Prana Capital Management LP Purchases Shares of 380,170 Rocket Companies, Inc. (NYSE:RKT)

Prana Capital Management LP purchased a new stake in shares of Rocket Companies, Inc. (NYSE:RKT) during the fourth quarter, HoldingsChannel reports. The institutional investor purchased 380,170 shares of the company’s stock, valued at approximately $4,281,000.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of RKT. Itau Unibanco Holding S.A. acquired a new position in Rocket Companies during the fourth quarter valued at approximately $47,000. KBC Group NV lifted its position in shares of Rocket Companies by 58.1% during the fourth quarter. KBC Group NV now owns 6,056 shares of the company’s stock worth $68,000 after purchasing an additional 2,226 shares in the last quarter. Sterling Capital Management LLC lifted its position in shares of Rocket Companies by 57.2% during 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 in the last quarter. Caisse Des Depots ET Consignations acquired a new position in shares of Rocket Companies during the fourth quarter worth $99,000. Finally, Garner Asset Management Corp acquired a new position in shares of Rocket Companies during the fourth quarter worth $118,000. 4.59% of the stock is owned by institutional investors and hedge funds.

Rocket Companies Trading Down 0.2%

NYSE:RKT opened at $12.59 on Thursday. Rocket Companies, Inc. has a fifty-two week low of $10.06 and a fifty-two week high of $21.38. 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 market capitalization of $25.13 billion, a PE ratio of -78.69 and a beta of 2.33. The business’s 50-day simple moving average is $13.02 and its 200-day simple moving average is $13.05.

Rocket Companies (NYSE:RKT) last released its earnings results on Thursday, May 8th. The company reported $0.04 EPS for the quarter, meeting the consensus estimate of $0.04. Rocket Companies had a positive return on equity of 2.86% and a negative net margin of 0.38%. The firm had revenue of $1.04 billion for the quarter, compared to analysts’ expectations of $1.26 billion. During the same quarter in the previous year, the business posted $0.04 EPS. The business’s quarterly revenue was down 10.8% compared to the same quarter last year. Sell-side analysts expect that Rocket Companies, Inc. will post 0.15 earnings per share for the current fiscal year.

Rocket Companies Cuts Dividend

The company also recently disclosed a dividend, which was paid on Thursday, April 3rd. Shareholders 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 is -4,273.33%.

Wall Street Analyst Weigh In

Several analysts recently issued reports on the stock. UBS Group cut their price target on shares of Rocket Companies from $14.00 to $13.00 and set a “neutral” rating on the stock in a report on Wednesday, April 16th. Deutsche Bank Aktiengesellschaft raised shares of Rocket Companies from a “hold” rating to a “buy” rating and set a $16.00 price target on the stock in a report on Wednesday, April 2nd. Barclays raised shares of Rocket Companies from an “underweight” rating to an “equal weight” rating and upped their price target for the company from $10.00 to $14.00 in a report on Tuesday, April 8th. Keefe, Bruyette & Woods cut their price target on shares of Rocket Companies from $15.00 to $13.00 and set a “market perform” rating on the stock in a report on Monday. Finally, Wedbush reaffirmed a “neutral” rating and issued a $12.00 price target (down from $13.00) on shares of Rocket Companies in a report on Friday, May 9th. Two investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and one has given a buy rating to the stock. According to MarketBeat.com, Rocket Companies has a consensus rating of “Hold” and an average target price of $14.13.

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.