272,923 Shares in Rocket Companies, Inc. $RKT Acquired by Resona Asset Management Co. Ltd.

Resona Asset Management Co. Ltd. bought a new position in Rocket Companies, Inc. (NYSE:RKT) during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The fund bought 272,923 shares of the company’s stock, valued at approximately $5,284,000.

A number of other hedge funds and other institutional investors have also made changes to their positions in the business. Vanguard Group Inc. raised its holdings in shares of Rocket Companies by 280.3% in the 4th quarter. Vanguard Group Inc. now owns 87,256,540 shares of the company’s stock worth $1,689,287,000 after purchasing an additional 64,311,040 shares in the last quarter. ValueAct Holdings L.P. raised its holdings in shares of Rocket Companies by 67.9% in the 3rd quarter. ValueAct Holdings L.P. now owns 25,395,627 shares of the company’s stock worth $492,167,000 after purchasing an additional 10,270,018 shares in the last quarter. Durable Capital Partners LP bought a new stake in shares of Rocket Companies in the 3rd quarter worth approximately $213,010,000. Wellington Management Group LLP raised its holdings in shares of Rocket Companies by 30.6% in the 3rd quarter. Wellington Management Group LLP now owns 6,298,220 shares of the company’s stock worth $122,060,000 after purchasing an additional 1,474,040 shares in the last quarter. Finally, Fred Alger Management LLC raised its holdings in shares of Rocket Companies by 7,412.6% in the 3rd quarter. Fred Alger Management LLC now owns 6,078,800 shares of the company’s stock worth $117,807,000 after purchasing an additional 5,997,885 shares in the last quarter. 4.59% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on the stock. Citizens Jmp assumed coverage on shares of Rocket Companies in a report on Wednesday, March 25th. They set a “market perform” rating on the stock. Compass Point assumed coverage on shares of Rocket Companies in a report on Tuesday, March 10th. They set a “buy” rating and a $21.00 price target on the stock. JPMorgan Chase & Co. cut their price target on shares of Rocket Companies from $24.00 to $16.50 and set a “neutral” rating on the stock in a report on Thursday, April 9th. Stephens assumed coverage on shares of Rocket Companies in a report on Thursday, April 23rd. They set an “overweight” rating and a $22.50 price target on the stock. Finally, Wells Fargo & Company cut their price target on shares of Rocket Companies from $19.00 to $17.00 and set an “equal weight” rating on the stock in a report on Thursday, April 9th. 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.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $20.93.

Rocket Companies Stock Down 0.6%

RKT stock opened at $13.79 on Friday. Rocket Companies, Inc. has a 52-week low of $12.25 and a 52-week high of $24.36. The company’s 50 day simple moving average is $14.64 and its 200-day simple moving average is $17.45. The company has a debt-to-equity ratio of 1.13, a current ratio of 4.37 and a quick ratio of 4.37. The firm has a market capitalization of $38.89 billion, a P/E ratio of 275.80 and a beta of 2.23.

Rocket Companies (NYSE:RKT) last released its quarterly earnings results on Thursday, May 7th. The company reported $0.15 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.12 by $0.03. The business had revenue of $2.82 billion for the quarter, compared to analyst estimates of $2.76 billion. Rocket Companies had a net margin of 2.78% and a return on equity of 4.30%. The firm’s revenue was up 167.1% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.04 earnings per share. As a group, equities research analysts anticipate that Rocket Companies, Inc. will post 0.63 EPS for the current 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.