Corient Private Wealth LLC Acquires 43,022 Shares of Rocket Companies, Inc. $RKT

Corient Private Wealth LLC grew its holdings in Rocket Companies, Inc. (NYSE:RKT) by 66.7% in the fourth quarter, HoldingsChannel reports. The institutional investor owned 107,493 shares of the company’s stock after acquiring an additional 43,022 shares during the period. Corient Private Wealth LLC’s holdings in Rocket Companies were worth $2,042,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. EMC Capital Management acquired a new stake in shares of Rocket Companies during the 4th quarter valued at about $774,000. Hsbc Holdings PLC increased its stake in Rocket Companies by 2,876.6% in the fourth quarter. Hsbc Holdings PLC now owns 1,254,973 shares of the company’s stock valued at $24,357,000 after acquiring an additional 1,212,812 shares during the period. Bank of Hawaii raised its position in Rocket Companies by 101.2% in the fourth quarter. Bank of Hawaii now owns 92,777 shares of the company’s stock worth $1,796,000 after purchasing an additional 46,672 shares in the last quarter. T. Rowe Price Investment Management Inc. raised its position in Rocket Companies by 19.1% in the fourth quarter. T. Rowe Price Investment Management Inc. now owns 5,406,444 shares of the company’s stock worth $104,669,000 after purchasing an additional 868,441 shares in the last quarter. Finally, Compound Planning Inc. bought a new position in Rocket Companies during the fourth quarter worth about $327,000. 4.59% of the stock is owned by institutional investors.

Rocket Companies Price Performance

Shares of Rocket Companies stock opened at $15.47 on Tuesday. The company has a current ratio of 4.37, a quick ratio of 4.37 and a debt-to-equity ratio of 1.13. The stock has a market capitalization of $43.79 billion, a price-to-earnings ratio of 309.50 and a beta of 2.19. Rocket Companies, Inc. has a 1-year low of $12.17 and a 1-year high of $24.36. The firm’s 50-day moving average price is $14.24 and its two-hundred day moving average price is $16.68.

Rocket Companies (NYSE:RKT) last posted its earnings results on Thursday, May 7th. The company reported $0.15 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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%. Rocket Companies’s quarterly revenue was up 167.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.04 earnings per share. On average, equities analysts predict that Rocket Companies, Inc. will post 0.63 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

RKT has been the topic of a number of recent research reports. Royal Bank Of Canada reaffirmed a “sector perform” rating and set a $20.00 price objective on shares of Rocket Companies in a report on Monday, May 11th. Wells Fargo & Company dropped their target price 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. Keefe, Bruyette & Woods cut their target price on Rocket Companies from $21.00 to $20.00 and set an “outperform” rating for the company in a research report on Thursday, June 25th. Barclays raised Rocket Companies from an “equal weight” rating to an “overweight” rating and decreased their price target for the company from $22.00 to $19.00 in a research note on Monday, April 6th. Finally, Stephens initiated coverage on Rocket Companies in a research report on Thursday, April 23rd. They issued an “overweight” rating and a $22.50 price target on the stock. Nine analysts have rated the stock with a Buy rating and ten have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $20.86.

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.