Proficio Capital Partners LLC Acquires New Position in Rocket Companies, Inc. (NYSE:RKT)

Proficio Capital Partners LLC purchased a new stake in shares of Rocket Companies, Inc. (NYSE:RKT) in the fourth quarter, Holdings Channel reports. The firm purchased 13,636 shares of the company’s stock, valued at approximately $154,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Victory Capital Management Inc. grew its position in Rocket Companies by 74.9% during the 4th quarter. Victory Capital Management Inc. now owns 117,448 shares of the company’s stock valued at $1,322,000 after purchasing an additional 50,287 shares during the last quarter. Charles Schwab Investment Management Inc. raised its holdings in Rocket Companies by 11.8% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,163,243 shares of the company’s stock valued at $13,098,000 after acquiring an additional 122,534 shares during the period. SBI Securities Co. Ltd. bought a new position in shares of Rocket Companies during the fourth quarter worth $135,000. Jones Financial Companies Lllp lifted its position in shares of Rocket Companies by 131.7% in the fourth quarter. Jones Financial Companies Lllp now owns 36,427 shares of the company’s stock worth $410,000 after buying an additional 20,706 shares in the last quarter. Finally, Bruni J V & Co. Co. increased its position in Rocket Companies by 21.2% in the fourth quarter. Bruni J V & Co. Co. now owns 1,860,060 shares of the company’s stock worth $20,944,000 after purchasing an additional 324,976 shares during the last quarter. Institutional investors own 4.59% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have recently weighed in on RKT shares. JPMorgan Chase & Co. cut their target price on Rocket Companies from $14.00 to $10.50 and set an “underweight” rating on the stock in a research report on Tuesday, January 14th. Morgan Stanley cut their target price on shares of Rocket Companies from $16.00 to $13.00 and set an “equal weight” rating on the stock in a research report on Thursday, December 19th. Keefe, Bruyette & Woods boosted their target price on Rocket Companies from $10.50 to $12.00 and gave the stock an “underperform” rating in a research note on Monday, March 3rd. The Goldman Sachs Group lowered their price objective on shares of Rocket Companies from $16.00 to $14.00 and set a “neutral” rating for the company in a research note on Tuesday, January 7th. Finally, UBS Group raised shares of Rocket Companies from a “sell” rating to a “neutral” rating and reduced their price target for the stock from $12.50 to $11.50 in a research report on Friday, January 10th. Four investment analysts have rated the stock with a sell rating and eight have assigned a hold rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $13.83.

Rocket Companies Stock Performance

Shares of RKT opened at $13.03 on Friday. The company has a debt-to-equity ratio of 1.51, a quick ratio of 15.47 and a current ratio of 15.47. The stock has a market capitalization of $26.00 billion, a P/E ratio of -81.41 and a beta of 2.39. Rocket Companies, Inc. has a 1 year low of $10.06 and a 1 year high of $21.38. The company’s fifty day moving average is $13.33 and its two-hundred day moving average is $14.42.

Rocket Companies Cuts Dividend

The firm also recently disclosed a dividend, which will be paid on Thursday, April 3rd. Investors of record on Thursday, March 20th will be given a $0.80 dividend. The ex-dividend date is Thursday, March 20th. Rocket Companies’s dividend payout ratio is presently 801.25%.

About Rocket Companies

Rocket Companies, Inc, a fintech holding company, provides mortgage lending, title and settlement services, and other financial technology services in the United States and Canada. It operates through two segments, Direct to Consumer and Partner Network. The company’s solutions include Rocket Mortgage, a mortgage lender; Amrock that provides title insurance, property valuation, and settlement services; Rocket Homes, a home search platform and real estate agent referral network, which offers technology-enabled services to support the home buying and selling experience; and Rocket Loans, an online-based personal loans business.