Northern Trust Corp Acquires 46,291 Shares of Rocket Companies, Inc. (NYSE:RKT)

Northern Trust Corp raised its holdings in Rocket Companies, Inc. (NYSE:RKT - Free Report) by 8.1% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 618,703 shares of the company's stock after buying an additional 46,291 shares during the period. Northern Trust Corp's holdings in Rocket Companies were worth $6,967,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also recently made changes to their positions in RKT. AXQ Capital LP boosted its holdings in Rocket Companies by 125.7% during the 4th 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 during the last quarter. Hsbc Holdings PLC raised its holdings in shares of Rocket Companies by 875.5% in the fourth quarter. Hsbc Holdings PLC now owns 145,485 shares of the company's stock valued at $1,634,000 after purchasing an additional 130,571 shares during the last quarter. Aquatic Capital Management LLC lifted its position in shares of Rocket Companies by 54.5% during the fourth quarter. Aquatic Capital Management LLC now owns 173,754 shares of the company's stock valued at $1,956,000 after purchasing an additional 61,265 shares in the last quarter. Vanguard Group Inc. lifted its position in shares of Rocket Companies by 3.6% during the fourth quarter. Vanguard Group Inc. now owns 12,520,074 shares of the company's stock valued at $140,976,000 after purchasing an additional 431,054 shares in the last quarter. Finally, Quantbot Technologies LP boosted its holdings in Rocket Companies by 76.9% during the fourth quarter. Quantbot Technologies LP now owns 270,761 shares of the company's stock worth $3,049,000 after purchasing an additional 117,728 shares during the last quarter. 4.59% of the stock is currently owned by institutional investors and hedge funds.

Rocket Companies Trading Down 2.2%

Shares of RKT opened at $12.95 on Tuesday. Rocket Companies, Inc. has a fifty-two week low of $10.06 and a fifty-two week high of $21.38. The business has a 50-day moving average of $12.98 and a 200 day moving average of $12.94. The firm has a market cap of $25.85 billion, a P/E ratio of -80.94 and a beta of 2.33. The company has a debt-to-equity ratio of 1.51, a quick ratio of 15.47 and a current ratio of 15.47.

Rocket Companies (NYSE:RKT - Get Free Report) last issued its earnings results on Thursday, May 8th. The company reported $0.04 earnings per share for the quarter, hitting 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 analyst estimates of $1.26 billion. During the same quarter last year, the business earned $0.04 earnings per share. The company's quarterly revenue was down 10.8% on a year-over-year basis. As a group, research analysts forecast that Rocket Companies, Inc. will post 0.15 EPS 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 dividend of $0.80 per share. The ex-dividend date was Thursday, March 20th. Rocket Companies's payout ratio is -4,273.33%.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on the stock. Deutsche Bank Aktiengesellschaft upgraded shares of Rocket Companies from a "hold" rating to a "buy" rating and set a $16.00 price objective for the company in a research note on Wednesday, April 2nd. Keefe, Bruyette & Woods dropped their price target on Rocket Companies from $15.00 to $13.00 and set a "market perform" rating on the stock in a report on Monday, May 12th. Royal Bank of Canada reissued a "sector perform" rating and issued a $18.00 price objective on shares of Rocket Companies in a research report on Tuesday, April 1st. Barclays raised Rocket Companies from an "underweight" rating to an "equal weight" rating and raised their target price for the company from $10.00 to $14.00 in a research report on Tuesday, April 8th. Finally, Wedbush reiterated a "neutral" rating and set a $12.00 target price (down from $13.00) on shares of Rocket Companies in a research note on Friday, May 9th. Two investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and one has given a buy rating to the company. According to MarketBeat.com, Rocket Companies has an average rating of "Hold" and an average price target of $14.13.

Rocket Companies 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.

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