Rocket Companies, Inc. $RKT Shares Sold by Principal Financial Group Inc.

Principal Financial Group Inc. trimmed its holdings in shares of Rocket Companies, Inc. (NYSE:RKT) by 30.2% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 297,099 shares of the company’s stock after selling 128,340 shares during the period. Principal Financial Group Inc.’s holdings in Rocket Companies were worth $4,234,000 at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of RKT. Vanguard Group Inc. boosted its stake in shares of Rocket Companies by 280.3% in the fourth quarter. Vanguard Group Inc. now owns 87,256,540 shares of the company’s stock valued at $1,689,287,000 after buying an additional 64,311,040 shares in the last quarter. Price T Rowe Associates Inc. MD raised its position in Rocket Companies by 11,636.8% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 26,189,869 shares of the company’s stock worth $507,037,000 after acquiring an additional 25,966,725 shares in the last quarter. Morgan Stanley lifted its holdings in Rocket Companies by 461.2% in the fourth quarter. Morgan Stanley now owns 27,009,279 shares of the company’s stock valued at $522,900,000 after acquiring an additional 22,196,782 shares during the period. State Street Corp boosted its position in shares of Rocket Companies by 323.9% during the 4th quarter. State Street Corp now owns 20,688,336 shares of the company’s stock worth $400,526,000 after purchasing an additional 15,807,776 shares in the last quarter. Finally, ValueAct Holdings L.P. boosted its position in shares of Rocket Companies by 55.1% during the 4th quarter. ValueAct Holdings L.P. now owns 39,380,652 shares of the company’s stock worth $762,409,000 after purchasing an additional 13,985,025 shares in the last quarter. 4.59% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on RKT. Zacks Research raised shares of 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 objective on shares of Rocket Companies in a report on Monday, May 11th. Weiss Ratings upgraded shares of Rocket Companies from a “sell (d)” rating to a “hold (c)” rating in a research report on Wednesday, May 13th. Keefe, Bruyette & Woods dropped their target price on shares of Rocket Companies from $21.00 to $20.00 and set an “outperform” rating for the company in a report on Thursday, June 25th. Finally, Stephens began coverage on shares of Rocket Companies in a research report on Thursday, April 23rd. They set an “overweight” rating and a $22.50 price target for the company. One research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and nine have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $20.73.

Rocket Companies Trading Up 3.6%

Shares of RKT stock opened at $13.98 on Wednesday. The stock has a market cap of $39.56 billion, a P/E ratio of 279.60 and a beta of 2.16. 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, Inc. has a fifty-two week low of $12.17 and a fifty-two week high of $24.36. The business has a fifty day simple moving average of $14.08 and a 200-day simple moving average of $15.94.

Rocket Companies (NYSE:RKT) last released its quarterly earnings data on Thursday, May 7th. The company reported $0.15 EPS for the quarter, topping the consensus estimate of $0.12 by $0.03. The business had revenue of $2.82 billion for the quarter, compared to analyst estimates of $2.76 billion. Rocket Companies had a net margin of 2.78% and a return on equity of 4.30%. The business’s revenue for the quarter was up 167.1% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.04 EPS. On average, analysts forecast that Rocket Companies, Inc. will post 0.58 earnings per share 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.