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On Thursday, Quicken Loans’ parent company, Rocket Companies, launched its IPO. RKT stock rose over 20% its first day on the market, generating buzz about where it might be headed. Here’s how to buy in.
To buy shares in Rocket Companies, the parent company of Quicken Loans:
INVESTMENT PRODUCTS: NOT A DEPOSIT • NOT FDIC INSURED • NO BANK GUARANTEE • MAY LOSE VALUE
Rocket Companies is listed on the New York Stock Exchange under the ticker symbol RKT, and the offering is being organized by Morgan Stanley, Goldman Sachs, Credit Suisse and JPMorgan.
Quicken Loans’ parent company has already established itself as a viable financial and consumer brand. The Detroit-based holding company is responsible for a slew of profitable companies, including Quicken Loans, Rocket Mortgage, Rocket Homes, Rocket Loans, Core Digital Media and Edison Financial.
According to its filing, Rocket Companies reported $3.7 billion in total equity as of March 2020 and has over 20,000 employees across the US. Within the first three months of 2020, Rocket Companies reported a net income of $97.7 million — a significant improvement over its loss of $299 million over the same period the previous year.
With Quicken Loans, Rocket Mortgage and other real estate-focused companies on the roster, an investment in Rocket Companies comes with the following potential risks:
Founded in 1985, Quicken Loans is the country’s largest mortgage lender. It offers conventional, jumbo, FHA, USDA and VA mortgages, as well as mortgage refinancing options. It charges a one-time “good faith deposit” to cover the administrative costs, like credit reports and home appraisals, and it states that most of its borrowers close their loans within 30 days.
The company maintains an A+ rating on the Better Business Bureau and is one of the most highly-rated lenders on Trustpilot, maintaining a TrustScore of 4.5 out of 5 after more than 16,000 reviews.
Here’s how a few other related stocks performed after coming out the gates:
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