National Pension Service Takes $2.89 Million Position in Rocket Companies, Inc. $RKT

National Pension Service bought a new stake in Rocket Companies, Inc. (NYSE:RKT) in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 149,034 shares of the company’s stock, valued at approximately $2,885,000.

A number of other institutional investors also recently modified their holdings of the company. South Street Advisors LLC bought a new position in shares of Rocket Companies in the fourth quarter valued at approximately $26,987,000. Northwestern Mutual Wealth Management Co. raised its stake in shares of Rocket Companies by 515.4% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 90,683 shares of the company’s stock valued at $1,756,000 after acquiring an additional 75,948 shares during the last quarter. Intech Investment Management LLC bought a new position in shares of Rocket Companies in the fourth quarter valued at approximately $295,000. Huntington National Bank raised its stake in shares of Rocket Companies by 29.5% in the fourth quarter. Huntington National Bank now owns 33,734 shares of the company’s stock valued at $653,000 after acquiring an additional 7,675 shares during the last quarter. Finally, Geode Capital Management LLC raised 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 valued at $299,939,000 after acquiring an additional 11,282,009 shares during the last quarter. Institutional investors own 4.59% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on RKT shares. Royal Bank Of Canada restated a “sector perform” rating and issued a $20.00 price objective on shares of Rocket Companies in a research report on Monday, May 11th. Weiss Ratings upgraded shares of Rocket Companies from a “sell (d)” rating to a “hold (c)” rating in a research report on Wednesday, May 13th. Compass Point started coverage on shares of Rocket Companies in a research report on Tuesday, March 10th. They issued a “buy” rating and a $21.00 price objective for the company. Barclays upgraded shares of Rocket Companies from an “equal weight” rating to an “overweight” rating and dropped their price objective for the stock from $22.00 to $19.00 in a research report on Monday, April 6th. Finally, Keefe, Bruyette & Woods dropped their price objective on shares of Rocket Companies from $22.00 to $21.00 and set an “outperform” rating for the company in a research report on Tuesday, May 12th. Nine equities research analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $20.93.

Rocket Companies Stock Performance

Shares of Rocket Companies stock opened at $14.19 on Tuesday. The firm has a fifty day moving average of $14.60 and a two-hundred day moving average of $17.35. The stock has a market capitalization of $40.14 billion, a price-to-earnings ratio of 283.76 and a beta of 2.19. Rocket Companies, Inc. has a 52 week low of $12.25 and a 52 week high of $24.36. 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 issued its earnings results on Thursday, May 7th. The company reported $0.15 EPS for the quarter, beating the consensus estimate of $0.12 by $0.03. The company had revenue of $2.82 billion during the quarter, compared to analysts’ expectations of $2.76 billion. Rocket Companies had a net margin of 2.78% and a return on equity of 4.30%. The business’s revenue for the quarter was up 167.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.04 EPS. As a group, equities research analysts predict that Rocket Companies, Inc. will post 0.65 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.