The Manufacturers Life Insurance Company Acquires 6,377 Shares of Rocket Companies, Inc. (NYSE:RKT)

The Manufacturers Life Insurance Company lifted its holdings in Rocket Companies, Inc. (NYSE:RKT) by 34.0% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 25,110 shares of the company’s stock after acquiring an additional 6,377 shares during the period. The Manufacturers Life Insurance Company’s holdings in Rocket Companies were worth $344,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its position in Rocket Companies by 10.4% during 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 during the period. Wedmont Private Capital purchased a new stake in Rocket Companies during the 1st quarter valued at $154,000. First Affirmative Financial Network lifted its position in Rocket Companies by 6.1% in the first quarter. First Affirmative Financial Network now owns 14,272 shares of the company’s stock worth $208,000 after buying an additional 822 shares during the last quarter. Atlas Capital Advisors LLC lifted its position in Rocket Companies by 1,682.6% in the first quarter. Atlas Capital Advisors LLC now owns 17,844 shares of the company’s stock worth $260,000 after buying an additional 16,843 shares during the last quarter. Finally, DMC Group LLC boosted its stake in Rocket Companies by 3.7% during the first quarter. DMC Group LLC now owns 29,077 shares of the company’s stock worth $423,000 after buying an additional 1,029 shares during the period. Hedge funds and other institutional investors own 4.59% of the company’s stock.

Rocket Companies Price Performance

RKT opened at $18.01 on Friday. The company has a market capitalization of $35.83 billion, a price-to-earnings ratio of 257.32 and a beta of 2.44. 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 12-month low of $7.17 and a 12-month high of $21.38. The business’s fifty day simple moving average is $19.02 and its 200-day simple moving average is $15.77.

Rocket Companies (NYSE:RKT) last released its quarterly earnings data on Thursday, August 1st. The company reported $0.06 earnings per share for the quarter, topping analysts’ consensus estimates of $0.05 by $0.01. The company 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 firm’s revenue for the quarter was up 5.3% compared to the same quarter last year. During the same period in the prior year, the firm earned ($0.05) earnings per share. On average, equities research analysts anticipate that Rocket Companies, Inc. will post 0.23 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on RKT shares. Deutsche Bank Aktiengesellschaft raised their target price on shares of Rocket Companies from $11.00 to $15.00 and gave the stock a “hold” rating in a report on Friday, August 2nd. JPMorgan Chase & Co. raised their price objective on shares of Rocket Companies from $15.00 to $19.00 and gave the stock an “underweight” rating in a research note on Monday, October 7th. Bank of America boosted their target price on Rocket Companies from $12.00 to $14.00 and gave the company an “underperform” rating in a research report on Thursday, August 29th. UBS Group increased their price target on Rocket Companies from $11.50 to $14.00 and gave the stock a “sell” rating in a report on Monday, September 16th. Finally, Royal Bank of Canada boosted their price objective on Rocket Companies from $16.00 to $20.00 and gave the company a “sector perform” rating in a report on Wednesday, September 11th. Five analysts have rated the stock with a sell rating and six have issued a hold rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $14.89.

Rocket Companies 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.