Rocket Companies (NYSE:RKT) Rating Increased to Buy at Deutsche Bank Aktiengesellschaft

Deutsche Bank Aktiengesellschaft upgraded shares of Rocket Companies (NYSE:RKT) from a hold rating to a buy rating in a report published on Wednesday, Marketbeat Ratings reports. The brokerage currently has $16.00 target price on the stock.

Several other analysts have also recently issued reports on the company. Keefe, Bruyette & Woods upgraded Rocket Companies from an “underperform” rating to a “market perform” rating and upped their price objective for the company from $12.00 to $14.00 in a research note on Wednesday. JPMorgan Chase & Co. dropped their price target on Rocket Companies from $14.00 to $10.50 and set an “underweight” rating on the stock in a research report on Tuesday, January 14th. The Goldman Sachs Group decreased their price objective on shares of Rocket Companies from $16.00 to $14.00 and set a “neutral” rating for the company in a report on Tuesday, January 7th. UBS Group raised shares of Rocket Companies from a “sell” rating to a “neutral” rating and dropped their target price for the stock from $12.50 to $11.50 in a report on Friday, January 10th. Finally, Wedbush reaffirmed a “neutral” rating and set a $13.00 price objective on shares of Rocket Companies in a research report on Wednesday, March 5th. Three research analysts have rated the stock with a sell rating, eight have assigned a hold rating and one has issued a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $14.08.

Rocket Companies Price Performance

RKT opened at $13.81 on Wednesday. The company has a market capitalization of $27.57 billion, a P/E ratio of -86.31 and a beta of 2.39. The company has a 50-day moving average of $13.39 and a 200-day moving average of $14.27. The company has a debt-to-equity ratio of 1.51, a quick ratio of 15.47 and a current ratio of 15.47. Rocket Companies has a 1-year low of $10.06 and a 1-year high of $21.38.

Rocket Companies Cuts Dividend

The company also recently declared a 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 of this dividend is Thursday, March 20th. Rocket Companies’s payout ratio is currently 801.25%.

Hedge Funds Weigh In On Rocket Companies

Several hedge funds and other institutional investors have recently made changes to their positions in RKT. Itau Unibanco Holding S.A. bought a new stake in Rocket Companies during the 4th quarter valued at $47,000. KBC Group NV raised its stake in shares of Rocket Companies by 58.1% during 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 in the last quarter. Sterling Capital Management LLC raised its stake in shares of Rocket Companies by 57.2% during the fourth quarter. Sterling Capital Management LLC now owns 8,295 shares of the company’s stock valued at $93,000 after purchasing an additional 3,019 shares in the last quarter. Caisse Des Depots ET Consignations acquired a new stake in Rocket Companies in the fourth quarter worth about $99,000. Finally, Garner Asset Management Corp bought a new position in Rocket Companies in the 4th quarter valued at about $118,000. 4.59% of the stock is currently owned by institutional investors and hedge funds.

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.