Rocket Companies, Inc. $RKT Stake Boosted by Fifth Third Bancorp

Fifth Third Bancorp boosted its holdings in shares of Rocket Companies, Inc. (NYSE:RKT) by 78.2% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 274,899 shares of the company’s stock after acquiring an additional 120,617 shares during the quarter. Fifth Third Bancorp’s holdings in Rocket Companies were worth $3,917,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also modified their holdings of the company. Truvestments Capital LLC acquired a new stake in shares of Rocket Companies in the 4th quarter valued at $26,000. Acumen Wealth Advisors LLC bought a new stake in Rocket Companies in the 4th quarter valued at approximately $26,000. Pinnacle Bancorp Inc. grew its stake 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 purchasing an additional 1,183 shares in the last quarter. City State Bank acquired a new stake in Rocket Companies in the 4th quarter valued at about $30,000. Finally, Smithfield Trust Co acquired a new stake in shares of Rocket Companies during the 4th quarter worth about $32,000. 4.59% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of research firms recently commented on RKT. Morgan Stanley raised Rocket Companies from an “equal weight” rating to an “overweight” rating and boosted their price target for the company from $18.00 to $19.00 in a research note on Thursday. Benchmark started coverage on shares of Rocket Companies in a research report on Monday, June 29th. They set a “buy” rating and a $21.00 price objective on the stock. Zacks Research upgraded shares of Rocket Companies from a “strong sell” rating to a “hold” rating in a report on Tuesday, May 12th. BTIG Research reissued a “neutral” rating on shares of Rocket Companies in a research report on Tuesday, June 16th. Finally, Weiss Ratings raised Rocket Companies from a “sell (d)” rating to a “hold (c)” rating in a report on Wednesday, May 13th. One investment analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and nine have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $20.73.

Rocket Companies Stock Down 2.2%

Shares of NYSE RKT opened at $14.56 on Friday. The company has a quick ratio of 4.37, a current ratio of 4.37 and a debt-to-equity ratio of 1.13. The company has a market cap of $41.21 billion, a price-to-earnings ratio of 291.30 and a beta of 2.16. The firm’s fifty day moving average is $14.12 and its 200 day moving average is $16.30. Rocket Companies, Inc. has a 52 week low of $12.17 and a 52 week high of $24.36.

Rocket Companies (NYSE:RKT) last released its quarterly earnings results on Thursday, May 7th. The company reported $0.15 earnings per share for the quarter, beating the consensus estimate of $0.12 by $0.03. The business had revenue of $2.82 billion for 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%. The firm’s revenue for the quarter was up 167.1% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.04 earnings per share. On average, equities research analysts expect that Rocket Companies, Inc. will post 0.59 earnings per share for the current year.

Rocket Companies 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.