GHP Investment Advisors Inc. Raises Stake in CIT Group Inc. (NYSE:CIT)

GHP Investment Advisors Inc. raised its position in CIT Group Inc. (NYSE:CIT) by 23.5% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 20,253 shares of the financial services provider’s stock after buying an additional 3,854 shares during the quarter. GHP Investment Advisors Inc.’s holdings in CIT Group were worth $997,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. Renaissance Technologies LLC acquired a new stake in CIT Group during the 4th quarter worth approximately $20,987,000. Assenagon Asset Management S.A. acquired a new position in shares of CIT Group during the 4th quarter valued at $18,735,000. Jacobs Asset Management LLC lifted its position in shares of CIT Group by 78.6% during the 3rd quarter. Jacobs Asset Management LLC now owns 844,175 shares of the financial services provider’s stock valued at $41,407,000 after acquiring an additional 371,609 shares during the period. Schwab Charles Investment Management Inc. lifted its position in shares of CIT Group by 61.7% during the 3rd quarter. Schwab Charles Investment Management Inc. now owns 866,738 shares of the financial services provider’s stock valued at $42,514,000 after acquiring an additional 330,875 shares during the period. Finally, JPMorgan Chase & Co. lifted its position in shares of CIT Group by 209.7% during the 3rd quarter. JPMorgan Chase & Co. now owns 485,271 shares of the financial services provider’s stock valued at $23,661,000 after acquiring an additional 328,586 shares during the period.

How to Become a New Pot Stock Millionaire

Shares of CIT stock opened at $51.08 on Friday. The company has a debt-to-equity ratio of 1.28, a current ratio of 1.03 and a quick ratio of 1.03. The firm has a market capitalization of $6,810.50, a price-to-earnings ratio of 16.64 and a beta of 1.30. CIT Group Inc. has a twelve month low of $42.50 and a twelve month high of $56.14.

CIT Group (NYSE:CIT) last released its quarterly earnings results on Tuesday, January 30th. The financial services provider reported $0.99 EPS for the quarter, beating analysts’ consensus estimates of $0.81 by $0.18. The company had revenue of $537.00 million during the quarter, compared to analysts’ expectations of $469.24 million. CIT Group had a return on equity of 7.08% and a net margin of 14.60%. The firm’s revenue was up 15.7% compared to the same quarter last year. During the same period last year, the business posted $0.59 earnings per share. equities analysts forecast that CIT Group Inc. will post 4.21 EPS for the current year.

In related news, insider James L. Hudak sold 2,000 shares of the firm’s stock in a transaction dated Thursday, March 1st. The stock was sold at an average price of $53.63, for a total transaction of $107,260.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 0.47% of the stock is owned by company insiders.

A number of equities research analysts have recently issued reports on the stock. Zacks Investment Research downgraded shares of CIT Group from a “buy” rating to a “hold” rating in a report on Tuesday, March 6th. TheStreet raised CIT Group from a “c+” rating to a “b-” rating in a research note on Tuesday, March 20th. Barclays set a $53.00 price objective on CIT Group and gave the company a “hold” rating in a research report on Friday, January 12th. Credit Suisse Group raised their price target on CIT Group from $50.00 to $54.00 and gave the company a “neutral” rating in a report on Monday, February 5th. Finally, Morgan Stanley lifted their price objective on CIT Group from $54.00 to $57.00 and gave the stock an “equal weight” rating in a report on Monday, February 5th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and eight have issued a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $53.92.

ILLEGAL ACTIVITY NOTICE: This article was reported by Dispatch Tribunal and is the sole property of of Dispatch Tribunal. If you are accessing this article on another publication, it was illegally copied and reposted in violation of United States & international copyright & trademark laws. The original version of this article can be read at https://www.dispatchtribunal.com/2018/04/07/ghp-investment-advisors-inc-boosts-position-in-cit-group-inc-cit.html.

CIT Group Company 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.

Institutional Ownership by Quarter for CIT Group (NYSE:CIT)

Receive News & Ratings for CIT Group Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for CIT Group and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply