Envestnet Asset Management Inc. Has $658,000 Stock Position in CIT Group Inc. (NYSE:CIT)

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Envestnet Asset Management Inc. decreased its stake in shares of CIT Group Inc. (NYSE:CIT) by 42.4% during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 31,764 shares of the financial services provider’s stock after selling 23,367 shares during the quarter. Envestnet Asset Management Inc.’s holdings in CIT Group were worth $658,000 at the end of the most recent quarter.

Other large investors also recently bought and sold shares of the company. CWM Advisors LLC acquired a new position in shares of CIT Group during the 1st quarter worth approximately $36,000. Signaturefd LLC increased its position in shares of CIT Group by 160.0% during the 1st quarter. Signaturefd LLC now owns 2,366 shares of the financial services provider’s stock worth $41,000 after purchasing an additional 1,456 shares during the last quarter. Versant Capital Management Inc acquired a new position in shares of CIT Group during the 1st quarter worth approximately $51,000. Dupont Capital Management Corp acquired a new position in shares of CIT Group during the 1st quarter worth approximately $56,000. Finally, LS Investment Advisors LLC acquired a new position in shares of CIT Group during the 1st quarter worth approximately $79,000. 92.89% of the stock is currently owned by hedge funds and other institutional investors.

Shares of NYSE CIT opened at $18.97 on Friday. The company has a debt-to-equity ratio of 1.46, a current ratio of 0.97 and a quick ratio of 0.98. The stock’s fifty day moving average price is $20.58 and its two-hundred day moving average price is $26.59. CIT Group Inc. has a one year low of $12.02 and a one year high of $51.02. The firm has a market cap of $1.87 billion, a price-to-earnings ratio of -4.11 and a beta of 1.91.

CIT Group (NYSE:CIT) last issued its quarterly earnings data on Tuesday, July 21st. The financial services provider reported ($0.62) EPS for the quarter, missing analysts’ consensus estimates of ($0.50) by ($0.12). CIT Group had a negative net margin of 14.45% and a negative return on equity of 0.77%. The firm had revenue of $411.00 million during the quarter, compared to analyst estimates of $427.61 million. During the same period in the prior year, the company earned $1.33 earnings per share. The business’s quarterly revenue was down 12.0% compared to the same quarter last year. On average, equities analysts anticipate that CIT Group Inc. will post -1.98 earnings per share for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 21st. Shareholders of record on Friday, August 7th will be issued a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a yield of 7.38%. The ex-dividend date of this dividend is Thursday, August 6th. CIT Group’s dividend payout ratio is 27.67%.

A number of research firms recently weighed in on CIT. Citigroup decreased their target price on CIT Group from $31.00 to $28.00 and set a “buy” rating on the stock in a report on Wednesday, July 22nd. ValuEngine raised CIT Group from a “hold” rating to a “buy” rating in a report on Thursday, July 2nd. BMO Capital Markets raised CIT Group from a “market perform” rating to an “outperform” rating and boosted their target price for the stock from $26.00 to $29.00 in a report on Thursday, May 14th. TheStreet lowered CIT Group from a “c” rating to a “d” rating in a report on Tuesday, April 21st. Finally, Oppenheimer lowered CIT Group from an “outperform” rating to a “market perform” rating in a report on Tuesday, July 21st. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and three have assigned a buy rating to the stock. CIT Group currently has a consensus rating of “Hold” and a consensus target price of $33.00.

CIT Group 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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