KBC Group NV Purchases 627,677 Shares of Rocket Companies, Inc. $RKT

KBC Group NV increased its holdings in shares of Rocket Companies, Inc. (NYSE:RKT) by 425.3% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 775,246 shares of the company’s stock after buying an additional 627,677 shares during the quarter. KBC Group NV’s holdings in Rocket Companies were worth $11,048,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Royal Bank of Canada lifted its stake in Rocket Companies by 48.9% in the first quarter. Royal Bank of Canada now owns 69,641 shares of the company’s stock valued at $841,000 after buying an additional 22,861 shares in the last quarter. Amundi increased its position in shares of Rocket Companies by 3.1% during the first quarter. Amundi now owns 33,416 shares of the company’s stock worth $403,000 after acquiring an additional 997 shares in the last quarter. AQR Capital Management LLC lifted its position in Rocket Companies by 1,086.5% in the 1st quarter. AQR Capital Management LLC now owns 400,467 shares of the company’s stock valued at $4,734,000 after acquiring an additional 366,716 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in Rocket Companies by 12.2% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 370,619 shares of the company’s stock worth $4,473,000 after purchasing an additional 40,326 shares during the period. Finally, Creative Planning boosted its stake in Rocket Companies by 17.2% in the 2nd quarter. Creative Planning now owns 18,215 shares of the company’s stock worth $258,000 after purchasing an additional 2,679 shares during the period. 4.59% of the stock is owned by institutional investors and hedge funds.

Rocket Companies Stock Down 1.4%

Shares of RKT opened at $13.46 on Thursday. The firm has a market cap of $38.08 billion, a P/E ratio of 269.18 and a beta of 2.16. 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, Inc. has a 52 week low of $12.17 and a 52 week high of $24.36. The firm’s 50-day simple moving average is $14.08 and its 200 day simple moving average is $16.15.

Rocket Companies (NYSE:RKT) last issued its quarterly earnings data 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 net margin of 2.78% and a return on equity of 4.30%. The firm 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 business posted $0.04 earnings per share. The business’s revenue for the quarter was up 167.1% compared to the same quarter last year. On average, analysts forecast that Rocket Companies, Inc. will post 0.58 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on the company. JPMorgan Chase & Co. cut their price target on Rocket Companies from $16.00 to $15.50 and set a “neutral” rating on the stock in a report on Monday, July 13th. BTIG Research reaffirmed a “neutral” rating on shares of Rocket Companies in a research note on Tuesday, June 16th. Morgan Stanley upgraded shares of Rocket Companies from an “equal weight” rating to an “overweight” rating and increased their target price for the stock from $18.00 to $19.00 in a report on Thursday, July 16th. Keefe, Bruyette & Woods decreased their price objective on Rocket Companies from $21.00 to $20.00 and set an “outperform” rating for the company in a report on Thursday, June 25th. Finally, Weiss Ratings raised Rocket Companies from a “sell (d)” rating to a “hold (c)” rating in a research report on Wednesday, May 13th. One research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and nine have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $20.73.

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.