Nuveen LLC Purchases 1,706,659 Shares of Rocket Companies, Inc. $RKT

Nuveen LLC raised its position in Rocket Companies, Inc. (NYSE:RKT) by 5.5% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 32,538,137 shares of the company’s stock after acquiring an additional 1,706,659 shares during the quarter. Nuveen LLC’s holdings in Rocket Companies were worth $629,938,000 at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of RKT. Pinnacle Bancorp Inc. lifted its holdings in Rocket Companies by 369.7% in the fourth quarter. Pinnacle Bancorp Inc. now owns 1,503 shares of the company’s stock valued at $29,000 after acquiring an additional 1,183 shares during the period. City State Bank bought a new position in Rocket Companies in the fourth quarter valued at about $30,000. Smithfield Trust Co bought a new position in Rocket Companies in the fourth quarter valued at about $32,000. Key Financial Inc bought a new position in Rocket Companies in the fourth quarter valued at about $32,000. Finally, Sound Income Strategies LLC lifted its holdings in Rocket Companies by 354.8% in the fourth quarter. Sound Income Strategies LLC now owns 1,974 shares of the company’s stock valued at $38,000 after acquiring an additional 1,540 shares during the period. Institutional investors own 4.59% of the company’s stock.

Rocket Companies Stock Up 7.3%

NYSE RKT opened at $13.45 on Friday. The stock’s 50-day moving average price is $14.46 and its 200-day moving average price is $17.13. The company has a quick ratio of 4.37, a current ratio of 4.37 and a debt-to-equity ratio of 1.13. Rocket Companies, Inc. has a 52 week low of $12.17 and a 52 week high of $24.36. The company has a market capitalization of $38.06 billion, a P/E ratio of 269.04 and a beta of 2.19.

Rocket Companies (NYSE:RKT) last released its earnings results on Thursday, May 7th. The company reported $0.15 earnings per share (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 firm had revenue of $2.82 billion during the quarter, compared to analysts’ expectations of $2.76 billion. During the same quarter last year, the business posted $0.04 earnings per share. The firm’s revenue was up 167.1% on a year-over-year basis. On average, equities research analysts predict that Rocket Companies, Inc. will post 0.65 earnings per share for the current year.

Analysts Set New Price Targets

Several research analysts have recently commented on the company. Compass Point assumed coverage on Rocket Companies in a research note on Tuesday, March 10th. They issued a “buy” rating and a $21.00 price objective on the stock. Keefe, Bruyette & Woods decreased their price objective on Rocket Companies from $22.00 to $21.00 and set an “outperform” rating on the stock in a research note on Tuesday, May 12th. Citizens Jmp assumed coverage on Rocket Companies in a research note on Wednesday, March 25th. They issued a “market perform” rating on the stock. Wells Fargo & Company decreased their price objective on Rocket Companies from $19.00 to $17.00 and set an “equal weight” rating on the stock in a research note on Thursday, April 9th. Finally, Weiss Ratings raised Rocket Companies from a “sell (d)” rating to a “hold (c)” rating in a research note on Wednesday, May 13th. Nine analysts have rated the stock with a Buy rating and nine have given a Hold rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target 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.