Cresset Asset Management LLC Cuts Stock Holdings in Rocket Companies, Inc. (NYSE:RKT)

Cresset Asset Management LLC reduced its position in shares of Rocket Companies, Inc. (NYSE:RKT) by 70.8% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 15,849 shares of the company’s stock after selling 38,416 shares during the period. Cresset Asset Management LLC’s holdings in Rocket Companies were worth $178,000 as of its most recent SEC filing.

Other large investors have also recently added to or reduced their stakes in the company. Itau Unibanco Holding S.A. purchased a new position in Rocket Companies during the fourth quarter worth about $47,000. KBC Group NV grew its position in Rocket Companies by 58.1% during the fourth quarter. KBC Group NV now owns 6,056 shares of the company’s stock worth $68,000 after buying an additional 2,226 shares during the period. Sterling Capital Management LLC grew its position in Rocket Companies by 57.2% during the fourth quarter. Sterling Capital Management LLC now owns 8,295 shares of the company’s stock worth $93,000 after buying an additional 3,019 shares during the period. Caisse Des Depots ET Consignations acquired a new position in Rocket Companies during the fourth quarter worth about $99,000. Finally, Garner Asset Management Corp acquired a new position in Rocket Companies during the fourth quarter worth about $118,000. 4.59% of the stock is owned by hedge funds and other institutional investors.

Rocket Companies Stock Up 3.4%

RKT stock opened at $13.21 on Monday. The company has a debt-to-equity ratio of 1.51, a current ratio of 15.47 and a quick ratio of 15.47. The firm has a market capitalization of $26.36 billion, a PE ratio of -82.53 and a beta of 2.33. The company’s 50 day simple moving average is $13.01 and its 200-day simple moving average is $12.96. Rocket Companies, Inc. has a 12 month low of $10.06 and a 12 month high of $21.38.

Rocket Companies (NYSE:RKT) last announced its quarterly earnings data on Thursday, May 8th. The company reported $0.04 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.04. The business had revenue of $1.04 billion for the quarter, compared to the consensus estimate of $1.26 billion. Rocket Companies had a negative net margin of 0.38% and a positive return on equity of 2.86%. The company’s quarterly revenue was down 10.8% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.04 earnings per share. Equities analysts expect that Rocket Companies, Inc. will post 0.15 earnings per share for the current fiscal year.

Rocket Companies Cuts Dividend

The company also recently disclosed a dividend, which was paid on Thursday, April 3rd. Investors of record on Thursday, March 20th were paid a dividend of $0.80 per share. The ex-dividend date was Thursday, March 20th. Rocket Companies’s payout ratio is -4,273.33%.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on RKT shares. UBS Group lowered their target price on shares of Rocket Companies from $14.00 to $13.00 and set a “neutral” rating on the stock in a research report on Wednesday, April 16th. Royal Bank of Canada restated a “sector perform” rating and set a $18.00 target price on shares of Rocket Companies in a research report on Tuesday, April 1st. Keefe, Bruyette & Woods lowered their target price on shares of Rocket Companies from $15.00 to $13.00 and set a “market perform” rating on the stock in a research report on Monday, May 12th. Barclays upgraded shares of Rocket Companies from an “underweight” rating to an “equal weight” rating and upped their target price for the stock from $10.00 to $14.00 in a research report on Tuesday, April 8th. Finally, Deutsche Bank Aktiengesellschaft upgraded shares of Rocket Companies from a “hold” rating to a “buy” rating and set a $16.00 target price on the stock in a research report on Wednesday, April 2nd. Two analysts have rated the stock with a sell rating, nine have issued a hold rating and one has issued a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $14.13.

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.