Cresset Asset Management LLC Sells 38,416 Shares of Rocket Companies, Inc. (NYSE:RKT)

Cresset Asset Management LLC reduced its holdings in Rocket Companies, Inc. (NYSE:RKT - Free Report) by 70.8% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 15,849 shares of the company's stock after selling 38,416 shares during the period. Cresset Asset Management LLC's holdings in Rocket Companies were worth $178,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of RKT. Itau Unibanco Holding S.A. purchased a new stake in Rocket Companies in the 4th quarter worth about $47,000. KBC Group NV increased its position in Rocket Companies by 58.1% in the 4th quarter. KBC Group NV now owns 6,056 shares of the company's stock worth $68,000 after purchasing an additional 2,226 shares during the last quarter. Sterling Capital Management LLC increased its position in Rocket Companies by 57.2% in the 4th quarter. Sterling Capital Management LLC now owns 8,295 shares of the company's stock worth $93,000 after purchasing an additional 3,019 shares during the last quarter. Caisse Des Depots ET Consignations acquired a new position in Rocket Companies in the 4th quarter worth about $99,000. Finally, Garner Asset Management Corp acquired a new position in Rocket Companies in the 4th quarter worth about $118,000. 4.59% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several brokerages have weighed in on RKT. Royal Bank of Canada reaffirmed a "sector perform" rating and issued a $18.00 target price on shares of Rocket Companies in a research report on Tuesday, April 1st. Deutsche Bank Aktiengesellschaft raised Rocket Companies from a "hold" rating to a "buy" rating and set a $16.00 target price on the stock in a research report on Wednesday, April 2nd. Wedbush reaffirmed a "neutral" rating and issued a $12.00 target price (down from $13.00) on shares of Rocket Companies in a research report on Friday, May 9th. UBS Group lowered their price objective on Rocket Companies from $14.00 to $13.00 and set a "neutral" rating on the stock in a report on Wednesday, April 16th. Finally, Barclays upgraded Rocket Companies from an "underweight" rating to an "equal weight" rating and boosted their target price for the stock from $10.00 to $14.00 in a report on Tuesday, April 8th. Two equities research analysts have rated the stock with a sell rating, nine have given a hold rating and one has assigned a buy rating to the stock. According to MarketBeat.com, Rocket Companies currently has a consensus rating of "Hold" and an average price target of $14.13.

Rocket Companies Stock Performance

RKT traded up $0.32 during midday trading on Thursday, reaching $12.56. The company's stock had a trading volume of 10,672,962 shares, compared to its average volume of 5,572,490. The stock has a market cap of $25.11 billion, a P/E ratio of -78.47 and a beta of 2.33. The company has a fifty day simple moving average of $12.91 and a 200 day simple moving average of $12.94. 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 twelve month low of $10.06 and a twelve month high of $21.38.

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

Rocket Companies Cuts Dividend

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

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.