Candriam Luxembourg S.C.A. boosted its holdings in shares of CIT Group Inc. (NYSE:CIT) by 26.5% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 25,974 shares of the financial services provider’s stock after purchasing an additional 5,435 shares during the period. Candriam Luxembourg S.C.A.’s holdings in CIT Group were worth $1,246,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the business. LSV Asset Management increased its holdings in shares of CIT Group by 10.2% during the fourth quarter. LSV Asset Management now owns 4,161,890 shares of the financial services provider’s stock worth $159,275,000 after buying an additional 385,674 shares in the last quarter. New Mountain Vantage Advisers L.L.C. increased its holdings in shares of CIT Group by 79.6% during the fourth quarter. New Mountain Vantage Advisers L.L.C. now owns 3,732,784 shares of the financial services provider’s stock worth $142,854,000 after buying an additional 1,653,858 shares in the last quarter. Lakewood Capital Management LP increased its holdings in shares of CIT Group by 101.7% during the fourth quarter. Lakewood Capital Management LP now owns 2,409,870 shares of the financial services provider’s stock worth $92,226,000 after buying an additional 1,215,000 shares in the last quarter. Norges Bank acquired a new position in shares of CIT Group during the fourth quarter worth $79,790,000. Finally, Northern Trust Corp increased its holdings in shares of CIT Group by 77.0% during the fourth quarter. Northern Trust Corp now owns 1,618,737 shares of the financial services provider’s stock worth $61,948,000 after buying an additional 704,217 shares in the last quarter.
NYSE CIT opened at $51.01 on Wednesday. The firm has a market capitalization of $4.79 billion, a P/E ratio of 12.63, a P/E/G ratio of 1.02 and a beta of 1.50. CIT Group Inc. has a twelve month low of $35.50 and a twelve month high of $55.78. The company has a debt-to-equity ratio of 1.18, a current ratio of 0.94 and a quick ratio of 0.94.
CIT Group (NYSE:CIT) last posted its quarterly earnings data on Tuesday, April 23rd. The financial services provider reported $1.18 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.09 by $0.09. The business had revenue of $466.20 million during the quarter, compared to the consensus estimate of $461.11 million. CIT Group had a return on equity of 8.58% and a net margin of 14.23%. CIT Group’s quarterly revenue was down 5.9% on a year-over-year basis. During the same period in the prior year, the business posted $0.69 earnings per share. On average, sell-side analysts anticipate that CIT Group Inc. will post 4.88 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, May 24th. Investors of record on Friday, May 10th will be issued a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a yield of 2.74%. This is an increase from CIT Group’s previous quarterly dividend of $0.25. The ex-dividend date is Thursday, May 9th. CIT Group’s dividend payout ratio is presently 34.65%.
In other CIT Group news, insider Matthew Galligan sold 5,375 shares of the stock in a transaction dated Tuesday, February 19th. The stock was sold at an average price of $50.82, for a total transaction of $273,157.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Edward K. Sperling sold 2,224 shares of the stock in a transaction dated Wednesday, March 6th. The stock was sold at an average price of $50.16, for a total value of $111,555.84. Following the sale, the executive vice president now owns 10,336 shares of the company’s stock, valued at $518,453.76. The disclosure for this sale can be found here. Insiders sold 10,896 shares of company stock valued at $552,081 over the last 90 days. 0.42% of the stock is currently owned by company insiders.
Several research analysts have recently issued reports on the stock. TheStreet upgraded shares of CIT Group from a “c+” rating to a “b” rating in a report on Monday, March 25th. Citigroup upped their price target on shares of CIT Group from $55.00 to $62.00 and gave the stock a “buy” rating in a report on Wednesday, April 24th. Zacks Investment Research upgraded CIT Group from a “sell” rating to a “hold” rating in a report on Monday, April 22nd. Oppenheimer increased their price objective on CIT Group from $63.00 to $71.00 and gave the company an “outperform” rating in a report on Wednesday, April 24th. Finally, ValuEngine downgraded CIT Group from a “hold” rating to a “sell” rating in a report on Monday, March 25th. Seven investment analysts have rated the stock with a hold rating and four have given a buy rating to the company. The company has an average rating of “Hold” and an average price target of $55.26.
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About CIT Group
CIT Group Inc operates as the holding company for CIT Bank, N.A. that provides banking and related services to commercial and individual customers. The company operates through Commercial Banking and Consumer Banking segments. 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; equipment leasing and secured financing to railroads and non-rail companies; equipment financing to small businesses.
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