“We think that capital returns - especially dividends - will be a key source of investor returns until investors develop more confidence in a stronger-for-longer mortgage market, and/or faster-than-expected market share gains, and/or sustainably better gain-on-sale margins,” Faucette wrote in a note to clients. Morgan Stanley analyst James Faucette reiterated the equal weight rating he initiated coverage of Rocket with in August 2020, when the company went public, but lifted his price target to $24 from $23. Given that equities trades settle in two business days, buyers of stocks one day before the record date, known as the ex-dividend date, will not receive the dividend. Rocket said that the “special dividend” will be payable on March 23, to shareholders of record at the close of business on March 9. The company doesn’t pay a regular dividend. US Bancorp DE lifted its holdings in Rocket Companies by 341.4% in the first quarter.That record one-day gain capped a more-than doubling in three days (up 109.0%), after the company reported better-than-expected fourth-quarter results and announced a one-time dividend of $1.11 a share. Several institutional investors and hedge funds have recently bought and sold shares of the stock. Institutional Trading of Rocket Companies Company insiders own 94.01% of the company's stock. Over the last ninety days, insiders bought 842,000 shares of company stock worth $6,979,959.
The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Following the completion of the acquisition, the chief executive officer now owns 3,365,207 shares in the company, valued at approximately $31,229,120.96. The stock was bought at an average cost of $9.28 per share, for a total transaction of $199,520.00. In other news, CEO Jay Farner bought 21,500 shares of the company's stock in a transaction dated Wednesday, July 27th. The business's fifty day simple moving average is $8.33 and its 200 day simple moving average is $10.14. Rocket Companies has a 52 week low of $6.27 and a 52 week high of $19.55. The company has a quick ratio of 13.54, a current ratio of 13.54 and a debt-to-equity ratio of 1.40. The stock has a market cap of $18.66 billion, a PE ratio of 5.70, a P/E/G ratio of 3.76 and a beta of 1.41. On average, analysts expect Rocket Companies to post $0 EPS for the current fiscal year and $1 EPS for the next fiscal year. During the same period in the prior year, the company earned $0.55 EPS. The firm's revenue was down 52.2% compared to the same quarter last year. Rocket Companies had a net margin of 2.16% and a return on equity of 31.45%. The firm had revenue of $1.93 billion during the quarter, compared to the consensus estimate of $2.24 billion. The company reported $0.12 EPS for the quarter, missing analysts' consensus estimates of $0.16 by ($0.04). Rocket Companies ( NYSE:RKT - Get Rating) last released its earnings results on Tuesday, May 10th.
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