Fmr LLC Sells 1,106,708 Shares of CIT Group Inc. (CIT)

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Fmr LLC decreased its position in CIT Group Inc. (NYSE:CIT) by 44.5% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 1,381,139 shares of the financial services provider’s stock after selling 1,106,708 shares during the quarter. Fmr LLC owned approximately 1.31% of CIT Group worth $52,856,000 at the end of the most recent quarter.

A number of other hedge funds have also recently bought and sold shares of the business. Oppenheimer Asset Management Inc. raised its stake in shares of CIT Group by 5.8% in the fourth quarter. Oppenheimer Asset Management Inc. now owns 4,521 shares of the financial services provider’s stock worth $173,000 after buying an additional 248 shares during the period. First Mercantile Trust Co. raised its stake in shares of CIT Group by 82.0% in the fourth quarter. First Mercantile Trust Co. now owns 910 shares of the financial services provider’s stock worth $35,000 after buying an additional 410 shares during the period. Nissay Asset Management Corp Japan ADV raised its stake in shares of CIT Group by 5.4% in the fourth quarter. Nissay Asset Management Corp Japan ADV now owns 11,071 shares of the financial services provider’s stock worth $424,000 after buying an additional 563 shares during the period. Prudential Financial Inc. raised its stake in shares of CIT Group by 2.6% in the fourth quarter. Prudential Financial Inc. now owns 23,432 shares of the financial services provider’s stock worth $897,000 after buying an additional 600 shares during the period. Finally, GAM Holding AG raised its stake in shares of CIT Group by 3.9% in the fourth quarter. GAM Holding AG now owns 18,052 shares of the financial services provider’s stock worth $691,000 after buying an additional 685 shares during the period.

NYSE:CIT opened at $51.10 on Wednesday. The company has a debt-to-equity ratio of 1.44, a current ratio of 1.04 and a quick ratio of 1.04. CIT Group Inc. has a 12-month low of $35.50 and a 12-month high of $55.78. The stock has a market cap of $4.96 billion, a P/E ratio of 12.22, a price-to-earnings-growth ratio of 1.04 and a beta of 1.47.

CIT Group (NYSE:CIT) last released its earnings results on Tuesday, January 29th. The financial services provider reported $1.21 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.10 by $0.11. CIT Group had a return on equity of 7.80% and a net margin of 13.66%. The firm had revenue of $421.00 million during the quarter, compared to analysts’ expectations of $507.00 million. During the same quarter last year, the business posted $0.99 earnings per share. As a group, research analysts anticipate that CIT Group Inc. will post 4.84 EPS for the current year.

In related news, insider Matthew Galligan sold 997 shares of the stock in a transaction dated Friday, March 8th. The stock was sold at an average price of $48.65, for a total transaction of $48,504.05. Following the completion of the sale, the insider now owns 30,575 shares in the company, valued at $1,487,473.75. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 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 approximately $518,453.76. The disclosure for this sale can be found here. Insiders have sold 10,896 shares of company stock valued at $552,081 in the last quarter. 0.27% of the stock is currently owned by company insiders.

Several research analysts have recently commented on CIT shares. UBS Group raised CIT Group from a “neutral” rating to a “buy” rating in a research note on Wednesday, January 9th. Zacks Investment Research raised CIT Group from a “hold” rating to a “buy” rating and set a $48.00 price objective on the stock in a research note on Tuesday, January 15th. Oppenheimer raised their price objective on CIT Group from $49.00 to $61.00 and gave the stock an “outperform” rating in a research note on Wednesday, January 30th. ValuEngine raised CIT Group from a “sell” rating to a “hold” rating in a research note on Monday, February 4th. Finally, TheStreet raised CIT Group from a “c+” rating to a “b” rating in a research note on Monday, March 25th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and four have assigned a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus target price of $53.29.

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CIT Group Company Profile

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

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