Legal & General Group Plc Decreases Stake in Rocket Companies, Inc. (NYSE:RKT)

Legal & General Group Plc lessened its stake in Rocket Companies, Inc. (NYSE:RKT) by 24.2% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 575,842 shares of the company’s stock after selling 183,654 shares during the period. Legal & General Group Plc’s holdings in Rocket Companies were worth $6,484,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. Polymer Capital Management US LLC acquired a new position in Rocket Companies during the 4th quarter worth $229,000. Envestnet Asset Management Inc. raised its stake in Rocket Companies by 34.2% during the fourth quarter. Envestnet Asset Management Inc. now owns 22,413 shares of the company’s stock worth $252,000 after acquiring an additional 5,710 shares during the period. Cinctive Capital Management LP bought a new stake in Rocket Companies in the fourth quarter valued at $3,945,000. Bryce Point Capital LLC acquired a new position in Rocket Companies during the 4th quarter valued at about $498,000. Finally, Huntington National Bank increased its position in Rocket Companies by 548,750.0% in the 4th quarter. Huntington National Bank now owns 10,977 shares of the company’s stock valued at $124,000 after acquiring an additional 10,975 shares during the period. 4.59% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

RKT has been the topic of a number of research analyst reports. Royal Bank of Canada reissued a “sector perform” rating and set a $18.00 price target on shares of Rocket Companies in a report on Tuesday, April 1st. Keefe, Bruyette & Woods increased their price target on Rocket Companies from $14.00 to $15.00 and gave the company a “market perform” rating in a research report on Tuesday, April 8th. UBS Group reduced their price target on shares of Rocket Companies from $14.00 to $13.00 and set a “neutral” rating for the company in a research report on Wednesday. The Goldman Sachs Group lowered their price objective on shares of Rocket Companies from $16.00 to $14.00 and set a “neutral” rating on the stock in a research report on Tuesday, January 7th. Finally, Deutsche Bank Aktiengesellschaft upgraded Rocket Companies from a “hold” rating to a “buy” rating and set a $16.00 target price for the company in a report on Wednesday, April 2nd. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $14.38.

Rocket Companies Stock Performance

Rocket Companies stock opened at $12.08 on Friday. The firm has a market capitalization of $24.11 billion, a P/E ratio of -75.49 and a beta of 2.35. The stock has a fifty day moving average price of $13.48 and a two-hundred day moving average price of $13.67. Rocket Companies, Inc. has a 52-week low of $10.06 and a 52-week high of $21.38. The company has a debt-to-equity ratio of 1.51, a current ratio of 15.47 and a quick ratio of 15.47.

Rocket Companies Cuts Dividend

The company also recently disclosed a dividend, which was paid on Thursday, April 3rd. Shareholders of record on Thursday, March 20th were issued a dividend of $0.80 per share. The ex-dividend date was Thursday, March 20th. Rocket Companies’s dividend payout ratio is currently 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.