Virginia Retirement Systems ET AL lifted its stake in CIT Group Inc. (NYSE:CIT) by 1.6% in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 130,200 shares of the financial services provider’s stock after purchasing an additional 2,000 shares during the quarter. Virginia Retirement Systems ET AL owned 0.12% of CIT Group worth $6,720,000 as of its most recent filing with the Securities & Exchange Commission.
Several other large investors also recently added to or reduced their stakes in CIT. Millennium Management LLC boosted its position in shares of CIT Group by 326.7% in the 2nd quarter. Millennium Management LLC now owns 1,379,478 shares of the financial services provider’s stock valued at $69,539,000 after purchasing an additional 1,056,190 shares during the period. Dimensional Fund Advisors LP boosted its position in shares of CIT Group by 17.0% in the 2nd quarter. Dimensional Fund Advisors LP now owns 2,589,768 shares of the financial services provider’s stock valued at $130,542,000 after purchasing an additional 375,365 shares during the period. EJF Capital LLC acquired a new position in shares of CIT Group in the 2nd quarter valued at $15,624,000. Putnam Investments LLC boosted its position in shares of CIT Group by 201.6% in the 2nd quarter. Putnam Investments LLC now owns 388,316 shares of the financial services provider’s stock valued at $19,575,000 after purchasing an additional 259,581 shares during the period. Finally, Victory Capital Management Inc. acquired a new position in shares of CIT Group in the 3rd quarter valued at $13,188,000.
CIT has been the subject of a number of recent analyst reports. ValuEngine lowered CIT Group from a “hold” rating to a “sell” rating in a research report on Monday, October 22nd. Morgan Stanley increased their price target on CIT Group from $57.00 to $58.00 and gave the company an “equal weight” rating in a research report on Tuesday, July 31st. Stephens lowered CIT Group from an “overweight” rating to an “equal weight” rating and set a $60.00 price target for the company. in a research report on Monday, August 27th. BMO Capital Markets increased their price target on CIT Group from $44.00 to $47.00 and gave the company a “market perform” rating in a research report on Thursday, October 25th. Finally, Zacks Investment Research lowered CIT Group from a “hold” rating to a “sell” rating in a research report on Wednesday, October 10th. One research analyst has rated the stock with a sell rating, nine have issued a hold rating and two have assigned a buy rating to the company. CIT Group has an average rating of “Hold” and an average target price of $54.29.
Shares of NYSE CIT opened at $46.71 on Friday. CIT Group Inc. has a one year low of $43.80 and a one year high of $56.14. The stock has a market cap of $5.00 billion, a price-to-earnings ratio of 15.21, a price-to-earnings-growth ratio of 1.18 and a beta of 1.30. The company has a debt-to-equity ratio of 1.45, a current ratio of 1.02 and a quick ratio of 1.04.
CIT Group (NYSE:CIT) last announced its quarterly earnings data on Tuesday, October 23rd. The financial services provider reported $1.15 EPS for the quarter, topping the Zacks’ consensus estimate of $1.14 by $0.01. CIT Group had a return on equity of 7.58% and a net margin of 8.00%. The firm had revenue of $476.00 million during the quarter, compared to analyst estimates of $475.48 million. During the same period last year, the company posted $1.42 EPS. The business’s quarterly revenue was up 2.6% compared to the same quarter last year. Equities analysts expect that CIT Group Inc. will post 4.01 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 27th. Shareholders of record on Tuesday, November 13th will be given a dividend of $0.25 per share. The ex-dividend date of this dividend is Friday, November 9th. This represents a $1.00 dividend on an annualized basis and a yield of 2.14%. CIT Group’s payout ratio is presently 32.57%.
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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