Hollencrest Capital Management purchased a new stake in CIT Group Inc. (NYSE:CIT) during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm purchased 9,700 shares of the financial services provider’s stock, valued at approximately $478,000.
A number of other institutional investors have also recently bought and sold shares of CIT. Advisor Group Inc. boosted its holdings in CIT Group by 2.2% in the second quarter. Advisor Group Inc. now owns 3,030 shares of the financial services provider’s stock valued at $146,000 after acquiring an additional 66 shares during the last quarter. Schroder Investment Management Group boosted its holdings in CIT Group by 82.0% in the third quarter. Schroder Investment Management Group now owns 3,063 shares of the financial services provider’s stock valued at $149,000 after acquiring an additional 1,380 shares during the last quarter. Colony Group LLC bought a new position in CIT Group in the second quarter valued at about $207,000. IFM Investors Pty Ltd bought a new position in CIT Group in the third quarter valued at about $236,000. Finally, M&T Bank Corp boosted its holdings in CIT Group by 0.6% in the second quarter. M&T Bank Corp now owns 5,210 shares of the financial services provider’s stock valued at $253,000 after acquiring an additional 30 shares during the last quarter.
Several equities analysts recently issued reports on CIT shares. Zacks Investment Research upgraded CIT Group from a “hold” rating to a “buy” rating and set a $53.00 price target on the stock in a report on Monday, September 25th. Keefe, Bruyette & Woods restated a “hold” rating and set a $47.00 target price on shares of CIT Group in a report on Tuesday, October 3rd. BMO Capital Markets restated a “sell” rating and set a $31.00 target price on shares of CIT Group in a report on Friday, October 6th. Citigroup began coverage on CIT Group in a report on Monday, October 16th. They set a “buy” rating and a $60.00 target price on the stock. Finally, Oppenheimer restated a “buy” rating on shares of CIT Group in a report on Tuesday, October 24th. Two analysts have rated the stock with a sell rating, five have assigned a hold rating and nine have given a buy rating to the company’s stock. CIT Group has a consensus rating of “Hold” and an average price target of $52.82.
CIT Group Inc. (CIT) opened at $52.10 on Friday. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 1.20. CIT Group Inc. has a 1-year low of $39.48 and a 1-year high of $53.76. The stock has a market capitalization of $6,790.02, a PE ratio of 16.96 and a beta of 1.49.
CIT Group (NYSE:CIT) last issued its earnings results on Tuesday, October 24th. The financial services provider reported $1.02 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.82 by $0.20. The firm had revenue of $592.90 million for the quarter, compared to analysts’ expectations of $488.00 million. CIT Group had a positive return on equity of 6.22% and a negative net margin of 20.05%. During the same quarter last year, the business earned $0.65 earnings per share. sell-side analysts expect that CIT Group Inc. will post 2.92 EPS for the current year.
In other news, EVP Denise M. Menelly sold 8,951 shares of the firm’s stock in a transaction dated Wednesday, November 1st. The stock was sold at an average price of $46.84, for a total transaction of $419,264.84. Following the sale, the executive vice president now owns 41,546 shares of the company’s stock, valued at $1,946,014.64. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Company insiders own 0.47% of the company’s stock.
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CIT Group Profile
CIT Group Inc (CIT) is a bank holding company (BHC) and a financial holding company (FHC). The Company, together with its subsidiaries, provides financing, leasing and advisory services to middle market companies in a range of industries in North America. The Company’s segments include Commercial Banking, Consumer Banking, Non-Strategic Portfolios, and Corporate and Other.
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