Fifth Third Bancorp Buys 125,185 Shares of Rocket Companies, Inc. $RKT

Fifth Third Bancorp grew its stake in shares of Rocket Companies, Inc. (NYSE:RKT) by 11,688.6% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 126,256 shares of the company’s stock after buying an additional 125,185 shares during the period. Fifth Third Bancorp’s holdings in Rocket Companies were worth $2,447,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds also recently modified their holdings of the company. Boston Partners raised its position in shares of Rocket Companies by 6.2% in the 2nd quarter. Boston Partners now owns 14,560,706 shares of the company’s stock valued at $206,610,000 after acquiring an additional 856,367 shares during the period. Third Point LLC acquired a new stake in Rocket Companies in the second quarter worth $67,355,000. Broad Bay Capital Management LP acquired a new stake in Rocket Companies in the second quarter worth $51,585,000. Geode Capital Management LLC boosted its position in shares of Rocket Companies by 23.4% during the second quarter. Geode Capital Management LLC now owns 2,730,504 shares of the company’s stock worth $38,723,000 after purchasing an additional 517,684 shares in the last quarter. Finally, Maple Rock Capital Partners Inc. bought a new stake in shares of Rocket Companies in the 2nd quarter valued at $32,984,000. 4.59% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

RKT has been the topic of several recent analyst reports. Wall Street Zen lowered Rocket Companies from a “hold” rating to a “sell” rating in a report on Saturday, November 8th. BTIG Research reiterated a “buy” rating and set a $25.00 price objective on shares of Rocket Companies in a report on Wednesday, November 19th. Oppenheimer initiated coverage on Rocket Companies in a research report on Thursday, November 13th. They issued an “outperform” rating and a $25.00 price objective for the company. The Goldman Sachs Group restated a “neutral” rating and set a $22.00 target price (up from $16.00) on shares of Rocket Companies in a report on Wednesday, October 29th. Finally, Weiss Ratings reiterated a “sell (d+)” rating on shares of Rocket Companies in a report on Monday, December 29th. Five research analysts have rated the stock with a Buy rating, ten have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $20.50.

Rocket Companies Trading Up 0.7%

NYSE RKT opened at $18.51 on Thursday. Rocket Companies, Inc. has a 52 week low of $10.94 and a 52 week high of $24.36. The company has a debt-to-equity ratio of 2.16, a quick ratio of 19.68 and a current ratio of 19.68. The stock’s 50 day moving average price is $20.14 and its two-hundred day moving average price is $18.92. The stock has a market capitalization of $38.95 billion, a price-to-earnings ratio of 231.35 and a beta of 2.31.

Insider Buying and Selling

In related news, Director Matthew Rizik sold 2,500 shares of the firm’s stock in a transaction on Monday, December 29th. The shares were sold at an average price of $19.25, for a total value of $48,125.00. Following the completion of the transaction, the director owned 1,061,036 shares of the company’s stock, valued at approximately $20,424,943. This trade represents a 0.24% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders have sold a total of 35,000 shares of company stock worth $694,000 in the last ninety days. Corporate insiders own 92.64% of the company’s stock.

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.