Vaughan Nelson Investment Management L.P. Buys 219,685 Shares of Rocket Companies, Inc. $RKT

Vaughan Nelson Investment Management L.P. grew its stake in shares of Rocket Companies, Inc. (NYSE:RKT) by 10.5% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 2,309,295 shares of the company’s stock after buying an additional 219,685 shares during the quarter. Vaughan Nelson Investment Management L.P.’s holdings in Rocket Companies were worth $32,907,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Truvestments Capital LLC bought a new position in Rocket Companies in the fourth quarter valued at $26,000. Acumen Wealth Advisors LLC purchased a new position in shares of Rocket Companies during the 4th quarter valued at about $26,000. Pinnacle Bancorp Inc. raised its holdings in shares of Rocket Companies by 369.7% during the 4th quarter. Pinnacle Bancorp Inc. now owns 1,503 shares of the company’s stock valued at $29,000 after buying an additional 1,183 shares in the last quarter. City State Bank bought a new stake in Rocket Companies in the 4th quarter worth approximately $30,000. Finally, Smithfield Trust Co bought a new stake in Rocket Companies in the 4th quarter worth approximately $32,000. 4.59% of the stock is currently owned by hedge funds and other institutional investors.

Rocket Companies Stock Performance

Shares of RKT stock opened at $13.37 on Tuesday. The company has a market capitalization of $37.83 billion, a P/E ratio of 267.38 and a beta of 2.19. Rocket Companies, Inc. has a fifty-two week low of $12.17 and a fifty-two week high of $24.36. The company has a debt-to-equity ratio of 1.13, a quick ratio of 4.37 and a current ratio of 4.37. The stock has a 50 day moving average price of $14.31 and a two-hundred day moving average price of $16.84.

Rocket Companies (NYSE:RKT) last issued its earnings results on Thursday, May 7th. The company reported $0.15 EPS for the quarter, topping the consensus estimate of $0.12 by $0.03. Rocket Companies had a net margin of 2.78% and a return on equity of 4.30%. The company had revenue of $2.82 billion for the quarter, compared to the consensus estimate of $2.76 billion. During the same period in the previous year, the firm earned $0.04 earnings per share. The firm’s revenue for the quarter was up 167.1% on a year-over-year basis. Analysts expect that Rocket Companies, Inc. will post 0.65 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of research analysts have commented on the stock. Wells Fargo & Company reduced their price target on shares of Rocket Companies from $19.00 to $17.00 and set an “equal weight” rating on the stock in a research report on Thursday, April 9th. BTIG Research reaffirmed a “neutral” rating on shares of Rocket Companies in a research note on Tuesday, June 16th. Zacks Research raised shares of Rocket Companies from a “strong sell” rating to a “hold” rating in a report on Tuesday, May 12th. Weiss Ratings upgraded shares of Rocket Companies from a “sell (d)” rating to a “hold (c)” rating in a research report on Wednesday, May 13th. Finally, Compass Point assumed coverage on shares of Rocket Companies in a research note on Tuesday, March 10th. They issued a “buy” rating and a $21.00 price target for the company. Eight investment analysts have rated the stock with a Buy rating and ten have assigned a Hold rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $20.93.

Rocket Companies Profile

Rocket Companies, Inc is a Detroit-based holding company whose businesses are centered on digital mortgage origination and related consumer finance and real estate services. The company grew out of the Quicken Loans franchise and completed an initial public offering in 2020. Founder Dan Gilbert remains a prominent figure associated with the firm, which operates a suite of brands that aim to simplify the home financing and buying experience through technology and scale.

The company’s core activity is mortgage lending through its Rocket Mortgage platform, which offers online application, underwriting and servicing for home purchase and refinance loans.