Rocket Companies (NYSE:RKT) Earns Sector Perform Rating from Royal Bank of Canada

Royal Bank of Canada reiterated their sector perform rating on shares of Rocket Companies (NYSE:RKT - Free Report) in a research note released on Tuesday morning,Benzinga reports. The firm currently has a $18.00 price objective on the stock.

Several other brokerages have also recently issued reports on RKT. UBS Group upgraded shares of Rocket Companies from a "sell" rating to a "neutral" rating and cut their target price for the stock from $12.50 to $11.50 in a report on Friday, January 10th. Wedbush reiterated a "neutral" rating and set a $13.00 target price on shares of Rocket Companies in a report on Wednesday, March 5th. Morgan Stanley reduced their price target on Rocket Companies from $16.00 to $13.00 and set an "equal weight" rating on the stock in a report on Thursday, December 19th. JPMorgan Chase & Co. dropped their price objective on Rocket Companies from $14.00 to $10.50 and set an "underweight" rating for the company in a report on Tuesday, January 14th. Finally, The Goldman Sachs Group decreased their target price on Rocket Companies from $16.00 to $14.00 and set a "neutral" rating for the company in a report on Tuesday, January 7th. Three investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and one has issued a buy rating to the company. Based on data from MarketBeat, Rocket Companies has a consensus rating of "Hold" and an average price target of $14.08.

Rocket Companies Trading Up 11.1 %

Shares of NYSE RKT traded up $1.53 during midday trading on Tuesday, reaching $15.38. The company had a trading volume of 36,549,894 shares, compared to its average volume of 4,114,274. The firm's fifty day moving average price is $13.49 and its 200-day moving average price is $14.18. 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 has a one year low of $10.06 and a one year high of $21.38. The stock has a market cap of $30.70 billion, a PE ratio of -96.13 and a beta of 2.35.

Rocket Companies Cuts Dividend

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

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Itau Unibanco Holding S.A. bought a new stake in Rocket Companies in the fourth quarter worth $47,000. KBC Group NV raised its position in shares of Rocket Companies by 58.1% in the 4th quarter. KBC Group NV now owns 6,056 shares of the company's stock worth $68,000 after purchasing an additional 2,226 shares during the last quarter. Sterling Capital Management LLC boosted its stake in Rocket Companies by 57.2% in 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 in the last quarter. Caisse Des Depots ET Consignations purchased a new stake in Rocket Companies during the 4th quarter valued at about $99,000. Finally, Garner Asset Management Corp bought a new stake in Rocket Companies during the 4th quarter valued at about $118,000. Institutional investors own 4.59% of the company's stock.

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.