Prana Capital Management LP Purchases Shares of 380,170 Rocket Companies, Inc. (NYSE:RKT)

Prana Capital Management LP bought a new position in Rocket Companies, Inc. (NYSE:RKT) during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund bought 380,170 shares of the company’s stock, valued at approximately $4,281,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. AXQ Capital LP raised its holdings in Rocket Companies by 125.7% during the 4th quarter. AXQ Capital LP now owns 146,691 shares of the company’s stock valued at $1,652,000 after acquiring an additional 81,695 shares during the period. Hsbc Holdings PLC grew its stake in shares of Rocket Companies by 875.5% during the fourth quarter. Hsbc Holdings PLC now owns 145,485 shares of the company’s stock valued at $1,634,000 after buying an additional 130,571 shares during the last quarter. Aquatic Capital Management LLC boosted its holdings in shares of Rocket Companies by 54.5% during the fourth quarter. Aquatic Capital Management LLC now owns 173,754 shares of the company’s stock worth $1,956,000 after purchasing an additional 61,265 shares during the period. Vanguard Group Inc. boosted its holdings in shares of Rocket Companies by 3.6% during 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 period. Finally, Quantbot Technologies LP boosted its holdings in shares of Rocket Companies by 76.9% during the fourth quarter. Quantbot Technologies LP now owns 270,761 shares of the company’s stock worth $3,049,000 after purchasing an additional 117,728 shares during the period. Hedge funds and other institutional investors own 4.59% of the company’s stock.

Rocket Companies Stock Performance

NYSE:RKT opened at $12.59 on Thursday. The company’s 50-day moving average is $13.02 and its two-hundred day moving average is $13.05. The company has a debt-to-equity ratio of 1.51, a current ratio of 15.47 and a quick ratio of 15.47. Rocket Companies, Inc. has a 1-year low of $10.06 and a 1-year high of $21.38. The firm has a market capitalization of $25.13 billion, a price-to-earnings ratio of -78.69 and a beta of 2.33.

Rocket Companies (NYSE:RKT) last issued its quarterly earnings data on Thursday, May 8th. The company reported $0.04 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 firm had revenue of $1.04 billion for the quarter, compared to analyst estimates of $1.26 billion. During the same period in the prior year, the business posted $0.04 EPS. The business’s revenue for the quarter was down 10.8% compared to the same quarter last year. Analysts forecast that Rocket Companies, Inc. will post 0.15 EPS for the current year.

Rocket Companies Cuts Dividend

The company also recently announced a dividend, which was paid on Thursday, April 3rd. Stockholders of record on Thursday, March 20th were paid a $0.80 dividend. The ex-dividend date of this dividend was Thursday, March 20th. Rocket Companies’s dividend payout ratio (DPR) is presently -4,273.33%.

Analyst Ratings Changes

Several brokerages have commented on RKT. Keefe, Bruyette & Woods lowered their price objective on shares of Rocket Companies from $15.00 to $13.00 and set a “market perform” rating for the company in a report on Monday. UBS Group reduced their price target on shares of Rocket Companies from $14.00 to $13.00 and set a “neutral” rating for the company in a research report on Wednesday, April 16th. Barclays raised shares of Rocket Companies from an “underweight” rating to an “equal weight” rating and lifted their target price for the stock from $10.00 to $14.00 in a research report on Tuesday, April 8th. Deutsche Bank Aktiengesellschaft upgraded 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 note on Wednesday, April 2nd. Finally, Wedbush restated a “neutral” rating and set a $12.00 target price (down previously from $13.00) on shares of Rocket Companies in a research note on Friday, May 9th. Two investment analysts have rated the stock with a sell rating, nine have given a hold rating and one has given a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $14.13.

Rocket Companies Profile

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.