Nuveen LLC Grows Stake in Rocket Companies, Inc. $RKT

Nuveen LLC raised its stake in Rocket Companies, Inc. (NYSE:RKT) by 5.5% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 32,538,137 shares of the company’s stock after acquiring an additional 1,706,659 shares during the period. Nuveen LLC owned approximately 1.55% of Rocket Companies worth $629,938,000 as of its most recent SEC filing.

A number of other institutional investors have also recently modified their holdings of RKT. Vanguard Group Inc. grew its stake in shares of Rocket Companies by 280.3% in the fourth quarter. Vanguard Group Inc. now owns 87,256,540 shares of the company’s stock worth $1,689,287,000 after acquiring an additional 64,311,040 shares during the last quarter. Geode Capital Management LLC grew its stake in shares of Rocket Companies by 265.0% in the fourth quarter. Geode Capital Management LLC now owns 15,539,351 shares of the company’s stock worth $299,939,000 after acquiring an additional 11,282,009 shares during the last quarter. Durable Capital Partners LP purchased a new stake in shares of Rocket Companies in the third quarter worth $213,010,000. ValueAct Holdings L.P. grew its stake in shares of Rocket Companies by 67.9% in the third quarter. ValueAct Holdings L.P. now owns 25,395,627 shares of the company’s stock worth $492,167,000 after acquiring an additional 10,270,018 shares during the last quarter. Finally, Norges Bank purchased a new stake in shares of Rocket Companies in the fourth quarter worth $144,207,000. 4.59% of the stock is owned by hedge funds and other institutional investors.

Rocket Companies Price Performance

NYSE RKT opened at $13.45 on Friday. Rocket Companies, Inc. has a one year low of $12.17 and a one year high of $24.36. The stock has a 50-day moving average of $14.46 and a 200 day moving average of $17.13. The company has a market capitalization of $38.06 billion, a price-to-earnings ratio of 269.04 and a beta of 2.19. The company has a debt-to-equity ratio of 1.13, a quick ratio of 4.37 and a current ratio of 4.37.

Rocket Companies (NYSE:RKT) last released its quarterly earnings data 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 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 the consensus estimate of $2.76 billion. During the same period last year, the company earned $0.04 EPS. Rocket Companies’s revenue for the quarter was up 167.1% on a year-over-year basis. On average, sell-side analysts forecast that Rocket Companies, Inc. will post 0.65 EPS for the current year.

Analyst Upgrades and Downgrades

RKT has been the topic of several recent analyst reports. Royal Bank Of Canada reaffirmed a “sector perform” rating and set a $20.00 price objective on shares of Rocket Companies in a research report on Monday, May 11th. JPMorgan Chase & Co. reduced their price objective on Rocket Companies from $24.00 to $16.50 and set a “neutral” rating for the company in a report on Thursday, April 9th. Stephens began coverage on Rocket Companies in a report on Thursday, April 23rd. They issued an “overweight” rating and a $22.50 price objective for the company. Wells Fargo & Company reduced their price objective on Rocket Companies from $19.00 to $17.00 and set an “equal weight” rating for the company in a report on Thursday, April 9th. Finally, Compass Point began coverage on Rocket Companies in a report on Tuesday, March 10th. They issued a “buy” rating and a $21.00 price objective for the company. Nine equities research analysts have rated the stock with a Buy rating and nine have given a Hold rating to the stock. According to MarketBeat.com, Rocket Companies presently has an average rating of “Moderate Buy” and an average price target of $20.93.

About Rocket Companies

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.