The Manufacturers Life Insurance Company Acquires 2,437 Shares of Rocket Companies, Inc. (NYSE:RKT)

The Manufacturers Life Insurance Company boosted its stake in Rocket Companies, Inc. (NYSE:RKT) by 9.6% during the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 27,825 shares of the company’s stock after buying an additional 2,437 shares during the period. The Manufacturers Life Insurance Company’s holdings in Rocket Companies were worth $313,000 as of its most recent filing with the SEC.

Other institutional investors have also made changes to their positions in the company. Wellington Management Group LLP lifted its holdings 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 valued at $52,980,000 after buying an additional 2,990,837 shares during the period. Boston Partners boosted its position in 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 buying an additional 2,829,292 shares during the period. Barclays PLC boosted its position in Rocket Companies by 216.1% during the 4th quarter. Barclays PLC now owns 753,345 shares of the company’s stock valued at $8,483,000 after acquiring an additional 515,022 shares in the last quarter. Vanguard Group Inc. lifted 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 valued at $140,976,000 after purchasing an additional 431,054 shares during the last quarter. Finally, Jump Financial LLC bought a new stake in shares of Rocket Companies during the fourth quarter valued at approximately $4,676,000. 4.59% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on RKT shares. UBS Group dropped their price target on Rocket Companies from $14.00 to $13.00 and set a “neutral” rating for the company in a research note on Wednesday, April 16th. Wedbush restated a “neutral” rating and set a $12.00 price objective (down from $13.00) on shares of Rocket Companies in a report on Friday, May 9th. 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. Deutsche Bank Aktiengesellschaft upgraded shares of Rocket Companies from a “hold” rating to a “buy” rating and set a $16.00 price objective on the stock in a research note on Wednesday, April 2nd. Finally, Keefe, Bruyette & Woods reduced 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 research note on Monday, May 12th. Two research analysts have rated the stock with a sell rating, nine have given a hold rating and one has assigned a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $14.13.

Rocket Companies Stock Up 3.4%

NYSE:RKT opened at $13.21 on Friday. The company has a current ratio of 15.47, a quick ratio of 15.47 and a debt-to-equity ratio of 1.51. Rocket Companies, Inc. has a twelve month low of $10.06 and a twelve month high of $21.38. The company has a market cap of $26.36 billion, a PE ratio of -82.53 and a beta of 2.33. The company’s 50 day moving average is $13.01 and its two-hundred day moving average is $12.98.

Rocket Companies (NYSE:RKT) last released its earnings results on Thursday, May 8th. The company reported $0.04 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.04. Rocket Companies had a positive return on equity of 2.86% and a negative net margin of 0.38%. The firm had revenue of $1.04 billion for the quarter, compared to the consensus estimate of $1.26 billion. During the same period in the prior year, the firm earned $0.04 EPS. The firm’s revenue was down 10.8% on a year-over-year basis. Analysts anticipate that Rocket Companies, Inc. will post 0.15 EPS for the current year.

Rocket Companies Cuts Dividend

The firm also recently declared a dividend, which was paid on Thursday, April 3rd. Shareholders of record on Thursday, March 20th were issued a $0.80 dividend. The ex-dividend date was Thursday, March 20th. Rocket Companies’s payout ratio is -4,273.33%.

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.