Axa acquired a new stake in shares of CIT Group Inc. (NYSE:CIT) during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 28,727 shares of the financial services provider’s stock, valued at approximately $1,482,000.
Other hedge funds and other institutional investors also recently bought and sold shares of the company. Garner Asset Management Corp bought a new position in CIT Group during the 3rd quarter valued at $230,000. Meag Munich Ergo Kapitalanlagegesellschaft MBH bought a new position in CIT Group during the 3rd quarter valued at $330,000. KBC Group NV boosted its stake in CIT Group by 17.3% during the 2nd quarter. KBC Group NV now owns 8,046 shares of the financial services provider’s stock valued at $406,000 after acquiring an additional 1,184 shares during the last quarter. Tokio Marine Asset Management Co. Ltd. bought a new position in CIT Group during the 3rd quarter valued at $516,000. Finally, Trexquant Investment LP bought a new position in CIT Group during the 2nd quarter valued at $510,000.
CIT Group stock opened at $44.78 on Thursday. The company has a debt-to-equity ratio of 1.45, a quick ratio of 1.02 and a current ratio of 1.02. CIT Group Inc. has a 1 year low of $43.80 and a 1 year high of $56.14. The stock has a market capitalization of $4.90 billion, a PE ratio of 14.59, a price-to-earnings-growth ratio of 1.18 and a beta of 1.29.
CIT Group (NYSE:CIT) last posted its quarterly earnings results on Tuesday, October 23rd. The financial services provider reported $1.15 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.14 by $0.01. CIT Group had a net margin of 8.00% and a return on equity of 7.58%. The company had revenue of $476.00 million for the quarter, compared to the consensus estimate of $475.48 million. During the same period last year, the firm posted $1.42 EPS. The company’s revenue for the quarter was up 2.6% on a year-over-year basis. On average, research analysts expect that CIT Group Inc. will post 3.99 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which was paid on Tuesday, November 27th. Stockholders of record on Tuesday, November 13th were given a $0.25 dividend. The ex-dividend date of this dividend was Friday, November 9th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.23%. CIT Group’s payout ratio is currently 32.57%.
A number of research firms have commented on CIT. Zacks Investment Research upgraded shares of CIT Group from a “sell” rating to a “hold” rating in a research note on Monday, November 26th. ValuEngine downgraded shares of CIT Group from a “hold” rating to a “sell” rating in a research report on Tuesday, November 20th. Stephens downgraded shares of CIT Group from an “overweight” rating to an “equal weight” rating and set a $60.00 price target on the stock. in a research report on Monday, August 27th. TheStreet downgraded shares of CIT Group from a “b” rating to a “c” rating in a research report on Thursday, November 15th. Finally, BMO Capital Markets raised their price target on shares of CIT Group from $44.00 to $47.00 and gave the stock a “market perform” rating in a research report on Thursday, October 25th. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating and two have given a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average price target of $54.29.
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About CIT Group
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.
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