Bank of America Corp DE Sells 540,606 Shares of Rocket Companies, Inc. (NYSE:RKT)

Bank of America Corp DE decreased its position in Rocket Companies, Inc. (NYSE:RKT - Free Report) by 67.6% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 259,212 shares of the company's stock after selling 540,606 shares during the period. Bank of America Corp DE's holdings in Rocket Companies were worth $2,919,000 as of its most recent SEC filing.

A number of other institutional investors have also recently added to or reduced their stakes in the company. BNP Paribas Financial Markets bought a new stake in Rocket Companies during the fourth quarter worth approximately $11,037,000. Ameriprise Financial Inc. lifted its position in Rocket Companies by 29.6% in the 4th quarter. Ameriprise Financial Inc. now owns 20,598 shares of the company's stock worth $232,000 after buying an additional 4,708 shares in the last quarter. Aristeia Capital L.L.C. lifted its position in Rocket Companies by 59.3% in the 4th quarter. Aristeia Capital L.L.C. now owns 33,062 shares of the company's stock worth $372,000 after buying an additional 12,310 shares in the last quarter. Itau Unibanco Holding S.A. purchased a new stake in Rocket Companies in the 4th quarter worth approximately $47,000. Finally, Freestone Grove Partners LP acquired a new position in shares of Rocket Companies during the 4th quarter worth $815,000. 4.59% of the stock is currently owned by institutional investors and hedge funds.

Rocket Companies Trading Down 2.2%

Shares of NYSE:RKT traded down $0.28 during trading on Monday, hitting $12.48. 7,090,937 shares of the company's stock were exchanged, compared to its average volume of 5,730,304. The firm has a market cap of $24.95 billion, a P/E ratio of -77.97 and a beta of 2.33. The firm has a 50-day moving average price of $12.67 and a two-hundred day moving average price of $12.77. The company has a current ratio of 15.47, a quick ratio of 15.47 and a debt-to-equity ratio of 1.51. Rocket Companies, Inc. has a 1-year low of $10.06 and a 1-year high of $21.38.

Rocket Companies (NYSE:RKT - Get Free Report) last issued its quarterly earnings data on Thursday, May 8th. The company reported $0.04 earnings per share (EPS) for the quarter, meeting analysts' consensus estimates of $0.04. Rocket Companies had a negative net margin of 0.38% and a positive return on equity of 2.86%. The firm had revenue of $1.04 billion during the quarter, compared to analysts' expectations of $1.26 billion. During the same quarter in the previous year, the company earned $0.04 earnings per share. The business's revenue for the quarter was down 10.8% on a year-over-year basis. Equities analysts predict that Rocket Companies, Inc. will post 0.15 earnings per share for the current year.

Rocket Companies Cuts Dividend

The business also recently declared a dividend, which was paid on Thursday, April 3rd. Shareholders of record on Thursday, March 20th were paid a $0.80 dividend. The ex-dividend date was Thursday, March 20th. Rocket Companies's payout ratio is currently -4,273.33%.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on the stock. Royal Bank of Canada reiterated a "sector perform" rating and issued a $18.00 target price on shares of Rocket Companies in a research note on Tuesday, April 1st. Wedbush reaffirmed a "neutral" rating and set a $12.00 price objective (down from $13.00) on shares of Rocket Companies in a report on Friday, May 9th. Keefe, Bruyette & Woods reduced their price objective on shares of Rocket Companies from $15.00 to $13.00 and set a "market perform" rating for the company in a report on Monday, May 12th. Deutsche Bank Aktiengesellschaft raised shares of Rocket Companies from a "hold" rating to a "buy" rating and set a $16.00 price target for the company in a report on Wednesday, April 2nd. Finally, Barclays raised shares of Rocket Companies from an "underweight" rating to an "equal weight" rating and lifted their price target for the company from $10.00 to $14.00 in a report on Tuesday, April 8th. Two analysts have rated the stock with a sell rating, nine have given a hold rating and one has given a buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus target price of $14.21.

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.