Allstate Corp Takes Position in Rocket Companies, Inc. $RKT

Allstate Corp purchased a new position in shares of Rocket Companies, Inc. (NYSE:RKT) in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 67,423 shares of the company’s stock, valued at approximately $1,305,000.

Other large investors also recently made changes to their positions in the company. ORG Partners LLC boosted its stake in Rocket Companies by 22.3% during the 4th quarter. ORG Partners LLC now owns 2,857 shares of the company’s stock valued at $55,000 after acquiring an additional 520 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. lifted its stake in shares of Rocket Companies by 3.5% in the third quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 18,817 shares of the company’s stock worth $365,000 after buying an additional 636 shares during the last quarter. Composition Wealth LLC raised its stake in Rocket Companies by 2.7% during the 4th quarter. Composition Wealth LLC now owns 25,323 shares of the company’s stock valued at $490,000 after purchasing an additional 668 shares during the last quarter. Parallel Advisors LLC raised its stake in Rocket Companies by 26.1% during the 3rd quarter. Parallel Advisors LLC now owns 3,267 shares of the company’s stock valued at $63,000 after purchasing an additional 677 shares during the last quarter. Finally, NewEdge Wealth LLC increased its holdings in Rocket Companies by 5.7% in the 4th quarter. NewEdge Wealth LLC now owns 13,204 shares of the company’s stock valued at $256,000 after buying an additional 707 shares during the period. Institutional investors and hedge funds own 4.59% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on RKT. Stephens assumed coverage on shares of Rocket Companies in a report on Thursday, April 23rd. They issued an “overweight” rating and a $22.50 price target on the stock. Wells Fargo & Company cut their target price on shares of Rocket Companies from $19.00 to $17.00 and set an “equal weight” rating on the stock in a research report on Thursday, April 9th. Keefe, Bruyette & Woods lowered their target price on Rocket Companies from $22.00 to $21.00 and set an “outperform” rating for the company in a research note on Tuesday, May 12th. JPMorgan Chase & Co. decreased their price target on shares of Rocket Companies from $24.00 to $16.50 and set a “neutral” rating for the company in a research note on Thursday, April 9th. Finally, Barclays raised shares of Rocket Companies from an “equal weight” rating to an “overweight” rating and decreased their target price for the company from $22.00 to $19.00 in a research note on Monday, April 6th. Nine investment analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $20.93.

Rocket Companies Trading Up 0.8%

Shares of Rocket Companies stock opened at $14.52 on Friday. The company has a market capitalization of $41.08 billion, a P/E ratio of 290.36 and a beta of 2.23. 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 fifty day simple moving average of $14.61 and a 200 day simple moving average of $17.37. Rocket Companies, Inc. has a 12-month low of $12.25 and a 12-month high of $24.36.

Rocket Companies (NYSE:RKT) last announced its quarterly earnings data 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 firm had revenue of $2.82 billion during the quarter, compared to the consensus estimate of $2.76 billion. Rocket Companies had a return on equity of 4.30% and a net margin of 2.78%.The business’s revenue for the quarter was up 167.1% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.04 EPS. On average, sell-side analysts anticipate that Rocket Companies, Inc. will post 0.65 earnings per share for the current fiscal year.

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.