Royal Bank of Canada Reaffirms “Sector Perform” Rating for Rocket Companies (NYSE:RKT)

Royal Bank of Canada reaffirmed their sector perform rating on shares of Rocket Companies (NYSE:RKT) in a research note released on Tuesday morning,Benzinga reports. Royal Bank of Canada currently has a $18.00 price objective on the stock.

A number of other brokerages have also weighed in on RKT. The Goldman Sachs Group cut their target price on shares of Rocket Companies from $16.00 to $14.00 and set a “neutral” rating on the stock in a research note on Tuesday, January 7th. JPMorgan Chase & Co. cut their price objective on Rocket Companies from $14.00 to $10.50 and set an “underweight” rating on the stock in a research report on Tuesday, January 14th. Keefe, Bruyette & Woods raised their target price on Rocket Companies from $10.50 to $12.00 and gave the company an “underperform” rating in a research note on Monday, March 3rd. UBS Group raised Rocket Companies from a “sell” rating to a “neutral” rating and reduced their price target for the stock from $12.50 to $11.50 in a research note on Friday, January 10th. Finally, Morgan Stanley lowered their price objective on Rocket Companies from $16.00 to $13.00 and set an “equal weight” rating for the company in a research report on Thursday, December 19th. Three investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and one has given a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $14.08.

Rocket Companies Trading Down 0.3 %

RKT opened at $13.82 on Tuesday. The company has a debt-to-equity ratio of 1.51, a current ratio of 15.47 and a quick ratio of 15.47. The firm has a market capitalization of $27.58 billion, a price-to-earnings ratio of -86.36 and a beta of 2.39. The business has a 50 day simple moving average of $13.42 and a two-hundred day simple moving average of $14.26. Rocket Companies has a one year low of $10.06 and a one year high of $21.38.

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 was Thursday, March 20th. Rocket Companies’s dividend payout ratio is presently 801.25%.

Institutional Investors Weigh In On Rocket Companies

A number of institutional investors have recently made changes to their positions in the company. Itau Unibanco Holding S.A. bought a new position in Rocket Companies in the 4th quarter valued at approximately $47,000. KBC Group NV raised its stake in shares of Rocket Companies by 58.1% in the fourth quarter. KBC Group NV now owns 6,056 shares of the company’s stock worth $68,000 after purchasing an additional 2,226 shares during the last quarter. Sterling Capital Management LLC lifted its holdings in shares of Rocket Companies by 57.2% during the fourth quarter. Sterling Capital Management LLC now owns 8,295 shares of the company’s stock valued at $93,000 after purchasing an additional 3,019 shares in the last quarter. Caisse Des Depots ET Consignations purchased a new stake in shares of Rocket Companies during the fourth quarter valued at $99,000. Finally, Garner Asset Management Corp purchased a new stake in shares of Rocket Companies during the 4th quarter valued at about $118,000. Hedge funds and other institutional investors own 4.59% of the company’s stock.

Rocket Companies Company 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.