Bank of America Corp DE Sells 347,898 Shares of Rocket Companies, Inc. $RKT

Key Points

• Bank of America reduced its Rocket Companies stake by 347,898 shares in the first quarter, leaving it with 16.17 million shares valued at approximately $230.4 million. Institutional investors collectively own 4.59% of the company.
• Analyst sentiment remains favorable, with a consensus “Moderate Buy” rating and an average price target of $20.73. Recent actions included Morgan Stanley upgrading the stock to “overweight” and Benchmark initiating coverage with a “buy” rating.
• Rocket Companies reported quarterly EPS of $0.15, exceeding the $0.12 estimate, while revenue rose 167.1% year over year to $2.82 billion. The stock opened at $13.70, well below its 52-week high of $24.36.

Bank of America Corp DE lessened its position in Rocket Companies, Inc. (NYSE:RKT - Free Report) by 2.1% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 16,168,327 shares of the company's stock after selling 347,898 shares during the period. Bank of America Corp DE owned about 0.57% of Rocket Companies worth $230,399,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Royal Bank of Canada lifted its position in Rocket Companies by 48.9% in the 1st quarter. Royal Bank of Canada now owns 69,641 shares of the company's stock valued at $841,000 after acquiring an additional 22,861 shares in the last quarter. Amundi boosted its stake in Rocket Companies by 3.1% during the 1st quarter. Amundi now owns 33,416 shares of the company's stock valued at $403,000 after purchasing an additional 997 shares during the last quarter. AQR Capital Management LLC boosted its stake in Rocket Companies by 1,086.5% during the 1st quarter. AQR Capital Management LLC now owns 400,467 shares of the company's stock valued at $4,734,000 after purchasing an additional 366,716 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its holdings in shares of Rocket Companies by 12.2% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 370,619 shares of the company's stock worth $4,473,000 after purchasing an additional 40,326 shares in the last quarter. Finally, Creative Planning increased its holdings in shares of Rocket Companies by 17.2% in the 2nd quarter. Creative Planning now owns 18,215 shares of the company's stock worth $258,000 after purchasing an additional 2,679 shares in the last quarter. Hedge funds and other institutional investors own 4.59% of the company's stock.

Wall Street Analyst Weigh In

RKT has been the topic of a number of research analyst reports. Morgan Stanley raised Rocket Companies from an "equal weight" rating to an "overweight" rating and upped their price target for the company from $18.00 to $19.00 in a report on Thursday, July 16th. Zacks Research upgraded Rocket Companies from a "strong sell" rating to a "hold" rating in a report on Tuesday, May 12th. Keefe, Bruyette & Woods decreased their target price on Rocket Companies from $21.00 to $20.00 and set an "outperform" rating for the company in a research report on Thursday, June 25th. Benchmark initiated coverage on shares of Rocket Companies in a research note on Monday, June 29th. They set a "buy" rating and a $21.00 target price on the stock. Finally, Stephens initiated coverage on shares of Rocket Companies in a report on Thursday, April 23rd. They set an "overweight" rating and a $22.50 price target on the stock. One research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and nine have issued a Hold rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $20.73.

Rocket Companies Stock Up 6.2%

RKT opened at $13.70 on Tuesday. The company has a current ratio of 4.37, a quick ratio of 4.37 and a debt-to-equity ratio of 1.13. Rocket Companies, Inc. has a 1-year low of $12.17 and a 1-year high of $24.36. The company has a market capitalization of $38.75 billion, a PE ratio of 273.90 and a beta of 2.19. The firm's 50 day simple moving average is $14.05 and its two-hundred day simple moving average is $15.68.

Rocket Companies (NYSE:RKT - Get Free Report) last issued its quarterly earnings data on Thursday, May 7th. The company reported $0.15 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.12 by $0.03. Rocket Companies had a net margin of 2.78% and a return on equity of 4.30%. The firm had revenue of $2.82 billion during the quarter, compared to the consensus estimate of $2.76 billion. During the same quarter in the previous year, the firm posted $0.04 EPS. The company's revenue for the quarter was up 167.1% compared to the same quarter last year. As a group, equities analysts forecast that Rocket Companies, Inc. will post 0.54 EPS for the current year.

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.

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