Rocket Companies (NYSE:RKT) Sees Strong Trading Volume After Dividend Announcement

Rocket Companies, Inc. (NYSE:RKT) shares saw strong trading volume on Tuesday after the company announced a dividend. 4,726,181 shares traded hands during trading, an increase of 48% from the previous session’s volume of 3,202,529 shares.The stock last traded at $12.93 and had previously closed at $13.35.

The newly announced dividend which will be paid on Thursday, April 3rd. Stockholders of record on Thursday, March 20th will be paid a dividend of $0.80 per share. The ex-dividend date of this dividend is Thursday, March 20th. Rocket Companies’s dividend payout ratio is presently 801.25%.

Analyst Ratings Changes

Several research firms recently commented on RKT. Morgan Stanley cut their price target on Rocket Companies from $16.00 to $13.00 and set an “equal weight” rating on the stock in a research note on Thursday, December 19th. JPMorgan Chase & Co. cut their target price 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. UBS Group raised shares of Rocket Companies from a “sell” rating to a “neutral” rating and decreased their price target for the stock from $12.50 to $11.50 in a research report on Friday, January 10th. Piper Sandler cut their price target on shares of Rocket Companies from $17.00 to $16.00 and set a “neutral” rating on the stock in a report on Thursday, November 14th. Finally, Bank of America raised their price objective on shares of Rocket Companies from $14.00 to $15.00 and gave the stock an “underperform” rating in a report on Thursday, November 14th. Four research analysts have rated the stock with a sell rating and eight have given a hold rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $13.83.

Rocket Companies Stock Up 1.3 %

The firm has a market cap of $28.80 billion, a price-to-earnings ratio of -90.18 and a beta of 2.39. The stock’s 50 day moving average is $12.55 and its 200 day moving average is $14.85. The company has a quick ratio of 15.47, a current ratio of 15.47 and a debt-to-equity ratio of 1.51.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. Itau Unibanco Holding S.A. bought a new position in shares of Rocket Companies during the 4th quarter valued at about $47,000. KBC Group NV boosted its stake in shares of Rocket Companies by 58.1% during the 4th quarter. KBC Group NV now owns 6,056 shares of the company’s stock worth $68,000 after acquiring an additional 2,226 shares in 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 during the last quarter. Caisse Des Depots ET Consignations purchased a new stake in Rocket Companies during the fourth quarter valued at about $99,000. Finally, Garner Asset Management Corp acquired a new position in shares of Rocket Companies in the fourth quarter worth about $118,000. 4.59% of the stock is owned by institutional investors and hedge funds.

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.