Why Rocket Stock Soared Today
Shares of Rocket Companies (NYSE: RKT) popped 9.8% on Friday after the mortgage giant delivered a blockbuster fourth-quarter report.
The parent company of Quicken Loans and Rocket Mortgage made a boatload of cash in 2020 -- so much so that it announced a $1.11 per share special dividend. That represents a roughly 5% yield on Rocket Companies' current share price of $21.85.
The mortgage leader's revenue surged 144% year over year to $4.7 billion, fueled by a 111% rise in loan originations. Rocket benefited from a surprisingly strong housing market during the coronavirus pandemic. Historically low interest rates also helped to boost demand for refinancing.
Source Fool.com
