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Why Rocket Stock Soared Today

TheMotleyFool

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Why Rocket Stock Soared TodayPhoto, wide shot, wide-angle lens, Hedge fund, neutral atmosphere, photo by Charlie Waite: https://img.theapi.app/temp/95282efd-f725-49c0-be40-aa74627f7ccc.png

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

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