Mercer Global Advisors Inc. ADV Sells 32,059 Shares of Rocket Companies, Inc. (NYSE:RKT)

Mercer Global Advisors Inc. ADV cut its stake in shares of Rocket Companies, Inc. (NYSE:RKT) by 13.3% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 208,669 shares of the company’s stock after selling 32,059 shares during the period. Mercer Global Advisors Inc. ADV’s holdings in Rocket Companies were worth $2,350,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Itau Unibanco Holding S.A. bought a new stake in Rocket Companies during the 4th quarter worth approximately $47,000. KBC Group NV grew 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 in the last quarter. Sterling Capital Management LLC increased its holdings in shares of Rocket Companies by 57.2% in the fourth 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 stake in shares of Rocket Companies in the fourth quarter worth $99,000. Finally, Garner Asset Management Corp bought a new stake in Rocket Companies during the fourth quarter valued at $118,000. 4.59% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research firms have weighed in on RKT. Wedbush reaffirmed an “outperform” rating and issued a $13.00 price target on shares of Rocket Companies in a report on Wednesday, April 16th. JPMorgan Chase & Co. dropped their target price on shares of Rocket Companies from $14.00 to $10.50 and set an “underweight” rating for the company in a research report on Tuesday, January 14th. UBS Group lowered their price objective on shares of Rocket Companies from $14.00 to $13.00 and set a “neutral” rating on the stock in a research report on Wednesday, April 16th. Deutsche Bank Aktiengesellschaft upgraded shares of 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, Royal Bank of Canada reiterated a “sector perform” rating and issued a $18.00 price objective on shares of Rocket Companies in a report on Tuesday, April 1st. Two analysts have rated the stock with a sell rating, eight have given a hold rating and two have assigned a buy rating to the company. According to MarketBeat.com, Rocket Companies presently has a consensus rating of “Hold” and an average price target of $14.38.

Rocket Companies Stock Performance

NYSE:RKT opened at $11.54 on Wednesday. The company has a debt-to-equity ratio of 1.51, a quick ratio of 15.47 and a current ratio of 15.47. Rocket Companies, Inc. has a fifty-two week low of $10.06 and a fifty-two week high of $21.38. The firm has a market cap of $23.03 billion, a PE ratio of -72.11 and a beta of 2.33. The business has a 50 day moving average price of $13.34 and a 200-day moving average price of $13.22.

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 given a dividend of $0.80 per share. The ex-dividend date of this dividend was Thursday, March 20th. Rocket Companies’s payout ratio is currently 801.25%.

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.