Strategy Asset Managers LLC bought a new stake in CIT Group Inc. (NYSE:CIT) during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 4,992 shares of the financial services provider’s stock, valued at approximately $257,000.
A number of other large investors have also modified their holdings of the business. Amundi Pioneer Asset Management Inc. increased its stake in shares of CIT Group by 28.3% during the first quarter. Amundi Pioneer Asset Management Inc. now owns 275,604 shares of the financial services provider’s stock worth $13,221,000 after buying an additional 60,845 shares during the period. Creative Planning purchased a new stake in shares of CIT Group during the fourth quarter worth approximately $219,000. California Public Employees Retirement System increased its stake in CIT Group by 9.9% in the fourth quarter. California Public Employees Retirement System now owns 248,574 shares of the financial services provider’s stock valued at $8,924,000 after purchasing an additional 22,370 shares during the last quarter. State of New Jersey Common Pension Fund D purchased a new position in CIT Group in the fourth quarter valued at approximately $2,916,000. Finally, GSA Capital Partners LLP purchased a new position in CIT Group in the fourth quarter valued at approximately $306,000. Institutional investors own 93.01% of the company’s stock.
Several brokerages have commented on CIT. Citigroup increased their price target on shares of CIT Group from $47.00 to $52.00 in a research note on Wednesday, April 14th. Keefe, Bruyette & Woods raised CIT Group from a “market perform” rating to an “outperform” rating and increased their price objective for the company from $37.00 to $62.00 in a report on Monday, April 19th. Wells Fargo & Company increased their price objective on CIT Group from $38.00 to $54.00 and gave the company an “equal weight” rating in a report on Thursday, April 29th. Finally, Citigroup Inc. 3% Minimum Coupon Principal Protected Based Upon Russell increased their price target on CIT Group from $47.00 to $52.00 in a report on Wednesday, April 14th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and two have given a buy rating to the company. The company presently has an average rating of “Hold” and an average target price of $41.06.
CIT Group (NYSE:CIT) last announced its quarterly earnings results on Wednesday, April 28th. The financial services provider reported $2.47 earnings per share for the quarter, beating analysts’ consensus estimates of $0.98 by $1.49. CIT Group had a return on equity of 8.27% and a net margin of 10.06%. The business had revenue of $557.00 million during the quarter, compared to analysts’ expectations of $464.00 million. During the same quarter last year, the business posted ($2.43) earnings per share. The business’s revenue for the quarter was up 12.3% on a year-over-year basis. On average, equities analysts anticipate that CIT Group Inc. will post 4.12 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Friday, May 21st. Stockholders of record on Friday, May 7th were given a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a dividend yield of 2.67%. The ex-dividend date was Thursday, May 6th. CIT Group’s dividend payout ratio is currently -200.00%.
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 provides a range of commercial lending, leasing, and deposit products; loans comprising revolving lines of credit, term loans, unsecured loans, collateral-backed loans, asset-based loans, commercial real estate loans, and cash flow loans; and ancillary services and products, including cash management, capital markets, and advisory services primarily to small and middle market companies.
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