Bank of New York Mellon Corp Has $4.05 Million Stock Holdings in Rocket Companies, Inc. (NYSE:RKT)

Bank of New York Mellon Corp decreased its stake in Rocket Companies, Inc. (NYSE:RKT) by 1.3% in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 295,361 shares of the company’s stock after selling 3,840 shares during the quarter. Bank of New York Mellon Corp’s holdings in Rocket Companies were worth $4,046,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also modified their holdings of RKT. Vanguard Group Inc. lifted its holdings in shares of Rocket Companies by 10.4% in the fourth quarter. Vanguard Group Inc. now owns 11,702,838 shares of the company’s stock valued at $169,457,000 after purchasing an additional 1,101,325 shares in the last quarter. Boston Partners grew its stake in Rocket Companies by 4.2% during the 1st quarter. Boston Partners now owns 9,382,173 shares of the company’s stock valued at $136,462,000 after acquiring an additional 381,841 shares in the last quarter. Jacobs Levy Equity Management Inc. acquired a new position in shares of Rocket Companies in the 1st quarter valued at about $2,698,000. Bank of Nova Scotia purchased a new stake in shares of Rocket Companies in the fourth quarter worth approximately $1,852,000. Finally, Greylin Investment Management Inc boosted its holdings in shares of Rocket Companies by 45.7% during the second quarter. Greylin Investment Management Inc now owns 355,868 shares of the company’s stock worth $4,875,000 after purchasing an additional 111,563 shares during the period. Institutional investors and hedge funds own 4.59% of the company’s stock.

Wall Street Analysts Forecast Growth

RKT has been the subject of a number of research reports. UBS Group lifted their price objective on Rocket Companies from $10.50 to $11.50 and gave the company a “sell” rating in a research report on Thursday, September 5th. Deutsche Bank Aktiengesellschaft lifted their price target on Rocket Companies from $11.00 to $15.00 and gave the company a “hold” rating in a report on Friday, August 2nd. JPMorgan Chase & Co. increased their price objective on Rocket Companies from $13.50 to $15.00 and gave the stock an “underweight” rating in a report on Friday, August 2nd. Bank of America lifted their target price on shares of Rocket Companies from $12.00 to $14.00 and gave the company an “underperform” rating in a research note on Thursday, August 29th. Finally, Keefe, Bruyette & Woods upgraded shares of Rocket Companies from an “underperform” rating to a “market perform” rating in a research note on Monday, August 5th. Five analysts have rated the stock with a sell rating and seven have assigned a hold rating to the company. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $13.52.

Rocket Companies Price Performance

Shares of NYSE:RKT opened at $19.62 on Friday. The firm has a market capitalization of $39.03 billion, a PE ratio of 178.38 and a beta of 2.45. The company has a current ratio of 13.18, a quick ratio of 13.18 and a debt-to-equity ratio of 1.27. Rocket Companies, Inc. has a 1-year low of $7.17 and a 1-year high of $21.28. The business’s 50 day moving average is $17.48 and its 200-day moving average is $14.84.

Rocket Companies (NYSE:RKT) last posted its quarterly earnings results on Thursday, August 1st. The company reported $0.06 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.05 by $0.01. The firm had revenue of $1.30 billion during the quarter, compared to analyst estimates of $1.22 billion. Rocket Companies had a net margin of 0.29% and a return on equity of 0.90%. The company’s quarterly revenue was up 5.3% compared to the same quarter last year. During the same quarter in the prior year, the business posted ($0.05) earnings per share. Sell-side analysts predict that Rocket Companies, Inc. will post 0.22 earnings per share for the current year.

Rocket Companies Company Profile

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.