Wellington Management Group LLP Acquires 2,990,837 Shares of Rocket Companies, Inc. (NYSE:RKT)

Wellington Management Group LLP lifted its holdings in Rocket Companies, Inc. (NYSE:RKT) by 174.5% during the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 4,705,177 shares of the company’s stock after buying an additional 2,990,837 shares during the period. Wellington Management Group LLP’s holdings in Rocket Companies were worth $52,980,000 at the end of the most recent reporting period.

Several other hedge funds have also recently made changes to their positions in RKT. KBC Group NV increased its stake in Rocket Companies by 58.1% during the fourth quarter. KBC Group NV now owns 6,056 shares of the company’s stock worth $68,000 after acquiring an additional 2,226 shares during the last quarter. Caisse Des Depots ET Consignations bought a new position in shares of Rocket Companies during the 4th quarter valued at approximately $99,000. SBI Securities Co. Ltd. bought a new position in shares of Rocket Companies during the 4th quarter valued at approximately $135,000. Daiwa Securities Group Inc. purchased a new stake in Rocket Companies during the 4th quarter valued at $136,000. Finally, Proficio Capital Partners LLC bought a new stake in Rocket Companies in the fourth quarter worth $154,000. 4.59% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on the stock. UBS Group upgraded shares of Rocket Companies from a “sell” rating to a “neutral” rating and lowered their target price for the stock from $12.50 to $11.50 in a report on Friday, January 10th. Keefe, Bruyette & Woods raised shares of Rocket Companies from an “underperform” rating to a “market perform” rating and raised their price objective for the stock from $12.00 to $14.00 in a research note on Wednesday. The Goldman Sachs Group cut their target price on Rocket Companies from $16.00 to $14.00 and set a “neutral” rating on the stock in a research note on Tuesday, January 7th. Deutsche Bank Aktiengesellschaft upgraded Rocket Companies from a “hold” rating to a “buy” rating and set a $16.00 price objective for the company in a report on Wednesday. Finally, Wedbush reiterated a “neutral” rating and issued a $13.00 target price on shares of Rocket Companies in a research note on Wednesday, March 5th. Three analysts have rated the stock with a sell rating, eight have given a hold rating and one has given a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $14.08.

Rocket Companies Stock Performance

RKT stock opened at $15.38 on Friday. Rocket Companies, Inc. has a 1-year low of $10.06 and a 1-year high of $21.38. The business has a 50-day moving average price of $13.49 and a 200 day moving average price of $14.18. The company has a market capitalization of $30.70 billion, a P/E ratio of -96.13 and a beta of 2.35. 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 Cuts Dividend

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

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.