Freestone Grove Partners LP Makes New $815,000 Investment in Rocket Companies, Inc. (NYSE:RKT)

Freestone Grove Partners LP acquired a new stake in Rocket Companies, Inc. (NYSE:RKT - Free Report) during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 72,398 shares of the company's stock, valued at approximately $815,000.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. Vanguard Group Inc. lifted its stake in shares of Rocket Companies by 3.6% in the 4th 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 during the period. Boston Partners boosted its holdings in Rocket Companies by 29.8% during the fourth quarter. Boston Partners now owns 12,313,780 shares of the company's stock worth $138,673,000 after buying an additional 2,829,292 shares during the last quarter. JPMorgan Chase & Co. grew its position in shares of Rocket Companies by 2.2% during the 4th quarter. JPMorgan Chase & Co. now owns 8,161,979 shares of the company's stock worth $91,904,000 after buying an additional 174,978 shares during the period. Wellington Management Group LLP grew its position in shares of Rocket Companies by 174.5% during the 4th quarter. Wellington Management Group LLP now owns 4,705,177 shares of the company's stock worth $52,980,000 after buying an additional 2,990,837 shares during the period. Finally, Geode Capital Management LLC increased its stake in shares of Rocket Companies by 3.7% in the 4th quarter. Geode Capital Management LLC now owns 2,118,701 shares of the company's stock valued at $23,865,000 after acquiring an additional 74,726 shares during the last quarter. 4.59% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several brokerages have commented on RKT. JPMorgan Chase & Co. lowered their target price on shares of Rocket Companies from $14.00 to $10.50 and set an "underweight" rating for the company in a research note on Tuesday, January 14th. Wedbush reaffirmed an "outperform" rating and set a $13.00 price objective on shares of Rocket Companies in a research note on Wednesday, April 16th. Deutsche Bank Aktiengesellschaft upgraded Rocket Companies from a "hold" rating to a "buy" rating and set a $16.00 target price on the stock in a report on Wednesday, April 2nd. The Goldman Sachs Group lowered their price target on Rocket Companies from $16.00 to $14.00 and set a "neutral" rating for the company in a report on Tuesday, January 7th. Finally, UBS Group cut 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. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and two have given a buy rating to the company. According to data from MarketBeat.com, Rocket Companies has an average rating of "Hold" and an average target price of $14.38.

Rocket Companies Stock Up 0.6 %

Shares of RKT stock traded up $0.07 during trading on Wednesday, reaching $11.60. The company's stock had a trading volume of 11,924,330 shares, compared to its average volume of 4,949,952. The business has a fifty day moving average price of $13.34 and a 200-day moving average price of $13.22. Rocket Companies, Inc. has a one year low of $10.06 and a one year high of $21.38. The company has a quick ratio of 15.47, a current ratio of 15.47 and a debt-to-equity ratio of 1.51. The company has a market cap of $23.15 billion, a price-to-earnings ratio of -72.47 and a beta of 2.33.

Rocket Companies Cuts Dividend

The business also recently disclosed a dividend, which was paid on Thursday, April 3rd. Stockholders of record on Thursday, March 20th were paid a dividend of $0.80 per share. The ex-dividend date of this dividend was Thursday, March 20th. Rocket Companies's dividend payout ratio is currently 801.25%.

About Rocket Companies

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.