Spears Abacus Advisors LLC Increases Stake in CIT Group Inc. (NYSE:CIT)

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Spears Abacus Advisors LLC grew its stake in shares of CIT Group Inc. (NYSE:CIT) by 0.5% in the first quarter, Holdings Channel reports. The fund owned 555,731 shares of the financial services provider’s stock after buying an additional 2,864 shares during the quarter. CIT Group comprises about 3.4% of Spears Abacus Advisors LLC’s holdings, making the stock its 9th biggest position. Spears Abacus Advisors LLC’s holdings in CIT Group were worth $26,658,000 at the end of the most recent reporting period.

Several other large investors also recently made changes to their positions in CIT. Enlightenment Research LLC purchased a new stake in shares of CIT Group in the fourth quarter valued at $31,000. Icon Wealth Partners LLC purchased a new stake in shares of CIT Group in the first quarter valued at $32,000. First Mercantile Trust Co. lifted its holdings in shares of CIT Group by 82.0% in the fourth quarter. First Mercantile Trust Co. now owns 910 shares of the financial services provider’s stock valued at $35,000 after purchasing an additional 410 shares in the last quarter. Pearl River Capital LLC purchased a new stake in shares of CIT Group in the fourth quarter valued at $55,000. Finally, Bessemer Group Inc. lifted its holdings in shares of CIT Group by 58.2% in the fourth quarter. Bessemer Group Inc. now owns 2,857 shares of the financial services provider’s stock valued at $109,000 after purchasing an additional 1,051 shares in the last quarter.

CIT Group stock traded down $0.38 during mid-day trading on Wednesday, hitting $49.67. 35,903 shares of the company’s stock were exchanged, compared to its average volume of 827,423. The company has a market capitalization of $4.82 billion, a price-to-earnings ratio of 12.25, a PEG ratio of 1.01 and a beta of 1.49. CIT Group Inc. has a 1-year low of $35.50 and a 1-year high of $55.48. The company has a debt-to-equity ratio of 1.18, a current ratio of 0.94 and a quick ratio of 0.94.

CIT Group (NYSE:CIT) last issued its quarterly earnings results on Tuesday, April 23rd. The financial services provider reported $1.18 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.09 by $0.09. The company had revenue of $466.20 million for the quarter, compared to the consensus estimate of $461.11 million. CIT Group had a return on equity of 8.58% and a net margin of 14.23%. The firm’s revenue was down 5.9% compared to the same quarter last year. During the same period last year, the business posted $0.69 earnings per share. As a group, sell-side analysts anticipate that CIT Group Inc. will post 4.86 earnings per share for the current year.

The business also recently announced a quarterly dividend, which was paid on Friday, May 24th. Investors of record on Friday, May 10th were paid a $0.35 dividend. This represents a $1.40 annualized dividend and a dividend yield of 2.82%. The ex-dividend date was Thursday, May 9th. This is a boost from CIT Group’s previous quarterly dividend of $0.25. CIT Group’s dividend payout ratio (DPR) is presently 34.65%.

A number of analysts have recently issued reports on CIT shares. TheStreet upgraded CIT Group from a “c+” rating to a “b” rating in a report on Monday, March 25th. UBS Group increased their target price on CIT Group from $55.00 to $60.00 and gave the company a “buy” rating in a report on Wednesday, April 24th. Citigroup increased their target price on CIT Group from $55.00 to $62.00 and gave the company a “buy” rating in a report on Wednesday, April 24th. Zacks Investment Research upgraded CIT Group from a “sell” rating to a “hold” rating in a report on Monday, April 22nd. Finally, ValuEngine upgraded CIT Group from a “sell” rating to a “hold” rating in a report on Saturday, April 13th. Seven research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus price target of $55.26.

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CIT Group Company Profile

CIT Group Inc operates as the holding company for CIT Bank, N.A. that provides banking and related services to commercial and individual customers. The company operates through Commercial Banking and Consumer Banking segments. The Commercial Banking segment offers lending, leasing, and other financial and advisory services primarily to small and middle-market companies; factoring, receivables management products, and secured supply chain financing; equipment leasing and secured financing to railroads and non-rail companies; equipment financing to small businesses.

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Institutional Ownership by Quarter for CIT Group (NYSE:CIT)

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