BNP Paribas Financial Markets Purchases Shares of 980,229 Rocket Companies, Inc. (NYSE:RKT)

BNP Paribas Financial Markets bought a new stake in Rocket Companies, Inc. (NYSE:RKT) in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor bought 980,229 shares of the company’s stock, valued at approximately $11,037,000.

Several other large investors have also recently added to or reduced their stakes in the business. Vanguard Group Inc. increased its stake in shares of Rocket Companies by 3.6% during the 4th quarter. Vanguard Group Inc. now owns 12,520,074 shares of the company’s stock valued at $140,976,000 after acquiring an additional 431,054 shares during the last quarter. Boston Partners increased its position in Rocket Companies by 29.8% during the fourth 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 last quarter. JPMorgan Chase & Co. raised its stake in Rocket Companies by 2.2% during the fourth quarter. JPMorgan Chase & Co. now owns 8,161,979 shares of the company’s stock worth $91,904,000 after purchasing an additional 174,978 shares during the period. Wellington Management Group LLP boosted its holdings in shares of Rocket Companies by 174.5% in the 4th quarter. Wellington Management Group LLP now owns 4,705,177 shares of the company’s stock valued at $52,980,000 after purchasing an additional 2,990,837 shares during the last quarter. Finally, Geode Capital Management LLC grew its stake in shares of Rocket Companies by 3.7% during the 4th quarter. Geode Capital Management LLC now owns 2,118,701 shares of the company’s stock valued at $23,865,000 after buying an additional 74,726 shares during the period. 4.59% of the stock is currently owned by hedge funds and other institutional investors.

Rocket Companies Price Performance

Shares of NYSE RKT opened at $11.11 on Friday. The company has a quick ratio of 15.47, a current ratio of 15.47 and a debt-to-equity ratio of 1.51. Rocket Companies, Inc. has a fifty-two week low of $10.06 and a fifty-two week high of $21.38. The business has a 50 day moving average price of $13.19 and a two-hundred day moving average price of $13.12. The firm has a market cap of $22.18 billion, a PE ratio of -69.44 and a beta of 2.33.

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 analysts’ consensus estimates of $0.04. Rocket Companies had a negative net margin of 0.38% and a positive return on equity of 2.86%. The business had revenue of $1.04 billion during the quarter, compared to analyst estimates of $1.26 billion. During the same quarter in the previous year, the firm earned $0.04 earnings per share. The business’s revenue was down 10.8% compared to the same quarter last year. Sell-side analysts expect that Rocket Companies, Inc. will post 0.15 earnings per share 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 dividend of $0.80 per share. The ex-dividend date of this dividend was Thursday, March 20th. Rocket Companies’s payout ratio is -4,273.33%.

Wall Street Analysts Forecast Growth

RKT has been the topic of a number of research analyst reports. Wedbush reiterated a “neutral” rating and issued a $12.00 target price (down previously from $13.00) on shares of Rocket Companies in a report on Friday. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $18.00 price objective on shares of Rocket Companies in a research note on Tuesday, April 1st. JPMorgan Chase & Co. dropped their target price on shares of Rocket Companies from $14.00 to $10.50 and set an “underweight” rating for the company in a research report on Tuesday, January 14th. Deutsche Bank Aktiengesellschaft raised shares of Rocket Companies from a “hold” rating to a “buy” rating and set a $16.00 price target on the stock in a research report on Wednesday, April 2nd. Finally, Keefe, Bruyette & Woods increased their price objective on shares of Rocket Companies from $14.00 to $15.00 and gave the stock a “market perform” rating in a research report on Tuesday, April 8th. Two analysts have rated the stock with a sell rating, nine have issued a hold rating and one has assigned a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus 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.