Crestline Management LP Buys New Shares in Rocket Companies, Inc. (NYSE:RKT)

Crestline Management LP purchased a new position in Rocket Companies, Inc. (NYSE:RKT) in the 4th quarter, Holdings Channel.com reports. The fund purchased 64,498 shares of the company’s stock, valued at approximately $726,000.

Several other institutional investors have also added to or reduced their stakes in RKT. Wellington Management Group LLP increased its holdings in shares of Rocket Companies by 174.5% in the fourth quarter. Wellington Management Group LLP now owns 4,705,177 shares of the company’s stock worth $52,980,000 after buying an additional 2,990,837 shares during the period. Boston Partners increased its stake in Rocket Companies by 29.8% in the 4th quarter. Boston Partners now owns 12,313,780 shares of the company’s stock worth $138,673,000 after purchasing an additional 2,829,292 shares during the period. BNP Paribas Financial Markets bought a new stake in Rocket Companies in the fourth quarter valued at approximately $11,037,000. Barclays PLC boosted its stake in shares of Rocket Companies by 216.1% during the fourth quarter. Barclays PLC now owns 753,345 shares of the company’s stock valued at $8,483,000 after purchasing an additional 515,022 shares during the period. Finally, Vanguard Group Inc. grew its holdings in shares of Rocket Companies by 3.6% in the fourth quarter. Vanguard Group Inc. now owns 12,520,074 shares of the company’s stock worth $140,976,000 after purchasing an additional 431,054 shares during the last quarter. 4.59% of the stock is currently owned by hedge funds and other institutional investors.

Rocket Companies Price Performance

Shares of RKT stock opened at $11.11 on Friday. The business’s fifty day moving average is $13.19 and its 200 day moving average is $13.14. The company has a quick ratio of 15.47, a current ratio of 15.47 and a debt-to-equity ratio of 1.51. The stock has a market cap of $22.18 billion, a price-to-earnings ratio of -69.44 and a beta of 2.33. Rocket Companies, Inc. has a twelve month low of $10.06 and a twelve month high of $21.38.

Rocket Companies (NYSE:RKT) last issued its quarterly earnings results on Thursday, May 8th. The company reported $0.04 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.04. Rocket Companies had a negative net margin of 0.38% and a positive return on equity of 2.86%. The company had revenue of $1.04 billion during the quarter, compared to analyst estimates of $1.26 billion. During the same period last year, the business earned $0.04 EPS. Rocket Companies’s quarterly revenue was down 10.8% compared to the same quarter last year. Research analysts expect that Rocket Companies, Inc. will post 0.15 EPS for the current fiscal year.

Rocket Companies Cuts Dividend

The business also recently declared a dividend, which was paid on Thursday, April 3rd. Stockholders of record on Thursday, March 20th were given a $0.80 dividend. The ex-dividend date was Thursday, March 20th. Rocket Companies’s dividend payout ratio is currently 801.25%.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on RKT shares. UBS Group lowered their price target on shares of Rocket Companies from $14.00 to $13.00 and set a “neutral” rating for the company in a report on Wednesday, April 16th. Royal Bank of Canada reiterated a “sector perform” rating and set a $18.00 target price on shares of Rocket Companies in a report on Tuesday, April 1st. Barclays upgraded Rocket Companies from an “underweight” rating to an “equal weight” rating and boosted their price target for the company from $10.00 to $14.00 in a report on Tuesday, April 8th. JPMorgan Chase & Co. dropped their price objective on Rocket Companies from $14.00 to $10.50 and set an “underweight” rating for the company in a report on Tuesday, January 14th. Finally, Deutsche Bank Aktiengesellschaft raised Rocket Companies from a “hold” rating to a “buy” rating and set a $16.00 target price on the stock in a research note on Wednesday, April 2nd. Two investment analysts have rated the stock with a sell rating, nine have issued a hold rating and one has given a buy rating to the company. According to data from MarketBeat.com, Rocket Companies presently has an average rating of “Hold” and an average target price of $14.29.

About Rocket Companies

Rocket Companies, Inc, a fintech holding company, provides mortgage lending, title and settlement services, and other financial technology services in the United States and Canada. It operates through two segments, Direct to Consumer and Partner Network. The company’s solutions include Rocket Mortgage, a mortgage lender; Amrock that provides title insurance, property valuation, and settlement services; Rocket Homes, a home search platform and real estate agent referral network, which offers technology-enabled services to support the home buying and selling experience; and Rocket Loans, an online-based personal loans business.