CoreCap Advisors LLC Trims Stake in Rocket Companies, Inc. (NYSE:RKT)

CoreCap Advisors LLC trimmed its holdings in shares of Rocket Companies, Inc. (NYSE:RKT) by 50.4% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 2,445 shares of the company’s stock after selling 2,485 shares during the quarter. CoreCap Advisors LLC’s holdings in Rocket Companies were worth $28,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Crestline Management LP bought a new stake in shares of Rocket Companies in the 4th quarter valued at about $726,000. Cetera Investment Advisers grew its holdings in shares of Rocket Companies by 2.9% during the 4th quarter. Cetera Investment Advisers now owns 33,035 shares of the company’s stock worth $372,000 after acquiring an additional 936 shares during the period. Bayesian Capital Management LP purchased a new stake in shares of Rocket Companies in the 4th quarter worth approximately $125,000. BNP Paribas Financial Markets purchased a new stake in shares of Rocket Companies in the 4th quarter worth approximately $11,037,000. Finally, Ameriprise Financial Inc. grew its stake in shares of Rocket Companies by 29.6% in the 4th quarter. Ameriprise Financial Inc. now owns 20,598 shares of the company’s stock worth $232,000 after buying an additional 4,708 shares during the last quarter. 4.59% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several brokerages have commented on RKT. Keefe, Bruyette & Woods cut 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. Wedbush reaffirmed a “neutral” rating and issued a $12.00 target price (down from $13.00) on shares of Rocket Companies in a report on Friday, May 9th. Royal Bank of Canada reiterated a “sector perform” rating and issued a $18.00 price target on shares of Rocket Companies in a research note on Tuesday, April 1st. Barclays raised Rocket Companies from an “underweight” rating to an “equal weight” rating and lifted their target price for the stock from $10.00 to $14.00 in a report on Tuesday, April 8th. Finally, Deutsche Bank Aktiengesellschaft raised Rocket Companies from a “hold” rating to a “buy” rating and set a $16.00 target price on the stock in a report on Wednesday, April 2nd. Two research analysts have rated the stock with a sell rating, nine have issued a hold rating and one has issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $14.13.

Rocket Companies Stock Up 1.6%

Shares of NYSE RKT opened at $12.80 on Friday. 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 company has a market cap of $25.55 billion, a P/E ratio of -80.00 and a beta of 2.33. Rocket Companies, Inc. has a 1 year low of $10.06 and a 1 year high of $21.38. The firm has a 50-day simple moving average of $13.01 and a two-hundred day simple moving average of $13.03.

Rocket Companies (NYSE:RKT) last announced its quarterly earnings results on Thursday, May 8th. The company reported $0.04 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.04. The firm had revenue of $1.04 billion during the quarter, compared to analyst estimates 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 quarterly revenue was down 10.8% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.04 earnings per share. Research analysts anticipate that Rocket Companies, Inc. will post 0.15 earnings per share for the current year.

Rocket Companies Cuts Dividend

The firm also recently disclosed a dividend, which was paid on Thursday, April 3rd. Investors of record on Thursday, March 20th were paid a $0.80 dividend. The ex-dividend date of this dividend was Thursday, March 20th. Rocket Companies’s dividend payout ratio (DPR) is -4,273.33%.

Rocket Companies 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.