Resona Asset Management Co. Ltd. Buys Shares of 272,923 Rocket Companies, Inc. $RKT

Resona Asset Management Co. Ltd. bought a new stake in shares of Rocket Companies, Inc. (NYSE:RKT) in the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund bought 272,923 shares of the company’s stock, valued at approximately $5,284,000.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the company. HighTower Advisors LLC boosted its stake in Rocket Companies by 74.4% during the 4th quarter. HighTower Advisors LLC now owns 60,683 shares of the company’s stock valued at $1,175,000 after purchasing an additional 25,882 shares during the period. Auxano Advisors LLC acquired a new position in Rocket Companies during the 4th quarter valued at about $3,265,000. Envestnet Portfolio Solutions Inc. acquired a new position in Rocket Companies during the 4th quarter valued at about $210,000. Chase Investment Counsel Corp acquired a new position in Rocket Companies during the 4th quarter valued at about $330,000. Finally, North Dakota State Investment Board acquired a new stake in shares of Rocket Companies in the 4th quarter worth approximately $647,000. 4.59% of the stock is owned by institutional investors and hedge funds.

Rocket Companies Trading Down 0.6%

Shares of NYSE:RKT opened at $13.79 on Friday. The company has a 50 day moving average of $14.64 and a 200-day moving average of $17.45. The firm has a market cap of $38.89 billion, a P/E ratio of 275.80 and a beta of 2.23. Rocket Companies, Inc. has a twelve month low of $12.25 and a twelve month high of $24.36. The company has a current ratio of 4.37, a quick ratio of 4.37 and a debt-to-equity ratio of 1.13.

Rocket Companies (NYSE:RKT) last released its earnings results on Thursday, May 7th. The company reported $0.15 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 business had revenue of $2.82 billion for the quarter, compared to the consensus estimate of $2.76 billion. During the same period in the previous year, the firm earned $0.04 EPS. The business’s revenue for the quarter was up 167.1% on a year-over-year basis. As a group, analysts anticipate that Rocket Companies, Inc. will post 0.63 earnings per share for the current fiscal year.

Analyst Ratings Changes

RKT has been the subject of a number of research analyst reports. Royal Bank Of Canada reaffirmed a “sector perform” rating and issued a $20.00 price target on shares of Rocket Companies in a research note on Monday, May 11th. Keefe, Bruyette & Woods reduced their price target on shares of Rocket Companies from $22.00 to $21.00 and set an “outperform” rating for the company in a research note on Tuesday, May 12th. Wells Fargo & Company reduced their price target on shares of Rocket Companies from $19.00 to $17.00 and set an “equal weight” rating for the company in a research note on Thursday, April 9th. JPMorgan Chase & Co. reduced their price target on shares of Rocket Companies from $24.00 to $16.50 and set a “neutral” rating for the company in a research note on Thursday, April 9th. Finally, Stephens initiated coverage on shares of Rocket Companies in a research note on Thursday, April 23rd. They issued an “overweight” rating and a $22.50 price target for the company. Nine equities research analysts have rated the stock with a Buy rating and nine have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $20.93.

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.