Rocket Companies (NYSE:RKT) Sees Strong Trading Volume Following Dividend Announcement

Rocket Companies, Inc. (NYSE:RKT) shares saw strong trading volume on Tuesday after the company announced a dividend. 4,726,181 shares were traded during trading, an increase of 48% from the previous session’s volume of 3,202,529 shares.The stock last traded at $12.93 and had previously closed at $13.35.

The newly announced dividend which will be paid on Thursday, April 3rd. Shareholders of record on Thursday, March 20th will be paid a $0.80 dividend. The ex-dividend date is Thursday, March 20th. Rocket Companies’s dividend payout ratio (DPR) is 801.25%.

Analysts Set New Price Targets

Several research analysts have recently weighed in on the stock. Wedbush reiterated a “neutral” rating and issued a $13.00 price objective on shares of Rocket Companies in a research report on Wednesday, March 5th. Morgan Stanley cut their price objective on Rocket Companies from $16.00 to $13.00 and set an “equal weight” rating on the stock in a report on Thursday, December 19th. Piper Sandler dropped their target price on Rocket Companies from $17.00 to $16.00 and set a “neutral” rating for the company in a research report on Thursday, November 14th. Keefe, Bruyette & Woods lifted their price objective on shares of Rocket Companies from $10.50 to $12.00 and gave the company an “underperform” rating in a report on Monday, March 3rd. Finally, The Goldman Sachs Group decreased their price target on shares of Rocket Companies from $16.00 to $14.00 and set a “neutral” rating for the company in a research report on Tuesday, January 7th. Four analysts have rated the stock with a sell rating and eight have issued a hold rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $13.83.

Rocket Companies Trading Up 1.3 %

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 $28.80 billion, a price-to-earnings ratio of -90.18 and a beta of 2.39. The business has a 50-day moving average of $12.55 and a 200-day moving average of $14.85.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Cetera Investment Advisers lifted its holdings in Rocket Companies by 2.9% in the 4th quarter. Cetera Investment Advisers now owns 33,035 shares of the company’s stock valued at $372,000 after purchasing an additional 936 shares in the last quarter. Vident Advisory LLC boosted its holdings in shares of Rocket Companies by 3.6% during the fourth quarter. Vident Advisory LLC now owns 30,798 shares of the company’s stock worth $347,000 after purchasing an additional 1,078 shares during the last quarter. KBC Group NV grew its position in shares of Rocket Companies by 58.1% in the fourth quarter. KBC Group NV now owns 6,056 shares of the company’s stock valued at $68,000 after purchasing an additional 2,226 shares during the period. The Manufacturers Life Insurance Company increased its stake in Rocket Companies by 9.6% in the fourth quarter. The Manufacturers Life Insurance Company now owns 27,825 shares of the company’s stock valued at $313,000 after purchasing an additional 2,437 shares during the last quarter. Finally, Lakeshore Financial Planning Inc. lifted its position in Rocket Companies by 21.7% during the fourth quarter. Lakeshore Financial Planning Inc. now owns 13,996 shares of the company’s stock worth $158,000 after buying an additional 2,500 shares during the period. 4.59% of the stock is currently owned by institutional investors and hedge funds.

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.