simple moving average is $13.35 and its 200 day simple moving average is $14.27. The firm has a market cap of $25.08 billion, a PE ratio of -78.53 and a beta of 2.39. 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 firm also recently disclosed a dividend, which will be paid on Thursday, April 3rd. Investors of record on Thursday, March 20th will be given a $0.80 dividend. The ex-dividend date is Thursday, March 20th. Rocket Companies’s dividend payout ratio is presently 801.25%.

Institutional Trading of Rocket Companies

Several hedge funds have recently bought and sold shares of the stock. AXQ Capital LP increased its position in shares of Rocket Companies by 125.7% during the fourth quarter. AXQ Capital LP now owns 146,691 shares of the company’s stock worth $1,652,000 after acquiring an additional 81,695 shares in the last quarter. Quantbot Technologies LP raised its stake in shares of Rocket Companies by 76.9% in the 4th quarter. Quantbot Technologies LP now owns 270,761 shares of the company’s stock valued at $3,049,000 after purchasing an additional 117,728 shares during the period. Jones Financial Companies Lllp lifted its holdings in shares of Rocket Companies by 131.7% in the fourth quarter. Jones Financial Companies Lllp now owns 36,427 shares of the company’s stock valued at $410,000 after purchasing an additional 20,706 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its position in shares of Rocket Companies by 11.8% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,163,243 shares of the company’s stock worth $13,098,000 after buying an additional 122,534 shares during the period. Finally, XTX Topco Ltd bought a new position in shares of Rocket Companies during the third quarter worth about $1,486,000. 4.59% of the stock is currently owned by institutional investors and hedge funds.

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.