American Century Companies Inc. lifted its stake in shares of CIT Group (NYSE:CIT) by 11.3% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 12,550 shares of the financial services provider’s stock after acquiring an additional 1,277 shares during the period. American Century Companies Inc.’s holdings in CIT Group were worth $646,000 as of its most recent filing with the Securities & Exchange Commission.
Several other hedge funds and other institutional investors also recently bought and sold shares of the company. Meeder Asset Management Inc. purchased a new position in shares of CIT Group during the 1st quarter worth $531,000. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in CIT Group by 31.5% in the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 28,435 shares of the financial services provider’s stock valued at $1,464,000 after buying an additional 6,806 shares during the period. Mackay Shields LLC purchased a new stake in CIT Group in the 1st quarter valued at about $10,372,000. OLD Mutual Customised Solutions Proprietary Ltd. raised its holdings in CIT Group by 31.6% in the 4th quarter. OLD Mutual Customised Solutions Proprietary Ltd. now owns 12,500 shares of the financial services provider’s stock valued at $615,000 after buying an additional 3,000 shares during the period. Finally, Kenmare Capital Partners L.L.C. raised its holdings in CIT Group by 211.8% in the 4th quarter. Kenmare Capital Partners L.L.C. now owns 47,400 shares of the financial services provider’s stock valued at $2,334,000 after buying an additional 32,200 shares during the period. Institutional investors and hedge funds own 99.51% of the company’s stock.
Shares of CIT Group stock traded down $0.25 on Thursday, reaching $51.34. 1,206,200 shares of the company were exchanged, compared to its average volume of 1,276,594. CIT Group has a 1-year low of $43.25 and a 1-year high of $56.14. The company has a market cap of $6.61 billion, a PE ratio of 16.71, a P/E/G ratio of 1.30 and a beta of 1.26. The company has a debt-to-equity ratio of 1.53, a quick ratio of 1.09 and a current ratio of 1.09.
CIT Group (NYSE:CIT) last announced its quarterly earnings results on Tuesday, April 24th. The financial services provider reported $0.74 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.96 by ($0.22). The business had revenue of $495.00 million during the quarter, compared to analyst estimates of $481.00 million. CIT Group had a net margin of 11.93% and a return on equity of 7.76%. During the same period last year, the company earned $0.54 earnings per share. sell-side analysts predict that CIT Group will post 3.99 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Friday, May 25th. Investors of record on Friday, May 11th were issued a $0.16 dividend. This represents a $0.64 dividend on an annualized basis and a yield of 1.25%. The ex-dividend date was Thursday, May 10th. CIT Group’s dividend payout ratio (DPR) is 20.85%.
Several brokerages recently issued reports on CIT. BTIG Research restated a “buy” rating and issued a $57.00 price objective on shares of CIT Group in a report on Wednesday, April 18th. ValuEngine lowered shares of CIT Group from a “buy” rating to a “hold” rating in a report on Thursday, May 3rd. Zacks Investment Research lowered shares of CIT Group from a “buy” rating to a “hold” rating in a research note on Tuesday, March 6th. BMO Capital Markets cut their price target on shares of CIT Group from $49.00 to $46.00 and set a “market perform” rating on the stock in a research note on Wednesday, April 25th. Finally, UBS Group began coverage on shares of CIT Group in a research note on Tuesday, March 27th. They set a “neutral” rating and a $56.00 price target on the stock. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating and six have assigned a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus target price of $54.83.
In related news, Director Sheila A. Stamps sold 3,350 shares of the company’s stock in a transaction that occurred on 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 transaction, the director now directly owns 4,666 shares of the company’s stock, valued at $243,191.92. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.27% of the company’s stock.
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.
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