Rocket Companies, Inc. $RKT Shares Acquired by Northwestern Mutual Wealth Management Co.

Northwestern Mutual Wealth Management Co. lifted its holdings in shares of Rocket Companies, Inc. (NYSE:RKT) by 515.4% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 90,683 shares of the company’s stock after acquiring an additional 75,948 shares during the quarter. Northwestern Mutual Wealth Management Co.’s holdings in Rocket Companies were worth $1,756,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Pinnacle Bancorp Inc. boosted its position in Rocket Companies by 369.7% in the 4th quarter. Pinnacle Bancorp Inc. now owns 1,503 shares of the company’s stock valued at $29,000 after buying an additional 1,183 shares during the last quarter. City State Bank purchased a new position in Rocket Companies in the 4th quarter valued at about $30,000. Smithfield Trust Co purchased a new position in Rocket Companies in the 4th quarter valued at about $32,000. Key Financial Inc purchased a new position in Rocket Companies in the 4th quarter valued at about $32,000. Finally, Sound Income Strategies LLC boosted its position in Rocket Companies by 354.8% in the 4th quarter. Sound Income Strategies LLC now owns 1,974 shares of the company’s stock valued at $38,000 after buying an additional 1,540 shares during the last quarter. 4.59% of the stock is owned by hedge funds and other institutional investors.

Rocket Companies Price Performance

NYSE RKT opened at $12.65 on Friday. Rocket Companies, Inc. has a 52 week low of $12.38 and a 52 week high of $24.36. The company has a current ratio of 4.37, a quick ratio of 4.37 and a debt-to-equity ratio of 1.13. The stock has a market cap of $35.80 billion, a price-to-earnings ratio of 253.08 and a beta of 2.19. The company has a 50-day moving average price of $14.54 and a two-hundred day moving average price of $17.23.

Rocket Companies (NYSE:RKT) last posted its earnings results on Thursday, May 7th. The company reported $0.15 EPS for the quarter, topping the consensus estimate of $0.12 by $0.03. Rocket Companies had a net margin of 2.78% and a return on equity of 4.30%. The firm had revenue of $2.82 billion during the quarter, compared to analysts’ expectations of $2.76 billion. During the same quarter in the prior year, the firm earned $0.04 EPS. Rocket Companies’s quarterly revenue was up 167.1% on a year-over-year basis. Analysts forecast that Rocket Companies, Inc. will post 0.65 EPS for the current year.

Analysts Set New Price Targets

RKT has been the topic of a number of recent analyst reports. Keefe, Bruyette & Woods cut their target price on shares of Rocket Companies from $22.00 to $21.00 and set an “outperform” rating on the stock in a research note on Tuesday, May 12th. Barclays upgraded shares of Rocket Companies from an “equal weight” rating to an “overweight” rating and cut their target price for the company from $22.00 to $19.00 in a research note on Monday, April 6th. Weiss Ratings upgraded shares of Rocket Companies from a “sell (d)” rating to a “hold (c)” rating in a research note on Wednesday, May 13th. Citizens Jmp initiated coverage on shares of Rocket Companies in a research note on Wednesday, March 25th. They issued a “market perform” rating on the stock. Finally, Zacks Research upgraded shares of Rocket Companies from a “strong sell” rating to a “hold” rating in a research note on Tuesday, May 12th. Nine analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $20.93.

Rocket Companies Company Profile

Rocket Companies, Inc is a Detroit-based holding company whose businesses are centered on digital mortgage origination and related consumer finance and real estate services. The company grew out of the Quicken Loans franchise and completed an initial public offering in 2020. Founder Dan Gilbert remains a prominent figure associated with the firm, which operates a suite of brands that aim to simplify the home financing and buying experience through technology and scale.

The company’s core activity is mortgage lending through its Rocket Mortgage platform, which offers online application, underwriting and servicing for home purchase and refinance loans.