Verition Fund Management LLC bought a new position in shares of CIT Group (NYSE:CIT) in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund bought 23,458 shares of the financial services provider’s stock, valued at approximately $1,208,000.
A number of other institutional investors have also bought and sold shares of CIT. Mutual of America Capital Management LLC purchased a new position in CIT Group during the fourth quarter worth about $287,000. Barings LLC grew its position in CIT Group by 152.3% during the fourth quarter. Barings LLC now owns 11,100 shares of the financial services provider’s stock worth $546,000 after buying an additional 6,700 shares in the last quarter. Toronto Dominion Bank grew its position in CIT Group by 30.0% during the fourth quarter. Toronto Dominion Bank now owns 7,982 shares of the financial services provider’s stock worth $393,000 after buying an additional 1,840 shares in the last quarter. Pinebridge Investments L.P. grew its position in CIT Group by 32.1% during the fourth quarter. Pinebridge Investments L.P. now owns 64,577 shares of the financial services provider’s stock worth $3,179,000 after buying an additional 15,674 shares in the last quarter. Finally, Arizona State Retirement System grew its position in CIT Group by 6.0% during the fourth quarter. Arizona State Retirement System now owns 79,445 shares of the financial services provider’s stock worth $3,911,000 after buying an additional 4,494 shares in the last quarter. Institutional investors and hedge funds own 96.74% of the company’s stock.
In other news, Director Sheila A. Stamps sold 3,350 shares of the business’s stock in a transaction dated Thursday, June 7th. The stock was sold at an average price of $52.12, for a total value of $174,602.00. Following the completion of the sale, the director now owns 4,666 shares of the company’s stock, valued at approximately $243,191.92. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Insiders own 0.27% of the company’s stock.
Shares of CIT Group traded up $0.11, reaching $51.10, during midday trading on Monday, according to MarketBeat Ratings. The company had a trading volume of 35,834 shares, compared to its average volume of 2,418,228. CIT Group has a one year low of $43.25 and a one year high of $56.14. The company has a current ratio of 1.09, a quick ratio of 1.09 and a debt-to-equity ratio of 1.53. The firm has a market cap of $6.48 billion, a PE ratio of 16.56, a price-to-earnings-growth ratio of 1.28 and a beta of 1.26.
CIT Group (NYSE:CIT) last released its earnings results on Tuesday, April 24th. The financial services provider reported $0.74 earnings per share for the quarter, missing analysts’ consensus estimates of $0.96 by ($0.22). CIT Group had a net margin of 11.93% and a return on equity of 7.76%. The company had revenue of $495.00 million during the quarter, compared to the consensus estimate of $481.00 million. During the same period last year, the firm posted $0.54 EPS. equities research analysts forecast that CIT Group will post 3.99 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Friday, May 25th. Stockholders of record on Friday, May 11th were paid a $0.16 dividend. This represents a $0.64 dividend on an annualized basis and a dividend yield of 1.25%. The ex-dividend date was Thursday, May 10th. CIT Group’s dividend payout ratio (DPR) is presently 20.85%.
Several equities analysts recently commented on CIT shares. Zacks Investment Research cut CIT Group from a “buy” rating to a “hold” rating in a research report on Tuesday, March 6th. TheStreet upgraded CIT Group from a “c+” rating to a “b-” rating in a report on Tuesday, March 20th. UBS Group assumed coverage on CIT Group in a report on Tuesday, March 27th. They issued a “neutral” rating and a $56.00 price objective for the company. BTIG Research reiterated a “buy” rating and issued a $57.00 price objective on shares of CIT Group in a report on Wednesday, April 18th. Finally, BMO Capital Markets cut their price objective on CIT Group from $49.00 to $46.00 and set a “market perform” rating for the company in a report on Wednesday, April 25th. One research analyst has rated the stock with a sell rating, nine have issued a hold rating and six have given a buy rating to the company. CIT Group has a consensus rating of “Hold” and a consensus target price of $54.83.
CIT Group Profile
CIT Group Inc operates as the bank holding company for CIT Bank, National Association that provides banking and related services to commercial and individual customers. The company operates through three segments: Commercial Banking, Consumer Banking, and Non-Strategic Portfolios (NSP). The Commercial Banking segment offers lending, leasing, and other financial and advisory services primarily to small and middle-market companies; factoring, receivables management products, and secured supply chain financing; and equipment leasing and secured financing to railroads and non-rail companies.
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.