Rocket Companies, Inc. $RKT Position Raised by Sumitomo Mitsui Trust Group Inc.

Sumitomo Mitsui Trust Group Inc. grew its position in shares of Rocket Companies, Inc. (NYSE:RKT) by 2.9% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 1,722,712 shares of the company’s stock after acquiring an additional 49,049 shares during the quarter. Sumitomo Mitsui Trust Group Inc. owned 0.06% of Rocket Companies worth $19,828,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Valeo Financial Advisors LLC raised its holdings in shares of Rocket Companies by 4.2% in the second quarter. Valeo Financial Advisors LLC now owns 20,473 shares of the company’s stock valued at $322,000 after purchasing an additional 823 shares during the last quarter. NewEdge Wealth LLC boosted its holdings in Rocket Companies by 9.5% during the first quarter. NewEdge Wealth LLC now owns 14,457 shares of the company’s stock worth $206,000 after purchasing an additional 1,253 shares during the last quarter. HB Wealth Management LLC boosted its holdings in Rocket Companies by 4.9% during the second quarter. HB Wealth Management LLC now owns 27,040 shares of the company’s stock worth $426,000 after purchasing an additional 1,258 shares during the last quarter. World Investment Advisors boosted its holdings in Rocket Companies by 5.5% during the first quarter. World Investment Advisors now owns 28,667 shares of the company’s stock worth $409,000 after purchasing an additional 1,489 shares during the last quarter. Finally, North Dakota State Investment Board grew its position in Rocket Companies by 6.0% in the third quarter. North Dakota State Investment Board now owns 29,669 shares of the company’s stock valued at $341,000 after purchasing an additional 1,668 shares in the last quarter. 4.59% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several equities research analysts have issued reports on RKT shares. JPMorgan Chase & Co. lifted their price target on shares of Rocket Companies from $12.50 to $13.00 and gave the company a “neutral” rating in a research note on Friday, October 30th. Morgan Stanley set a $16.00 price objective on shares of Rocket Companies and gave the stock an “overweight” rating in a research note on Monday, October 12th. Weiss Ratings upgraded Rocket Companies from a “hold (c-)” rating to a “hold (c)” rating in a report on Thursday, October 8th. Keefe, Bruyette & Woods lowered their target price on Rocket Companies from $20.00 to $19.00 and set an “outperform” rating on the stock in a research report on Monday, August 10th. Finally, Barclays dropped their target price on Rocket Companies from $17.00 to $15.00 and set an “overweight” rating on the stock in a report on Monday, October 5th. Eight analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $18.75.

Rocket Companies Price Performance

Shares of RKT opened at $14.84 on Friday. The company has a current ratio of 3.77, a quick ratio of 4.85 and a debt-to-equity ratio of 1.02. The company’s fifty day simple moving average is $12.40 and its 200 day simple moving average is $14.58. Rocket Companies, Inc. has a 1-year low of $10.18 and a 1-year high of $24.36. The company has a market cap of $42.03 billion, a price-to-earnings ratio of 32.99, a PEG ratio of 4.54 and a beta of 2.27.

Rocket Companies (NYSE:RKT) last announced its quarterly earnings results on Thursday, October 29th. The company reported $0.15 EPS for the quarter, beating analysts’ consensus estimates of $0.14 by $0.01. Rocket Companies had a net margin of 11.14% and a return on equity of 5.33%. The firm had revenue of $2.57 billion during the quarter, compared to analysts’ expectations of $2.58 billion. During the same quarter last year, the company posted $0.07 earnings per share. The company’s revenue for the quarter was up 37.4% compared to the same quarter last year. On average, research analysts forecast that Rocket Companies, Inc. will post 0.47 earnings per share for the current fiscal year.

Insider Activity

In other news, CEO Jesse Bray sold 225,000 shares of the company’s stock in a transaction dated Monday, November 2nd. The shares were sold at an average price of $13.75, for a total value of $3,093,750.00. Following the sale, the chief executive officer directly owned 7,503,027 shares of the company’s stock, valued at approximately $103,166,621.25. This represents a 2.91% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders have sold 675,000 shares of company stock valued at $8,780,824. 57.68% of the stock is currently owned by corporate insiders.

Rocket Companies Company Profile

Rocket Companies, Inc is a Detroit-based financial technology company that operates a portfolio of consumer finance and real estate businesses. Its platform is designed to simplify the homeownership process through digital applications, automated workflows and online customer support.

The company’s principal business is Rocket Mortgage, a residential mortgage lender and servicer offering home purchase, refinance and home equity products. Its broader portfolio includes Rocket Homes, a real estate services platform; Rocket Money, a personal finance app that helps consumers manage subscriptions, budgets and bills; Rocket Loans, which provides personal loans; and Rocket Pro, which supports mortgage brokers and other partners.

Rocket Companies traces its history to 1985, when Dan Gilbert founded Rock Financial.