Teacher Retirement System of Texas reduced its stake in CIT Group Inc. (NYSE:CIT) by 30.8% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 210,819 shares of the financial services provider’s stock after selling 93,841 shares during the period. Teacher Retirement System of Texas owned approximately 0.17% of CIT Group worth $10,627,000 as of its most recent filing with the Securities and Exchange Commission.
Several other hedge funds also recently modified their holdings of CIT. OppenheimerFunds Inc. bought a new stake in shares of CIT Group in the first quarter valued at approximately $24,637,000. Royal Bank of Canada boosted its stake in shares of CIT Group by 149.4% in the first quarter. Royal Bank of Canada now owns 608,727 shares of the financial services provider’s stock valued at $31,350,000 after buying an additional 364,663 shares during the period. Prudential Financial Inc. boosted its stake in shares of CIT Group by 496.6% in the first quarter. Prudential Financial Inc. now owns 308,179 shares of the financial services provider’s stock valued at $15,871,000 after buying an additional 256,526 shares during the period. Dimensional Fund Advisors LP boosted its stake in shares of CIT Group by 13.0% in the first quarter. Dimensional Fund Advisors LP now owns 2,214,403 shares of the financial services provider’s stock valued at $114,042,000 after buying an additional 254,426 shares during the period. Finally, Mackay Shields LLC bought a new stake in shares of CIT Group in the first quarter valued at approximately $10,372,000.
CIT has been the subject of several recent research reports. TheStreet cut CIT Group from a “b-” rating to a “c+” rating in a research note on Thursday, June 14th. Morgan Stanley boosted their price target on CIT Group from $57.00 to $58.00 and gave the company an “equal weight” rating in a research note on Tuesday, July 31st. Credit Suisse Group boosted their price target on CIT Group from $54.00 to $56.00 and gave the company a “neutral” rating in a research note on Friday, June 29th. BMO Capital Markets cut their price target on CIT Group from $49.00 to $46.00 and set a “market perform” rating for the company in a research note on Wednesday, April 25th. Finally, Compass Point initiated coverage on CIT Group in a research note on Friday, June 29th. They issued a “buy” rating and a $49.64 price target for the company. Nine equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus price target of $54.55.
Shares of CIT opened at $54.04 on Friday. CIT Group Inc. has a one year low of $43.25 and a one year high of $56.14. The company has a market cap of $6.08 billion, a price-to-earnings ratio of 17.60, a PEG ratio of 1.32 and a beta of 1.27. The company has a debt-to-equity ratio of 1.43, a current ratio of 1.04 and a quick ratio of 1.04.
CIT Group (NYSE:CIT) last announced its quarterly earnings data on Tuesday, July 24th. The financial services provider reported $1.00 EPS for the quarter, beating the consensus estimate of $0.97 by $0.03. CIT Group had a net margin of 10.81% and a return on equity of 7.38%. The business had revenue of $524.00 million during the quarter, compared to the consensus estimate of $473.70 million. During the same period in the previous year, the business earned $0.68 earnings per share. The company’s revenue was up 10.5% on a year-over-year basis. sell-side analysts anticipate that CIT Group Inc. will post 4.07 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 24th. Shareholders of record on Friday, August 10th will be given a dividend of $0.25 per share. This is an increase from CIT Group’s previous quarterly dividend of $0.16. This represents a $1.00 annualized dividend and a yield of 1.85%. The ex-dividend date is Thursday, August 9th. CIT Group’s payout ratio is currently 32.57%.
In other news, Director Sheila A. Stamps sold 3,350 shares of the company’s stock in a transaction on Thursday, June 7th. The shares were sold at an average price of $52.12, for a total transaction of $174,602.00. Following the completion of the transaction, the director now directly owns 4,666 shares in the company, valued at $243,191.92. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Edward K. Sperling sold 1,765 shares of the company’s stock in a transaction on Thursday, June 14th. The stock was sold at an average price of $51.44, for a total transaction of $90,791.60. Following the transaction, the executive vice president now owns 10,491 shares of the company’s stock, valued at $539,657.04. The disclosure for this sale can be found here. 0.27% of the stock is owned by insiders.
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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