Rocket Companies (NYSE:RKT) Upgraded at Barclays

Barclays upgraded shares of Rocket Companies (NYSE:RKT) from an underweight rating to an equal weight rating in a research report released on Tuesday morning, MarketBeat.com reports. Barclays currently has $14.00 price objective on the stock, up from their prior price objective of $10.00.

Several other brokerages have also recently commented on RKT. JPMorgan Chase & Co. decreased their target price on shares of Rocket Companies from $14.00 to $10.50 and set an “underweight” rating for the company in a report on Tuesday, January 14th. Morgan Stanley decreased their price objective on shares of Rocket Companies from $16.00 to $13.00 and set an “equal weight” rating for the company in a research note on Thursday, December 19th. Wedbush reissued a “neutral” rating and set a $13.00 target price on shares of Rocket Companies in a research note on Wednesday, March 5th. UBS Group raised Rocket Companies from a “sell” rating to a “neutral” rating and decreased their target price for the stock from $12.50 to $11.50 in a research report on Friday, January 10th. Finally, Royal Bank of Canada reissued a “sector perform” rating and set a $18.00 price target on shares of Rocket Companies in a research report on Tuesday, April 1st. 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 stock. According to MarketBeat, Rocket Companies presently has a consensus rating of “Hold” and a consensus target price of $14.25.

Rocket Companies Trading Down 7.0 %

Shares of NYSE RKT opened at $11.86 on Tuesday. 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 has a 12 month low of $10.06 and a 12 month high of $21.38. The company has a market cap of $23.66 billion, a price-to-earnings ratio of -74.09 and a beta of 2.35. The business has a fifty day simple moving average of $13.54 and a 200-day simple moving average of $13.95.

Rocket Companies Cuts Dividend

The company also recently declared a dividend, which was paid on Thursday, April 3rd. Stockholders of record on Thursday, March 20th were paid a dividend of $0.80 per share. The ex-dividend date of this dividend was Thursday, March 20th. Rocket Companies’s dividend payout ratio (DPR) is presently 801.25%.

Institutional Investors Weigh In On Rocket Companies

Several large investors have recently made changes to their positions in RKT. Wellington Management Group LLP grew its position in 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 acquiring an additional 2,990,837 shares in the last quarter. Boston Partners raised its holdings in shares of Rocket Companies by 29.8% during the 4th quarter. Boston Partners now owns 12,313,780 shares of the company’s stock valued at $138,673,000 after purchasing an additional 2,829,292 shares in the last quarter. Nuveen Asset Management LLC lifted its stake in shares of Rocket Companies by 52.7% in the 4th quarter. Nuveen Asset Management LLC now owns 8,122,148 shares of the company’s stock valued at $91,455,000 after purchasing an additional 2,804,090 shares during the last quarter. State Street Corp boosted its holdings in Rocket Companies by 44.7% in the third quarter. State Street Corp now owns 4,108,189 shares of the company’s stock worth $78,836,000 after purchasing an additional 1,269,795 shares in the last quarter. Finally, Point72 Asset Management L.P. acquired a new position in Rocket Companies during the fourth quarter worth $14,113,000. Institutional investors own 4.59% of the company’s stock.

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.