67,423 Shares in Rocket Companies, Inc. $RKT Purchased by Allstate Corp

Allstate Corp purchased a new stake in Rocket Companies, Inc. (NYSE:RKT) during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm purchased 67,423 shares of the company’s stock, valued at approximately $1,305,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Cloud Capital Management LLC bought a new position in shares of Rocket Companies during the 3rd quarter valued at $25,000. Pinnacle Bancorp Inc. boosted its holdings in Rocket Companies by 369.7% in the fourth quarter. Pinnacle Bancorp Inc. now owns 1,503 shares of the company’s stock worth $29,000 after acquiring an additional 1,183 shares in the last quarter. City State Bank bought a new stake in Rocket Companies in the fourth quarter worth $30,000. Sound Income Strategies LLC raised its stake in shares of Rocket Companies by 354.8% in the fourth quarter. Sound Income Strategies LLC now owns 1,974 shares of the company’s stock worth $38,000 after purchasing an additional 1,540 shares during the last quarter. Finally, Newbridge Financial Services Group Inc. increased its position in Rocket Companies by 875.0% during the third quarter. Newbridge Financial Services Group Inc. now owns 1,950 shares of the company’s stock valued at $38,000 after acquiring an additional 1,750 shares during the last quarter. Hedge funds and other institutional investors own 4.59% of the company’s stock.

Wall Street Analyst Weigh In

RKT has been the subject of a number of analyst reports. Wells Fargo & Company reduced their price target on Rocket Companies from $19.00 to $17.00 and set an “equal weight” rating for the company in a research report on Thursday, April 9th. Zacks Research raised Rocket Companies from a “strong sell” rating to a “hold” rating in a research note on Tuesday, May 12th. Royal Bank Of Canada reissued a “sector perform” rating and set a $20.00 price target on shares of Rocket Companies in a research note on Monday, May 11th. JPMorgan Chase & Co. lowered their price objective on 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, Compass Point assumed coverage on Rocket Companies in a research note on Tuesday, March 10th. They issued a “buy” rating and a $21.00 price objective for the company. Nine research analysts have rated the stock with a Buy rating and nine have given a Hold rating to the company. According to data from MarketBeat, Rocket Companies currently has an average rating of “Moderate Buy” and an average price target of $20.93.

Rocket Companies Trading Up 0.8%

Shares of Rocket Companies stock opened at $14.52 on Friday. Rocket Companies, Inc. has a 1-year low of $12.25 and a 1-year high of $24.36. The stock has a market cap of $41.08 billion, a P/E ratio of 290.36 and a beta of 2.23. The stock’s 50 day simple moving average is $14.61 and its 200-day simple moving average is $17.37. The company has a debt-to-equity ratio of 1.13, a current ratio of 4.37 and a quick ratio of 4.37.

Rocket Companies (NYSE:RKT) last released its quarterly earnings data on Thursday, May 7th. The company reported $0.15 EPS for the quarter, beating analysts’ consensus estimates of $0.12 by $0.03. The firm had revenue of $2.82 billion for the quarter, compared to analysts’ expectations of $2.76 billion. Rocket Companies had a return on equity of 4.30% and a net margin of 2.78%.The firm’s quarterly revenue was up 167.1% on a year-over-year basis. During the same period in the prior year, the firm posted $0.04 earnings per share. Analysts predict that Rocket Companies, Inc. will post 0.65 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.