Rocket Companies (NYSE:RKT) Given New $13.00 Price Target at UBS Group

Rocket Companies (NYSE:RKT - Free Report) had its price objective trimmed by UBS Group from $14.00 to $13.00 in a research note released on Wednesday morning,Benzinga reports. The firm currently has a neutral rating on the stock.

Other analysts have also issued research reports about the company. The Goldman Sachs Group dropped their price target on Rocket Companies from $16.00 to $14.00 and set a "neutral" rating for the company in a research note on Tuesday, January 7th. Morgan Stanley cut their target price on Rocket Companies from $16.00 to $13.00 and set an "equal weight" rating on the stock in a research note on Thursday, December 19th. Wedbush restated a "neutral" rating and issued a $13.00 price objective on shares of Rocket Companies in a report on Wednesday, March 5th. JPMorgan Chase & Co. reduced their price target 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. Finally, Royal Bank of Canada reiterated a "sector perform" rating and issued a $18.00 price objective on shares of Rocket Companies in a research note on Tuesday, April 1st. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat.com, Rocket Companies has a consensus rating of "Hold" and a consensus price target of $14.38.

Rocket Companies Trading Down 4.4 %

RKT traded down $0.53 during trading on Wednesday, hitting $11.51. 3,723,234 shares of the stock traded hands, compared to its average volume of 4,563,718. The firm has a market capitalization of $22.98 billion, a P/E ratio of -71.94 and a beta of 2.35. The firm has a 50-day moving average of $13.48 and a 200 day moving average of $13.64. The company has a debt-to-equity ratio of 1.51, a current ratio of 15.47 and a quick ratio of 15.47. Rocket Companies has a 12-month low of $10.06 and a 12-month high of $21.38.

Rocket Companies Cuts Dividend

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

Hedge Funds Weigh In On Rocket Companies

Large investors have recently modified their holdings of the stock. Vanguard Group Inc. raised its holdings in shares of Rocket Companies by 3.6% in the fourth quarter. Vanguard Group Inc. now owns 12,520,074 shares of the company's stock worth $140,976,000 after buying an additional 431,054 shares during the period. Boston Partners boosted its holdings in shares of Rocket Companies by 29.8% in the 4th quarter. Boston Partners now owns 12,313,780 shares of the company's stock valued at $138,673,000 after buying an additional 2,829,292 shares in the last quarter. JPMorgan Chase & Co. increased its position in shares of Rocket Companies by 2.2% during the fourth quarter. JPMorgan Chase & Co. now owns 8,161,979 shares of the company's stock worth $91,904,000 after purchasing an additional 174,978 shares in the last quarter. Nuveen Asset Management LLC increased its position in Rocket Companies by 52.7% during the 4th quarter. Nuveen Asset Management LLC now owns 8,122,148 shares of the company's stock valued at $91,455,000 after buying an additional 2,804,090 shares in the last quarter. Finally, Wellington Management Group LLP increased its holdings in shares of Rocket Companies by 174.5% during the fourth quarter. Wellington Management Group LLP now owns 4,705,177 shares of the company's stock valued at $52,980,000 after acquiring an additional 2,990,837 shares in the last quarter. 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.