Citigroup Inc. lessened its holdings in CIT Group Inc. (NYSE:CIT) by 70.7% during the 2nd quarter, HoldingsChannel reports. The firm owned 158,266 shares of the financial services provider’s stock after selling 381,198 shares during the period. Citigroup Inc.’s holdings in CIT Group were worth $8,165,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also made changes to their positions in the company. Bessemer Group Inc. bought a new stake in CIT Group in the second quarter worth $26,000. SRS Capital Advisors Inc. bought a new stake in CIT Group in the second quarter worth $44,000. PNC Managed Account Solutions Inc. bought a new stake in CIT Group in the second quarter worth $48,000. IFP Advisors Inc increased its position in CIT Group by 199.4% in the second quarter. IFP Advisors Inc now owns 964 shares of the financial services provider’s stock worth $48,000 after purchasing an additional 642 shares during the last quarter. Finally, USA Financial Portformulas Corp bought a new stake in CIT Group in the second quarter worth $62,000. Institutional investors own 91.23% of the company’s stock.
Separately, Zacks Investment Research upgraded shares of CIT Group from a “hold” rating to a “strong-buy” rating and set a $56.00 price objective on the stock in a research report on Thursday, July 8th. Six analysts have rated the stock with a hold rating, one has given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $47.69.
CIT Group (NYSE:CIT) last issued its earnings results on Monday, July 26th. The financial services provider reported $2.09 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.24 by $0.85. CIT Group had a net margin of 20.29% and a return on equity of 13.49%. The firm had revenue of $478.00 million during the quarter, compared to analyst estimates of $449.00 million. During the same period in the previous year, the firm earned ($0.62) earnings per share. The business’s revenue was up 16.3% on a year-over-year basis. Analysts predict that CIT Group Inc. will post 6.92 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 13th. Investors of record on Friday, July 30th were issued a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a yield of 2.76%. The ex-dividend date of this dividend was Thursday, July 29th. CIT Group’s payout ratio is -200.00%.
CIT Group Profile
CIT Group, Inc is a financial holding company, which provides financing, leasing and advisory services. It operates through the following business segments: Commercial Banking, Consumer Banking and Corporate. The Commercial Banking segment consists of four divisions, commercial finance, rail, and real estate finance and business capital.
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