Truist Financial Corp Purchases 82,873 Shares of Rocket Companies, Inc. $RKT

Truist Financial Corp boosted its position in Rocket Companies, Inc. (NYSE:RKT) by 291.9% during the fourth quarter, HoldingsChannel reports. The fund owned 111,265 shares of the company’s stock after buying an additional 82,873 shares during the quarter. Truist Financial Corp’s holdings in Rocket Companies were worth $2,154,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in RKT. Brooktree Capital Management increased its position in shares of Rocket Companies by 27.5% during the third quarter. Brooktree Capital Management now owns 148,653 shares of the company’s stock valued at $2,881,000 after buying an additional 32,088 shares during the period. Cibc World Market Inc. bought a new stake in shares of Rocket Companies during the third quarter valued at about $2,689,000. Udine Wealth Management Inc. increased its position in shares of Rocket Companies by 86.1% during the third quarter. Udine Wealth Management Inc. now owns 168,070 shares of the company’s stock valued at $3,257,000 after buying an additional 77,736 shares during the period. Thames Capital Management LLC increased its holdings in shares of Rocket Companies by 54.3% in the third quarter. Thames Capital Management LLC now owns 1,106,003 shares of the company’s stock worth $21,434,000 after purchasing an additional 389,101 shares during the period. Finally, Vanguard Group Inc. increased its holdings in shares of Rocket Companies by 29.5% in the third quarter. Vanguard Group Inc. now owns 22,945,500 shares of the company’s stock worth $444,684,000 after purchasing an additional 5,226,931 shares during the period. 4.59% of the stock is currently owned by institutional investors.

Trending Headlines about Rocket Companies

Here are the key news stories impacting Rocket Companies this week:

• Positive Sentiment: Rocket’s Q1 call highlighted “AI-fueled momentum,” reinforcing the company’s push to use technology to improve growth, efficiency, and the customer experience. Rocket Companies Q1 Call Showcases AI-Fueled Momentum
• Positive Sentiment: In the company’s Q1 update, Rocket reported adjusted EPS of 15 cents versus 12 cents expected and revenue of $2.94 billion versus $2.78 billion expected, signaling stronger-than-expected operating performance. Is Rocket (RKT) the Best Affordable Stock to Buy According to Wall Street Analysts?
• Positive Sentiment: Redfin data showed U.S. home prices rose at the fastest pace in more than a year, which could support mortgage origination activity and Rocket’s housing-related businesses. Redfin Reports Home Prices Posted the Biggest Increase in Over a Year in April
• Positive Sentiment: Rocket Mortgage’s VA-loan awareness campaign highlights a large pool of eligible borrowers who may not be using a no-down-payment product, suggesting a potential growth opportunity. Only Half of Service Members Are Aware VA Loans Require No Down Payment
• Neutral Sentiment: Management also announced CEO Varun Krishna will speak at JPMorgan’s technology, media, and communications conference next week, a visibility event that could provide more detail on strategy but is not an immediate earnings catalyst. Rocket Companies CEO Varun Krishna to Present at JP Morgan Global Technology, Media, and Communications Conference
• Neutral Sentiment: Rocket disclosed a brief quarterly filing delay via Form 12b-25, which usually indicates an administrative issue rather than a major fundamental problem. Rocket Companies Explains Brief Quarterly Filing Delay
• Negative Sentiment: Keefe, Bruyette & Woods lowered its price target on RKT to $21 from $22, which may weigh on sentiment even though the firm kept an outperform rating. Rocket Companies (NYSE:RKT) Price Target Lowered to $21.00 at Keefe, Bruyette & Woods
• Negative Sentiment: Additional coverage from analysts and sector-watch lists suggests the stock is still being evaluated alongside other fintech names, but not all of that attention is clearly bullish. Fintech Stocks To Keep An Eye On – May 11th

Wall Street Analyst Weigh In

RKT has been the topic of several research analyst reports. Compass Point initiated coverage on shares of Rocket Companies in a report on Tuesday, March 10th. They issued a “buy” rating and a $21.00 price target on the stock. Citizens Jmp initiated coverage on shares of Rocket Companies in a report on Wednesday, March 25th. They issued a “market perform” rating on the stock. Wells Fargo & Company decreased their price objective on shares of Rocket Companies from $19.00 to $17.00 and set an “equal weight” rating on the stock in a research report on Thursday, April 9th. Stephens assumed coverage on shares of Rocket Companies in a research report on Thursday, April 23rd. They issued an “overweight” rating and a $22.50 price objective on the stock. Finally, Royal Bank Of Canada restated a “sector perform” rating and issued a $20.00 price objective on shares of Rocket Companies in a research report on Monday. Nine research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $20.93.

Rocket Companies Stock Down 6.6%

Shares of NYSE RKT opened at $13.82 on Thursday. Rocket Companies, Inc. has a one year low of $12.03 and a one year high of $24.36. The company has a debt-to-equity ratio of 1.13, a current ratio of 4.37 and a quick ratio of 70.90. The firm’s 50 day simple moving average is $14.95 and its two-hundred day simple moving average is $17.63. The stock has a market capitalization of $38.98 billion, a P/E ratio of 276.48 and a beta of 2.23.

Rocket Companies (NYSE:RKT) last issued its quarterly earnings results on Thursday, May 7th. The company reported $0.15 EPS for the quarter, beating 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 analysts’ expectations of $2.76 billion. During the same period last year, the business earned $0.04 earnings per share. The business’s quarterly revenue was up 167.1% on a year-over-year basis. As a group, analysts expect that Rocket Companies, Inc. will post 0.63 EPS for the current fiscal year.

Rocket Companies 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.