Rocket Companies, Inc. $RKT Stake Lifted by Northwestern Mutual Wealth Management Co.

Northwestern Mutual Wealth Management Co. increased its stake in Rocket Companies, Inc. (NYSE:RKT) by 515.4% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 90,683 shares of the company’s stock after acquiring an additional 75,948 shares during the period. Northwestern Mutual Wealth Management Co.’s holdings in Rocket Companies were worth $1,756,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. Vanguard Group Inc. boosted its holdings in shares of Rocket Companies by 280.3% in 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 in the last quarter. ValueAct Holdings L.P. boosted its holdings in shares of Rocket Companies by 67.9% in the third quarter. ValueAct Holdings L.P. now owns 25,395,627 shares of the company’s stock valued at $492,167,000 after acquiring an additional 10,270,018 shares in the last quarter. Geode Capital Management LLC boosted its holdings in shares of Rocket Companies by 265.0% in the fourth quarter. Geode Capital Management LLC now owns 15,539,351 shares of the company’s stock valued at $299,939,000 after acquiring an additional 11,282,009 shares in the last quarter. Durable Capital Partners LP bought a new position in shares of Rocket Companies in the third quarter valued at approximately $213,010,000. Finally, Wellington Management Group LLP boosted its holdings in shares of Rocket Companies by 30.6% in the third quarter. Wellington Management Group LLP now owns 6,298,220 shares of the company’s stock valued at $122,060,000 after acquiring an additional 1,474,040 shares in the last quarter. 4.59% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several research analysts have recently issued reports on RKT shares. Citizens Jmp assumed coverage on shares of Rocket Companies in a report on Wednesday, March 25th. They issued a “market perform” rating for the company. JPMorgan Chase & Co. reduced their target price on shares of Rocket Companies from $24.00 to $16.50 and set a “neutral” rating for the company in a report on Thursday, April 9th. 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 reduced their target price on shares of Rocket Companies from $22.00 to $21.00 and set an “outperform” rating for the company in a report on Tuesday, May 12th. Finally, Weiss Ratings upgraded shares of Rocket Companies from a “sell (d)” rating to a “hold (c)” rating in a report on Wednesday, May 13th. Nine research analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, Rocket Companies currently has an average rating of “Moderate Buy” and a consensus target price of $20.93.

Rocket Companies Trading Down 4.4%

NYSE RKT opened at $12.65 on Friday. Rocket Companies, Inc. has a twelve month low of $12.38 and a twelve month high of $24.36. The company has a debt-to-equity ratio of 1.13, a quick ratio of 4.37 and a current ratio of 4.37. The stock has a market cap of $35.80 billion, a price-to-earnings ratio of 253.08 and a beta of 2.19. The firm’s 50 day moving average price is $14.54 and its two-hundred day moving average price is $17.23.

Rocket Companies (NYSE:RKT) last released its earnings results on Thursday, May 7th. The company reported $0.15 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.12 by $0.03. Rocket Companies had a net margin of 2.78% and a return on equity of 4.30%. The company had revenue of $2.82 billion during the quarter, compared to the consensus estimate of $2.76 billion. During the same quarter in the prior year, the firm earned $0.04 EPS. The company’s revenue was up 167.1% compared to the same quarter last year. Equities analysts anticipate that Rocket Companies, Inc. will post 0.65 EPS for the current year.

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.