Basswood Capital Management L.L.C. Increases Stock Holdings in Rocket Companies, Inc. $RKT

Basswood Capital Management L.L.C. raised its stake in shares of Rocket Companies, Inc. (NYSE:RKT) by 1,881.3% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 5,475,110 shares of the company’s stock after acquiring an additional 5,198,776 shares during the quarter. Rocket Companies makes up about 4.3% of Basswood Capital Management L.L.C.’s portfolio, making the stock its 3rd biggest position. Basswood Capital Management L.L.C. owned approximately 0.26% of Rocket Companies worth $105,998,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also bought and sold shares of RKT. Brooktree Capital Management lifted its holdings in shares of Rocket Companies by 27.5% during the 3rd quarter. Brooktree Capital Management now owns 148,653 shares of the company’s stock valued at $2,881,000 after purchasing an additional 32,088 shares during the last quarter. Cibc World Market Inc. purchased a new stake in shares of Rocket Companies during the 3rd quarter valued at $2,689,000. Vanguard Group Inc. lifted its holdings in shares of Rocket Companies by 29.5% during the 3rd quarter. Vanguard Group Inc. now owns 22,945,500 shares of the company’s stock valued at $444,684,000 after purchasing an additional 5,226,931 shares during the last quarter. Vaughan Nelson Investment Management L.P. purchased a new stake in shares of Rocket Companies during the 4th quarter valued at $40,455,000. Finally, Baker Chad R purchased a new stake in shares of Rocket Companies during the 4th quarter valued at $1,926,000. Institutional investors own 4.59% of the company’s stock.

Analysts Set New Price Targets

RKT has been the subject of several analyst reports. Compass Point initiated coverage on Rocket Companies in a report on Tuesday, March 10th. They set a “buy” rating and a $21.00 price objective for the company. Zacks Research upgraded Rocket Companies from a “strong sell” rating to a “hold” rating in a report on Tuesday, May 12th. Wells Fargo & Company decreased 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. Royal Bank Of Canada reiterated a “sector perform” rating and set a $20.00 price objective on shares of Rocket Companies in a report on Monday, May 11th. Finally, Keefe, Bruyette & Woods decreased their price objective on Rocket Companies from $22.00 to $21.00 and set an “outperform” rating for the company in a report on Tuesday, May 12th. Nine research analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, Rocket Companies presently has an average rating of “Moderate Buy” and an average target price of $20.93.

Rocket Companies Stock Performance

Shares of RKT stock opened at $13.06 on Friday. The firm has a market capitalization of $36.96 billion, a price-to-earnings ratio of 261.26 and a beta of 2.19. The company has a debt-to-equity ratio of 1.13, a current ratio of 4.37 and a quick ratio of 4.37. The business has a fifty day moving average of $14.43 and a 200 day moving average of $17.10. Rocket Companies, Inc. has a 1 year low of $12.17 and a 1 year high of $24.36.

Rocket Companies (NYSE:RKT) last issued its earnings results on Thursday, May 7th. The company reported $0.15 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.12 by $0.03. The company had revenue of $2.82 billion during the quarter, compared to analyst estimates of $2.76 billion. Rocket Companies had a return on equity of 4.30% and a net margin of 2.78%.The firm’s quarterly revenue was up 167.1% on a year-over-year basis. During the same quarter last year, the business posted $0.04 EPS. As a group, research analysts expect that Rocket Companies, Inc. will post 0.65 earnings per share for the current year.

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.