NFJ Investment Group LLC Makes New Investment in Rocket Companies, Inc. $RKT

NFJ Investment Group LLC purchased a new position in Rocket Companies, Inc. (NYSE:RKT) in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 165,102 shares of the company’s stock, valued at approximately $3,196,000.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Brooktree Capital Management increased its position in Rocket Companies by 27.5% in the third quarter. Brooktree Capital Management now owns 148,653 shares of the company’s stock worth $2,881,000 after buying an additional 32,088 shares in the last quarter. Cibc World Market Inc. purchased a new stake in Rocket Companies in the third quarter worth about $2,689,000. Vanguard Group Inc. increased its position in Rocket Companies by 29.5% in the third quarter. Vanguard Group Inc. now owns 22,945,500 shares of the company’s stock worth $444,684,000 after buying an additional 5,226,931 shares in the last quarter. Vaughan Nelson Investment Management L.P. purchased a new stake in Rocket Companies in the fourth quarter worth about $40,455,000. Finally, Baker Chad R purchased a new stake in Rocket Companies in the fourth quarter worth about $1,926,000. Hedge funds and other institutional investors own 4.59% of the company’s stock.

Analysts Set New Price Targets

RKT has been the subject of several research analyst reports. Compass Point initiated coverage on Rocket Companies in a research report on Tuesday, March 10th. They set a “buy” rating and a $21.00 target price for the company. Zacks Research upgraded Rocket Companies from a “strong sell” rating to a “hold” rating in a research report on Tuesday, May 12th. Stephens initiated coverage on Rocket Companies in a research report on Thursday, April 23rd. They set an “overweight” rating and a $22.50 target price for the company. Weiss Ratings upgraded Rocket Companies from a “sell (d)” rating to a “hold (c)” rating in a research report on Wednesday, May 13th. Finally, Barclays upgraded Rocket Companies from an “equal weight” rating to an “overweight” rating and cut their target price for the stock from $22.00 to $19.00 in a research report on Monday, April 6th. Nine investment analysts have rated the stock with a Buy rating and nine have given a Hold rating to the company. According to MarketBeat, Rocket Companies presently has a consensus rating of “Moderate Buy” and an average price target of $20.93.

Rocket Companies Price Performance

Shares of Rocket Companies stock opened at $13.06 on Monday. The stock has a 50 day moving average of $14.43 and a 200 day moving average of $17.09. Rocket Companies, Inc. has a 12 month low of $12.17 and a 12 month high of $24.36. The firm has a market cap of $36.96 billion, a PE ratio of 261.26 and a beta of 2.19. The company has a current ratio of 4.37, a quick ratio of 4.37 and a debt-to-equity ratio of 1.13.

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

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.