Nordea Investment Management AB increased its position in CIT Group Inc. (NYSE:CIT) by 48.9% during the second quarter, Holdings Channel reports. The institutional investor owned 146,258 shares of the financial services provider’s stock after buying an additional 48,000 shares during the period. Nordea Investment Management AB’s holdings in CIT Group were worth $4,667,000 as of its most recent SEC filing.
Several other hedge funds also recently bought and sold shares of CIT. Seven Eight Capital LLC raised its stake in CIT Group by 249.0% in the first quarter. Seven Eight Capital LLC now owns 13,456 shares of the financial services provider’s stock worth $418,000 after buying an additional 9,600 shares in the last quarter. Kingstown Capital Management L.P. bought a new stake in CIT Group during the first quarter worth $62,060,000. Birch Run Capital Advisors LP raised its stake in CIT Group by 290.7% in the first quarter. Birch Run Capital Advisors LP now owns 293,000 shares of the financial services provider’s stock worth $9,092,000 after buying an additional 218,000 shares in the last quarter. Legal & General Group Plc raised its stake in CIT Group by 0.3% in the first quarter. Legal & General Group Plc now owns 828,832 shares of the financial services provider’s stock worth $25,720,000 after buying an additional 2,864 shares in the last quarter. Finally, Price Michael F raised its stake in CIT Group by 11.8% in the first quarter. Price Michael F now owns 520,000 shares of the financial services provider’s stock worth $16,136,000 after buying an additional 55,000 shares in the last quarter. 98.51% of the stock is currently owned by institutional investors and hedge funds.
Shares of CIT Group Inc. (NYSE:CIT) traded up 1.08% during midday trading on Tuesday, hitting $36.48. 1,619,026 shares of the stock traded hands. The stock has a market cap of $7.37 billion, a price-to-earnings ratio of 7.28 and a beta of 1.52. CIT Group Inc. has a one year low of $25.19 and a one year high of $46.51. The firm has a 50-day moving average price of $35.98 and a 200 day moving average price of $33.92.
CIT Group (NYSE:CIT) last released its quarterly earnings results on Thursday, July 28th. The financial services provider reported $0.90 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.77 by $0.13. CIT Group had a net margin of 22.45% and a return on equity of 5.54%. The firm had revenue of $645.10 million for the quarter, compared to the consensus estimate of $620.33 million. During the same quarter in the previous year, the firm posted $0.66 EPS. The firm’s quarterly revenue was up 58.7% on a year-over-year basis. Analysts anticipate that CIT Group Inc. will post $2.33 earnings per share for the current year.
A number of analysts have recently weighed in on the company. BMO Capital Markets reaffirmed a “hold” rating on shares of CIT Group in a research report on Monday, October 10th. BTIG Research set a $52.00 price objective on CIT Group and gave the stock a “buy” rating in a research report on Saturday, October 8th. JMP Securities reaffirmed a “buy” rating on shares of CIT Group in a research report on Monday, October 10th. Bank of America Corp. raised CIT Group from an “underperform” rating to a “neutral” rating and set a $39.00 price objective on the stock in a research report on Tuesday, October 11th. Finally, Stifel Nicolaus lowered CIT Group from a “buy” rating to a “hold” rating and upped their price objective for the stock from $40.00 to $41.00 in a research report on Friday, October 7th. Twelve equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average price target of $42.81.
About CIT Group
CIT Group Inc (CIT) is a bank holding company. The Company, together with its subsidiaries, provides financing, leasing and advisory services to middle market companies in a range of industries in North America, and equipment financing and leasing solutions to the transportation industry around the world.
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