Two Sigma Investments LP boosted its stake in shares of CIT Group Inc. (NYSE:CIT) by 134.8% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 7,720 shares of the financial services provider’s stock after purchasing an additional 29,920 shares during the quarter. Two Sigma Investments LP’s holdings in CIT Group were worth $380,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors also recently modified their holdings of the business. Avestar Capital LLC purchased a new stake in CIT Group during the 4th quarter worth about $132,000. Kemnay Advisory Services Inc. increased its holdings in shares of CIT Group by 56.3% in the 4th quarter. Kemnay Advisory Services Inc. now owns 25,994 shares of the financial services provider’s stock valued at $1,280,000 after acquiring an additional 9,366 shares during the last quarter. Brandywine Global Investment Management LLC increased its holdings in shares of CIT Group by 41.8% in the 4th quarter. Brandywine Global Investment Management LLC now owns 113,001 shares of the financial services provider’s stock valued at $5,564,000 after acquiring an additional 33,315 shares during the last quarter. Quantitative Investment Management LLC purchased a new position in shares of CIT Group in the 4th quarter valued at about $984,000. Finally, Highland Capital Management LP increased its holdings in shares of CIT Group by 13.3% in the 4th quarter. Highland Capital Management LP now owns 554,028 shares of the financial services provider’s stock valued at $27,274,000 after acquiring an additional 65,000 shares during the last quarter.
In related news, insider James L. Hudak sold 2,000 shares of the company’s stock in a transaction dated Thursday, March 1st. The stock was sold at an average price of $53.63, for a total value of $107,260.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.27% of the stock is owned by corporate insiders.
Shares of NYSE CIT opened at $52.13 on Tuesday. The stock has a market capitalization of $6,771.27, a P/E ratio of 15.01 and a beta of 1.30. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 1.28. CIT Group Inc. has a 52-week low of $42.50 and a 52-week high of $56.14.
CIT Group (NYSE:CIT) last announced its earnings results on Tuesday, January 30th. The financial services provider reported $0.99 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.81 by $0.18. The firm 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 business’s revenue was up 15.7% on a year-over-year basis. During the same period in the prior year, the firm earned $0.59 EPS. research analysts forecast that CIT Group Inc. will post 4.21 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Friday, May 25th. Investors of record on Friday, May 11th will be given a $0.16 dividend. This represents a $0.64 dividend on an annualized basis and a dividend yield of 1.23%. CIT Group’s dividend payout ratio (DPR) is presently 20.85%.
A number of research analysts have recently commented on CIT shares. Keefe, Bruyette & Woods reiterated a “hold” rating and issued a $53.00 price objective on shares of CIT Group in a report on Friday, December 29th. Zacks Investment Research upgraded CIT Group from a “hold” rating to a “buy” rating and set a $55.00 price objective on the stock in a report on Tuesday, January 2nd. Stephens set a $60.00 price objective on CIT Group and gave the company a “buy” rating in a report on Wednesday, January 3rd. Barclays set a $53.00 price objective on CIT Group and gave the company a “hold” rating in a report on Friday, January 12th. Finally, Wells Fargo increased their price objective on CIT Group from $52.00 to $53.00 and gave the company a “market perform” rating in a report on Wednesday, January 31st. One analyst has rated the stock with a sell rating, eight have given a hold rating and eight have assigned a buy rating to the company’s stock. CIT Group presently has an average rating of “Hold” and a consensus target price of $53.92.
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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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