Rocket Companies, Inc. $RKT is Basswood Capital Management L.L.C.’s 3rd Largest Position

Basswood Capital Management L.L.C. increased its position in Rocket Companies, Inc. (NYSE:RKT) by 1,881.3% in the fourth quarter, HoldingsChannel.com reports. The fund owned 5,475,110 shares of the company’s stock after buying an additional 5,198,776 shares during the period. Rocket Companies comprises approximately 4.3% of Basswood Capital Management L.L.C.’s investment portfolio, making the stock its 3rd biggest holding. Basswood Capital Management L.L.C.’s holdings in Rocket Companies were worth $105,998,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also modified their holdings of the company. Acumen Wealth Advisors LLC purchased a new position in shares of Rocket Companies during the 4th quarter valued at about $26,000. Pinnacle Bancorp Inc. raised its stake in shares of Rocket Companies by 369.7% during the 4th quarter. Pinnacle Bancorp Inc. now owns 1,503 shares of the company’s stock valued at $29,000 after buying an additional 1,183 shares during the last quarter. City State Bank purchased a new position in shares of Rocket Companies during the 4th quarter valued at about $30,000. Smithfield Trust Co purchased a new position in shares of Rocket Companies during the 4th quarter valued at about $32,000. Finally, Key Financial Inc purchased a new position in shares of Rocket Companies during the 4th quarter valued at about $32,000. Hedge funds and other institutional investors own 4.59% of the company’s stock.

Rocket Companies Price Performance

NYSE:RKT opened at $13.06 on Friday. Rocket Companies, Inc. has a 52 week low of $12.17 and a 52 week high of $24.36. The company has a quick ratio of 4.37, a current ratio of 4.37 and a debt-to-equity ratio of 1.13. The stock has a market capitalization of $36.96 billion, a PE ratio of 261.26 and a beta of 2.19. The stock’s 50-day moving average price is $14.43 and its 200-day moving average price is $17.10.

Rocket Companies (NYSE:RKT) last posted its 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 return on equity of 4.30% and a net margin of 2.78%.The firm had revenue of $2.82 billion for the quarter, compared to analysts’ expectations of $2.76 billion. During the same period last year, the firm earned $0.04 EPS. The company’s quarterly revenue was up 167.1% on a year-over-year basis. As a group, equities analysts expect that Rocket Companies, Inc. will post 0.65 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

RKT has been the subject of a number of recent research reports. Barclays upgraded Rocket Companies from an “equal weight” rating to an “overweight” rating and reduced their price objective for the company from $22.00 to $19.00 in a research note on Monday, April 6th. Weiss Ratings upgraded Rocket Companies from a “sell (d)” rating to a “hold (c)” rating in a research note on Wednesday, May 13th. Royal Bank Of Canada reiterated a “sector perform” rating and set a $20.00 price objective on shares of Rocket Companies in a research note on Monday, May 11th. Compass Point initiated coverage on Rocket Companies in a research note on Tuesday, March 10th. They set a “buy” rating and a $21.00 price objective for the company. Finally, Wells Fargo & Company reduced their price objective on Rocket Companies from $19.00 to $17.00 and set an “equal weight” rating for the company in a research note on Thursday, April 9th. Nine analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $20.93.

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.