Fifth Third Bancorp Increases Stake in Rocket Companies, Inc. $RKT

Fifth Third Bancorp grew its stake in shares of Rocket Companies, Inc. (NYSE:RKT) by 78.2% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 274,899 shares of the company’s stock after buying an additional 120,617 shares during the quarter. Fifth Third Bancorp’s holdings in Rocket Companies were worth $3,917,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of RKT. Truvestments Capital LLC bought a new stake in Rocket Companies in the fourth quarter valued at $26,000. Acumen Wealth Advisors LLC bought a new position in Rocket Companies during the fourth quarter valued at approximately $26,000. Pinnacle Bancorp Inc. grew its position in Rocket Companies by 369.7% during the fourth quarter. Pinnacle Bancorp Inc. now owns 1,503 shares of the company’s stock valued at $29,000 after buying an additional 1,183 shares during the period. City State Bank purchased a new stake in Rocket Companies in the 4th quarter worth $30,000. Finally, Smithfield Trust Co purchased a new stake in shares of Rocket Companies in the fourth quarter worth about $32,000. 4.59% of the stock is owned by institutional investors.

Rocket Companies Stock Performance

Shares of RKT stock opened at $14.56 on Friday. The firm has a market capitalization of $41.21 billion, a price-to-earnings ratio of 291.30 and a beta of 2.16. 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 company has a 50 day moving average price of $14.12 and a 200 day moving average price of $16.30. Rocket Companies, Inc. has a one year low of $12.17 and a one year high of $24.36.

Rocket Companies (NYSE:RKT) last posted its earnings results on Thursday, May 7th. The company reported $0.15 earnings per share for the quarter, beating the consensus estimate of $0.12 by $0.03. Rocket Companies had a net margin of 2.78% and a return on equity of 4.30%. The business had revenue of $2.82 billion for the quarter, compared to analyst estimates of $2.76 billion. During the same quarter in the previous year, the business posted $0.04 EPS. The business’s quarterly revenue was up 167.1% on a year-over-year basis. Sell-side analysts anticipate that Rocket Companies, Inc. will post 0.59 EPS for the current year.

Analysts Set New Price Targets

RKT has been the topic of several research analyst reports. Barclays dropped their price objective on Rocket Companies from $19.00 to $17.00 and set an “overweight” rating on the stock in a research note on Tuesday, July 7th. Citizens Jmp initiated coverage on shares of Rocket Companies in a research note on Wednesday, March 25th. They set a “market perform” rating on the stock. JPMorgan Chase & Co. reduced their price target on shares of Rocket Companies from $16.00 to $15.50 and set a “neutral” rating for the company in a research report on Monday, July 13th. Wells Fargo & Company reduced their target price on shares of Rocket Companies from $19.00 to $17.00 and set an “equal weight” rating on the stock in a research note on Thursday, April 9th. Finally, Morgan Stanley upgraded Rocket Companies from an “equal weight” rating to an “overweight” rating and lifted their price objective for the company from $18.00 to $19.00 in a research note on Thursday. One investment analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and nine have assigned a Hold rating to the company. According to MarketBeat, Rocket Companies currently has an average rating of “Moderate Buy” and an average price target of $20.73.

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.