Raymond James Financial Inc. Buys Shares of 308,088 Rocket Companies, Inc. (NYSE:RKT)

Raymond James Financial Inc. purchased a new stake in Rocket Companies, Inc. (NYSE:RKT - Free Report) in the 4th quarter, according to its most recent disclosure with the SEC. The fund purchased 308,088 shares of the company's stock, valued at approximately $3,469,000.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the stock. KBC Group NV boosted its stake in Rocket Companies by 58.1% during the fourth quarter. KBC Group NV now owns 6,056 shares of the company's stock valued at $68,000 after buying an additional 2,226 shares in the last quarter. Caisse Des Depots ET Consignations purchased a new position in shares of Rocket Companies during the 4th quarter valued at $99,000. Huntington National Bank grew its stake in Rocket Companies by 548,750.0% in the fourth quarter. Huntington National Bank now owns 10,977 shares of the company's stock valued at $124,000 after purchasing an additional 10,975 shares in the last quarter. SBI Securities Co. Ltd. bought a new stake in shares of Rocket Companies in the 4th quarter valued at approximately $135,000. Finally, Daiwa Securities Group Inc. acquired a new position in shares of Rocket Companies during the 4th quarter worth $136,000. 4.59% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

RKT has been the topic of several research analyst reports. The Goldman Sachs Group dropped their price objective on Rocket Companies from $16.00 to $14.00 and set a "neutral" rating on the stock in a research note on Tuesday, January 7th. Royal Bank of Canada restated a "sector perform" rating and issued a $18.00 price objective on shares of Rocket Companies in a research note on Tuesday, April 1st. Wedbush reaffirmed an "outperform" rating and issued a $13.00 price target on shares of Rocket Companies in a research note on Wednesday, April 16th. Keefe, Bruyette & Woods boosted their price target on shares of Rocket Companies from $14.00 to $15.00 and gave the company a "market perform" rating in a research report on Tuesday, April 8th. Finally, JPMorgan Chase & Co. decreased their target price on Rocket Companies from $14.00 to $10.50 and set an "underweight" rating on the stock in a report on Tuesday, January 14th. Two analysts have rated the stock with a sell rating, eight have issued a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus price target of $14.38.

Rocket Companies Stock Performance

NYSE:RKT traded down $0.50 on Friday, reaching $12.28. 3,412,776 shares of the company's stock were exchanged, compared to its average volume of 4,809,720. The firm has a market cap of $24.51 billion, a price-to-earnings ratio of -76.84 and a beta of 2.35. The company has a debt-to-equity ratio of 1.51, a current ratio of 15.47 and a quick ratio of 15.47. The stock has a fifty day simple moving average of $13.41 and a 200-day simple moving average of $13.38. Rocket Companies, Inc. has a 52 week low of $10.06 and a 52 week high of $21.38.

Rocket Companies Cuts Dividend

The firm also recently disclosed a dividend, which was paid on Thursday, April 3rd. Investors 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 presently 801.25%.

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.