Zurcher Kantonalbank Zurich Cantonalbank Makes New $11.15 Million Investment in Rocket Companies, Inc. $RKT

Key Points

• Zurcher Kantonalbank bought a new position of 575,654 shares in Rocket Companies during Q4, worth approximately $11.15 million according to its latest 13F filing.
• Rocket beat Q4 expectations with $0.11 EPS vs. $0.09 consensus and revenue of $2.44 billion (up 52.2% year-over-year), signaling stronger-than-expected top-line growth.
• Analysts have a consensus rating of Hold with an average price target of $20.40, while the stock trades around $15.31 and institutional ownership stands at about 4.59%.

Zurcher Kantonalbank Zurich Cantonalbank bought a new position in Rocket Companies, Inc. (NYSE:RKT - Free Report) during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor bought 575,654 shares of the company's stock, valued at approximately $11,145,000.

A number of other institutional investors have also added to or reduced their stakes in the business. Fortis Capital Advisors LLC increased its stake in Rocket Companies by 39.4% in the 4th quarter. Fortis Capital Advisors LLC now owns 46,184 shares of the company's stock worth $894,000 after acquiring an additional 13,043 shares during the last quarter. Institute for Wealth Management LLC. grew its stake in Rocket Companies by 10.6% in the 4th quarter. Institute for Wealth Management LLC. now owns 19,796 shares of the company's stock worth $383,000 after buying an additional 1,902 shares in the last quarter. First Horizon Corp grew its stake in Rocket Companies by 319.2% in the 4th quarter. First Horizon Corp now owns 3,056 shares of the company's stock worth $59,000 after buying an additional 2,327 shares in the last quarter. Lecap Asset Management Ltd. purchased a new position in Rocket Companies in the 4th quarter worth approximately $392,000. Finally, Asset Management One Co. Ltd. purchased a new position in Rocket Companies in the 4th quarter worth approximately $6,652,000. 4.59% of the stock is currently owned by institutional investors.

Rocket Companies Stock Down 0.0%

Shares of NYSE:RKT opened at $15.31 on Friday. The stock's 50-day moving average price is $15.70 and its 200-day moving average price is $17.78. Rocket Companies, Inc. has a 12-month low of $11.08 and a 12-month high of $24.36. The stock has a market capitalization of $43.16 billion, a P/E ratio of -117.73 and a beta of 2.34. The company has a current ratio of 70.90, a quick ratio of 70.90 and a debt-to-equity ratio of 1.07.

Rocket Companies (NYSE:RKT - Get Free Report) last announced its quarterly earnings data on Thursday, February 26th. The company reported $0.11 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.09 by $0.02. Rocket Companies had a positive return on equity of 3.04% and a negative net margin of 1.02%.The firm had revenue of $2.44 billion for the quarter, compared to analysts' expectations of $2.24 billion. During the same period last year, the firm earned $0.04 earnings per share. The company's revenue for the quarter was up 52.2% compared to the same quarter last year. On average, equities analysts anticipate that Rocket Companies, Inc. will post 0.66 earnings per share for the current year.

Analysts Set New Price Targets

RKT has been the subject of several research analyst reports. Citizens Jmp initiated coverage on Rocket Companies in a research note on Wednesday, March 25th. They set a "market perform" rating for the company. Compass Point initiated coverage on Rocket Companies in a research note on Tuesday, March 10th. They set a "buy" rating and a $21.00 price target for the company. Keefe, Bruyette & Woods raised Rocket Companies from a "market perform" rating to an "outperform" rating and lifted their price target for the stock from $20.00 to $22.00 in a research note on Monday, March 16th. Stephens initiated coverage on Rocket Companies in a research note on Thursday. They set an "overweight" rating and a $22.50 price target for the company. Finally, Wells Fargo & Company dropped their price target on Rocket Companies from $19.00 to $17.00 and set an "equal weight" rating for the company in a research note on Thursday, April 9th. Nine analysts have rated the stock with a Buy rating, eight have given a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, Rocket Companies has a consensus rating of "Hold" and an average price target of $20.40.

Rocket Companies Company Profile

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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