Prana Capital Management LP Purchases Shares of 380,170 Rocket Companies, Inc. (NYSE:RKT)

Prana Capital Management LP bought a new stake in Rocket Companies, Inc. (NYSE:RKT - Free Report) in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 380,170 shares of the company's stock, valued at approximately $4,281,000.

Several other institutional investors also recently modified their holdings of the business. Itau Unibanco Holding S.A. bought a new stake in Rocket Companies during the fourth quarter worth $47,000. KBC Group NV increased its position in shares of Rocket Companies by 58.1% during the 4th quarter. KBC Group NV now owns 6,056 shares of the company's stock valued at $68,000 after purchasing an additional 2,226 shares during the last quarter. Sterling Capital Management LLC raised its stake in shares of Rocket Companies by 57.2% during 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 period. Caisse Des Depots ET Consignations purchased a new position in shares of Rocket Companies in the 4th quarter worth about $99,000. Finally, Garner Asset Management Corp purchased a new position in shares of Rocket Companies in the 4th quarter worth about $118,000. 4.59% of the stock is owned by institutional investors.

Rocket Companies Price Performance

RKT traded down $0.29 during trading on Monday, reaching $12.95. 11,730,046 shares of the company were exchanged, compared to its average volume of 5,500,449. Rocket Companies, Inc. has a 12-month low of $10.06 and a 12-month high of $21.38. The company's 50-day moving average is $13.01 and its two-hundred day moving average is $12.96. 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 $25.85 billion, a price-to-earnings ratio of -80.94 and a beta of 2.33.

Rocket Companies (NYSE:RKT - Get Free Report) last announced its quarterly earnings results on Thursday, May 8th. The company reported $0.04 earnings per share for the quarter, meeting the consensus estimate of $0.04. The firm had revenue of $1.04 billion for the quarter, compared to analysts' expectations 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 period in the prior year, the business posted $0.04 earnings per share. Research analysts forecast that Rocket Companies, Inc. will post 0.15 earnings per share for the current fiscal year.

Rocket Companies Cuts Dividend

The company also recently declared 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 payout ratio is -4,273.33%.

Analysts Set New Price Targets

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

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.