Rocket Companies, Inc. $RKT Shares Acquired by Bank of New York Mellon Corp

Bank of New York Mellon Corp lifted its stake in shares of Rocket Companies, Inc. (NYSE:RKT) by 46.3% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 3,901,730 shares of the company’s stock after acquiring an additional 1,234,278 shares during the period. Bank of New York Mellon Corp’s holdings in Rocket Companies were worth $75,537,000 as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in RKT. Vanguard Group Inc. boosted its stake in shares of Rocket Companies by 280.3% during the fourth quarter. Vanguard Group Inc. now owns 87,256,540 shares of the company’s stock valued at $1,689,287,000 after acquiring an additional 64,311,040 shares during the last quarter. Geode Capital Management LLC grew its holdings in Rocket Companies by 265.0% in the 4th quarter. Geode Capital Management LLC now owns 15,539,351 shares of the company’s stock valued at $299,939,000 after buying an additional 11,282,009 shares during the period. Durable Capital Partners LP purchased a new stake in Rocket Companies in the 3rd quarter valued at about $213,010,000. ValueAct Holdings L.P. grew its holdings in Rocket Companies by 67.9% in the 3rd quarter. ValueAct Holdings L.P. now owns 25,395,627 shares of the company’s stock valued at $492,167,000 after buying an additional 10,270,018 shares during the period. Finally, Norges Bank purchased a new stake in Rocket Companies in the 4th quarter valued at about $144,207,000. Institutional investors and hedge funds own 4.59% of the company’s stock.

Rocket Companies Stock Performance

Shares of RKT opened at $13.20 on Wednesday. The business’s 50 day moving average is $14.49 and its two-hundred day moving average is $17.18. Rocket Companies, Inc. has a 52-week low of $12.17 and a 52-week high of $24.36. The firm has a market cap of $37.36 billion, a price-to-earnings ratio of 264.08 and a beta of 2.19. The company has a quick ratio of 4.37, a current ratio of 4.37 and a debt-to-equity ratio of 1.13.

Rocket Companies (NYSE:RKT) last announced 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. Rocket Companies had a return on equity of 4.30% and a net margin of 2.78%.The company had revenue of $2.82 billion for the quarter, compared to analyst estimates of $2.76 billion. During the same period in the prior year, the company posted $0.04 EPS. Rocket Companies’s quarterly revenue was up 167.1% on a year-over-year basis. Analysts forecast that Rocket Companies, Inc. will post 0.65 EPS for the current fiscal year.

Analyst Ratings Changes

RKT has been the subject of several recent analyst reports. Weiss Ratings upgraded Rocket Companies from a “sell (d)” rating to a “hold (c)” rating in a report on Wednesday, May 13th. Zacks Research upgraded shares of Rocket Companies from a “strong sell” rating to a “hold” rating in a report on Tuesday, May 12th. Keefe, Bruyette & Woods cut their price target on shares of Rocket Companies from $22.00 to $21.00 and set an “outperform” rating on the stock in a report on Tuesday, May 12th. Stephens started 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. Finally, Royal Bank Of Canada restated a “sector perform” rating and issued a $20.00 price target on shares of Rocket Companies in a report on Monday, May 11th. Nine research analysts have rated the stock with a Buy rating and nine have given a Hold rating to the company. According to data from MarketBeat, Rocket Companies has a consensus rating of “Moderate Buy” and an average target price of $20.93.

Key Rocket Companies News

Here are the key news stories impacting Rocket Companies this week:

• Positive Sentiment: Rocket Companies priced an upsized private debt offering, raising $1.5 billion instead of the initially planned $1.2 billion, which provides additional liquidity and financial flexibility. Rocket Companies Announces Upsizing and Pricing of Senior Notes due 2031 and Senior Notes due 2034
• Positive Sentiment: Redfin, which is powered by Rocket, reported that U.S. home sales reached their highest level since late 2022, suggesting some improvement in housing-market activity that could support Rocket’s broader real-estate platform. Rising Rates Stall Housing Market Momentum Just After Closed Home Sales Hit Highest Level Since 2022
• Neutral Sentiment: Rocket also announced a separate $1.2 billion senior notes offering earlier in the day, reinforcing that the company is actively refinancing or funding its balance sheet, but the announcement itself does not clearly signal operating strength or weakness. Rocket Companies Announces Offering of Senior Notes due 2031 and Senior Notes due 2034
• Neutral Sentiment: Market commentary highlights Rocket as a fintech name to watch, but this is more of a sector mention than a company-specific catalyst. Fintech Stocks To Add to Your Watchlist – June 6th
• Negative Sentiment: Recent coverage says Rocket stock has fallen sharply over the past week amid high mortgage rates, weak home sales, and limited refinancing visibility, which remains a key headwind for the business. RKT Falls Sharply in a Week: What’s Keeping Investors on the Sidelines?

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.