Mitsubishi UFJ Kokusai Asset Management Co. Ltd. lifted its stake in CIT Group Inc. (NYSE:CIT) by 11.0% in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 13,868 shares of the financial services provider’s stock after purchasing an additional 1,370 shares during the quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd.’s holdings in CIT Group were worth $729,000 at the end of the most recent reporting period.
Several other large investors also recently bought and sold shares of CIT. Wedge Capital Management L L P NC acquired a new stake in shares of CIT Group in the first quarter valued at approximately $26,215,000. LSV Asset Management increased its holdings in shares of CIT Group by 8.2% in the first quarter. LSV Asset Management now owns 4,503,790 shares of the financial services provider’s stock valued at $216,046,000 after purchasing an additional 341,900 shares during the last quarter. Geode Capital Management LLC increased its holdings in shares of CIT Group by 21.9% in the fourth quarter. Geode Capital Management LLC now owns 1,245,400 shares of the financial services provider’s stock valued at $47,631,000 after purchasing an additional 223,475 shares during the last quarter. Robeco Institutional Asset Management B.V. increased its holdings in shares of CIT Group by 76.5% in the second quarter. Robeco Institutional Asset Management B.V. now owns 501,158 shares of the financial services provider’s stock valued at $26,336,000 after purchasing an additional 217,226 shares during the last quarter. Finally, Marshall Wace LLP increased its holdings in shares of CIT Group by 12,478.3% in the first quarter. Marshall Wace LLP now owns 203,894 shares of the financial services provider’s stock valued at $9,781,000 after purchasing an additional 202,273 shares during the last quarter. 98.36% of the stock is owned by hedge funds and other institutional investors.
In other news, CEO Ellen R. Alemany purchased 11,500 shares of the stock in a transaction dated Tuesday, August 13th. The stock was acquired at an average cost of $43.55 per share, for a total transaction of $500,825.00. Following the completion of the transaction, the chief executive officer now directly owns 152,088 shares in the company, valued at approximately $6,623,432.40. The purchase was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Alan L. Frank purchased 3,000 shares of the stock in a transaction dated Thursday, August 15th. The shares were purchased at an average price of $41.30 per share, with a total value of $123,900.00. Following the completion of the transaction, the director now owns 15,746 shares of the company’s stock, valued at $650,309.80. The disclosure for this purchase can be found here. Insiders purchased 30,430 shares of company stock valued at $1,316,860 over the last quarter. 0.42% of the stock is currently owned by company insiders.
CIT Group stock traded up $0.01 during mid-day trading on Wednesday, hitting $41.50. The company’s stock had a trading volume of 2,418 shares, compared to its average volume of 792,949. The firm has a market capitalization of $4.03 billion, a PE ratio of 10.25, a price-to-earnings-growth ratio of 0.85 and a beta of 1.60. CIT Group Inc. has a 1 year low of $35.50 and a 1 year high of $54.83. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 1.13. The stock’s fifty day moving average is $45.78 and its two-hundred day moving average is $49.26.
CIT Group (NYSE:CIT) last issued its quarterly earnings data on Tuesday, July 23rd. The financial services provider reported $1.32 earnings per share for the quarter, topping the consensus estimate of $1.13 by $0.19. The company had revenue of $466.80 million during the quarter, compared to analyst estimates of $463.21 million. CIT Group had a return on equity of 9.02% and a net margin of 14.72%. The firm’s revenue for the quarter was down 11.0% compared to the same quarter last year. During the same period in the prior year, the business posted $1.00 earnings per share. On average, equities analysts expect that CIT Group Inc. will post 5 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 23rd. Investors of record on Friday, August 9th were given a $0.35 dividend. The ex-dividend date of this dividend was Thursday, August 8th. This represents a $1.40 annualized dividend and a yield of 3.37%. CIT Group’s payout ratio is 34.65%.
About CIT Group
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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