UBS Group Issues Positive Forecast for Rocket Companies (NYSE:RKT) Stock Price

Rocket Companies (NYSE:RKT - Free Report) had its target price boosted by UBS Group from $13.00 to $14.00 in a research report sent to investors on Thursday morning,Benzinga reports. The firm currently has a neutral rating on the stock.

A number of other brokerages also recently issued reports on RKT. Royal Bank of Canada restated a "sector perform" rating and issued a $18.00 price target on shares of Rocket Companies in a research report on Tuesday, April 1st. 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 research note on Wednesday, April 2nd. Keefe, Bruyette & Woods reduced their target price on Rocket Companies from $15.00 to $13.00 and set a "market perform" rating on the stock in a research note on Monday, May 12th. Wedbush reiterated a "neutral" rating and issued a $12.00 target price (down previously from $13.00) on shares of Rocket Companies in a research note on Friday, May 9th. Finally, Barclays upgraded Rocket Companies from an "underweight" rating to an "equal weight" rating and raised their price target for the company from $10.00 to $14.00 in a research note on Tuesday, April 8th. Two research 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 stock currently has an average rating of "Hold" and an average price target of $14.21.

Rocket Companies Trading Down 2.4%

RKT traded down $0.32 during trading on Thursday, reaching $12.75. The company had a trading volume of 8,509,067 shares, compared to its average volume of 5,707,788. The stock has a market cap of $25.50 billion, a P/E ratio of -79.69 and a beta of 2.33. The business has a 50 day simple moving average of $12.67 and a 200-day simple moving average of $12.79. Rocket Companies has a 52 week low of $10.06 and a 52 week 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.

Rocket Companies (NYSE:RKT - Get Free Report) last issued its quarterly earnings results on Thursday, May 8th. The company reported $0.04 earnings per share (EPS) for the quarter, hitting analysts' consensus estimates of $0.04. The company had revenue of $1.04 billion during the quarter, compared to the consensus estimate of $1.26 billion. Rocket Companies had a positive return on equity of 2.86% and a negative net margin of 0.38%. Rocket Companies's revenue was down 10.8% on a year-over-year basis. During the same period last year, the company earned $0.04 earnings per share. On average, equities analysts anticipate that Rocket Companies will post 0.15 EPS for the current fiscal year.

Rocket Companies Cuts Dividend

The business also recently disclosed a dividend, which was paid on Thursday, April 3rd. Investors of record on Thursday, March 20th were given a dividend of $0.80 per share. The ex-dividend date was Thursday, March 20th. Rocket Companies's payout ratio is currently -4,273.33%.

Institutional Investors Weigh In On Rocket Companies

A number of institutional investors have recently added to or reduced their stakes in the stock. Rhumbline Advisers boosted its position in Rocket Companies by 11.7% during the first quarter. Rhumbline Advisers now owns 146,527 shares of the company's stock valued at $1,769,000 after purchasing an additional 15,310 shares in the last quarter. Strs Ohio acquired a new stake in Rocket Companies in the first quarter worth about $568,000. Bayforest Capital Ltd acquired a new stake in Rocket Companies in the first quarter worth about $103,000. SCS Capital Management LLC acquired a new stake in Rocket Companies in the first quarter worth about $431,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in Rocket Companies by 12.2% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 370,619 shares of the company's stock worth $4,473,000 after acquiring an additional 40,326 shares in the last quarter. Institutional investors own 4.59% of the company's stock.

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.