Legal & General Group Plc Has $66.55 Million Holdings in Rocket Companies, Inc. $RKT

Legal & General Group Plc raised its position in shares of Rocket Companies, Inc. (NYSE:RKT) by 498.6% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,437,365 shares of the company’s stock after purchasing an additional 2,863,164 shares during the period. Legal & General Group Plc owned 0.16% of Rocket Companies worth $66,547,000 as of its most recent SEC filing.

Several other institutional investors have also made changes to their positions in the company. Royal Bank of Canada increased its holdings in Rocket Companies by 48.9% in the first quarter. Royal Bank of Canada now owns 69,641 shares of the company’s stock worth $841,000 after buying an additional 22,861 shares during the last quarter. Amundi raised its position in Rocket Companies by 3.1% during the first quarter. Amundi now owns 33,416 shares of the company’s stock valued at $403,000 after acquiring an additional 997 shares in the last quarter. AQR Capital Management LLC lifted its stake in Rocket Companies by 1,086.5% in the first quarter. AQR Capital Management LLC now owns 400,467 shares of the company’s stock valued at $4,734,000 after acquiring an additional 366,716 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in Rocket Companies by 12.2% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 370,619 shares of the company’s stock worth $4,473,000 after acquiring an additional 40,326 shares in the last quarter. Finally, Creative Planning increased its stake in shares of Rocket Companies by 17.2% during the 2nd quarter. Creative Planning now owns 18,215 shares of the company’s stock worth $258,000 after purchasing an additional 2,679 shares during the last quarter. 4.59% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research analysts have recently weighed in on the stock. Barclays upgraded shares of Rocket Companies from an “equal weight” rating to an “overweight” rating and cut their price target for the company from $22.00 to $19.00 in a report on Monday, April 6th. Keefe, Bruyette & Woods lowered their target price on shares of Rocket Companies from $22.00 to $21.00 and set an “outperform” rating on the stock in a research report on Tuesday, May 12th. JPMorgan Chase & Co. cut their target price on Rocket Companies from $24.00 to $16.50 and set a “neutral” rating on the stock in a report on Thursday, April 9th. Citizens Jmp began coverage on Rocket Companies in a research report on Wednesday, March 25th. They issued a “market perform” rating for the company. Finally, Stephens assumed coverage on Rocket Companies in a research note on Thursday, April 23rd. They set an “overweight” rating and a $22.50 price target for the company. Nine research analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the stock. Based on data from MarketBeat, Rocket Companies has an average rating of “Moderate Buy” and an average price target of $20.93.

Rocket Companies Price Performance

Shares of NYSE:RKT opened at $14.52 on Friday. The business has a 50 day moving average price of $14.61 and a 200 day moving average price of $17.37. Rocket Companies, Inc. has a twelve month low of $12.25 and a twelve month high of $24.36. The company has a market cap of $41.08 billion, a price-to-earnings ratio of 290.36 and a beta of 2.23. The company has a quick ratio of 4.37, a current ratio of 4.37 and a debt-to-equity ratio of 1.13.

Rocket Companies (NYSE:RKT) last announced its earnings results on Thursday, May 7th. The company reported $0.15 earnings per share for the quarter, beating the consensus estimate of $0.12 by $0.03. Rocket Companies had a return on equity of 4.30% and a net margin of 2.78%.The firm had revenue of $2.82 billion during the quarter, compared to the consensus estimate of $2.76 billion. During the same quarter in the prior year, the company earned $0.04 EPS. The firm’s revenue for the quarter was up 167.1% compared to the same quarter last year. Research analysts predict that Rocket Companies, Inc. will post 0.65 earnings per share for the current 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.