Nuveen Asset Management LLC Sells 527 Shares of CIT Group Inc. (NYSE:CIT)

Nuveen Asset Management LLC lowered its holdings in CIT Group Inc. (NYSE:CIT) by 0.1% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 480,398 shares of the financial services provider’s stock after selling 527 shares during the quarter. Nuveen Asset Management LLC owned approximately 0.48% of CIT Group worth $24,745,000 at the end of the most recent reporting period.

Several other large investors have also bought and sold shares of CIT. Norges Bank bought a new stake in shares of CIT Group in the 4th quarter valued at about $46,128,000. Brown Advisory Inc. bought a new stake in shares of CIT Group in the 1st quarter valued at about $54,966,000. BlackRock Inc. raised its stake in shares of CIT Group by 6.6% during the 1st quarter. BlackRock Inc. now owns 12,379,348 shares of the financial services provider’s stock worth $637,660,000 after acquiring an additional 762,474 shares in the last quarter. SummerHaven Investment Management LLC bought a new position in shares of CIT Group during the 4th quarter worth approximately $762,000. Finally, JPMorgan Chase & Co. raised its stake in shares of CIT Group by 80.4% during the 4th quarter. JPMorgan Chase & Co. now owns 1,293,804 shares of the financial services provider’s stock worth $46,448,000 after acquiring an additional 576,489 shares in the last quarter. Institutional investors and hedge funds own 93.01% of the company’s stock.

CIT stock opened at $48.17 on Thursday. The company has a fifty day simple moving average of $51.46. The stock has a market cap of $4.77 billion, a P/E ratio of 11.18 and a beta of 1.56. The company has a debt-to-equity ratio of 0.91, a current ratio of 0.94 and a quick ratio of 0.94. CIT Group Inc. has a 12 month low of $15.65 and a 12 month high of $55.89.

CIT Group (NYSE:CIT) last released its quarterly earnings data on Wednesday, April 28th. The financial services provider reported $2.47 EPS for the quarter, beating the consensus estimate of $0.98 by $1.49. The business had revenue of $557.00 million for the quarter, compared to the consensus estimate of $464.00 million. CIT Group had a net margin of 10.06% and a return on equity of 8.27%. The business’s revenue for the quarter was up 12.3% on a year-over-year basis. During the same period in the prior year, the firm earned ($2.43) EPS. As a group, equities analysts forecast that CIT Group Inc. will post 4.17 earnings per share for the current year.

The company also recently declared a quarterly dividend, which will be paid on Friday, August 13th. Investors of record on Friday, July 30th will be issued a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a yield of 2.91%. The ex-dividend date is Thursday, July 29th. CIT Group’s dividend payout ratio (DPR) is presently -200.00%.

Several research analysts recently commented on CIT shares. Wells Fargo & Company boosted their price objective on shares of CIT Group from $38.00 to $54.00 and gave the stock an “equal weight” rating in a research note on Thursday, April 29th. Zacks Investment Research upgraded shares of CIT Group from a “hold” rating to a “strong-buy” rating and set a $56.00 price objective for the company in a research note on Thursday, July 8th. Keefe, Bruyette & Woods upgraded shares of CIT Group from a “market perform” rating to an “outperform” rating and boosted their price objective for the stock from $37.00 to $62.00 in a research note on Monday, April 19th. Citigroup boosted their price objective on shares of CIT Group from $47.00 to $52.00 in a research note on Wednesday, April 14th. Finally, boosted their target price on shares of CIT Group from $47.00 to $52.00 in a research report on Wednesday, April 14th. Seven equities research analysts have rated the stock with a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the stock. The company has an average rating of “Hold” and an average target price of $45.06.

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 provides a range of commercial lending, leasing, and deposit products; loans comprising revolving lines of credit, term loans, unsecured loans, collateral-backed loans, asset-based loans, commercial real estate loans, and cash flow loans; and ancillary services and products, including cash management, capital markets, and advisory services primarily to small and middle market companies.

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Institutional Ownership by Quarter for CIT Group (NYSE:CIT)

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