Principal Financial Group Inc. Reduces Stock Holdings in Rocket Companies, Inc. $RKT

Principal Financial Group Inc. lessened its stake in shares of Rocket Companies, Inc. (NYSE:RKT) by 52.9% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 558,586 shares of the company’s stock after selling 627,982 shares during the quarter. Principal Financial Group Inc.’s holdings in Rocket Companies were worth $10,825,000 at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. Cloud Capital Management LLC purchased a new stake in Rocket Companies in the third quarter valued at $25,000. Miller Wealth Advisors LLC increased its position in shares of Rocket Companies by 65.0% during the third quarter. Miller Wealth Advisors LLC now owns 1,650 shares of the company’s stock worth $32,000 after purchasing an additional 650 shares in the last quarter. North Capital Inc. lifted its holdings in shares of Rocket Companies by 287.2% in the 2nd quarter. North Capital Inc. now owns 1,820 shares of the company’s stock valued at $26,000 after purchasing an additional 1,350 shares during the last quarter. Geneos Wealth Management Inc. acquired a new stake in shares of Rocket Companies in the 3rd quarter valued at about $38,000. Finally, CX Institutional purchased a new position in Rocket Companies during the 3rd quarter worth approximately $39,000. 4.59% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Rocket Companies

In other news, Director Matthew Rizik sold 2,500 shares of the stock in a transaction that occurred on Friday, December 26th. The stock was sold at an average price of $19.38, for a total transaction of $48,450.00. Following the completion of the transaction, the director directly owned 1,063,536 shares of the company’s stock, valued at approximately $20,611,327.68. This represents a 0.23% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. In the last 90 days, insiders sold 37,500 shares of company stock worth $735,750. Insiders own 92.64% of the company’s stock.

Analyst Upgrades and Downgrades

RKT has been the topic of several research analyst reports. Wall Street Zen lowered Rocket Companies from a “hold” rating to a “sell” rating in a research report on Saturday, November 8th. Oppenheimer started coverage on shares of Rocket Companies in a report on Thursday, November 13th. They issued an “outperform” rating and a $25.00 target price on the stock. BTIG Research reiterated a “buy” rating and set a $25.00 price target on shares of Rocket Companies in a research note on Wednesday, November 19th. Keefe, Bruyette & Woods lifted their price objective on shares of Rocket Companies from $18.00 to $20.00 and gave the company a “market perform” rating in a research note on Thursday, December 18th. Finally, JPMorgan Chase & Co. assumed coverage on shares of Rocket Companies in a research note on Monday, January 12th. They set a “neutral” rating and a $24.00 target price for the company. Five equities research analysts have rated the stock with a Buy rating, ten have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $20.50.

Rocket Companies Trading Down 8.3%

NYSE RKT opened at $18.56 on Thursday. The company has a quick ratio of 19.68, a current ratio of 19.68 and a debt-to-equity ratio of 2.16. The stock has a market capitalization of $39.06 billion, a P/E ratio of 232.04 and a beta of 2.31. Rocket Companies, Inc. has a 52-week low of $10.94 and a 52-week high of $24.36. The firm has a 50-day moving average price of $20.21 and a 200 day moving average price of $18.81.

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.