Wedge Capital Management L L P NC Increases Holdings in CIT Group Inc. (NYSE:CIT)

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Wedge Capital Management L L P NC lifted its stake in shares of CIT Group Inc. (NYSE:CIT) by 2.3% during the fourth quarter, HoldingsChannel.com reports. The firm owned 666,248 shares of the financial services provider’s stock after purchasing an additional 14,812 shares during the quarter. Wedge Capital Management L L P NC’s holdings in CIT Group were worth $30,401,000 as of its most recent filing with the SEC.

Other large investors also recently added to or reduced their stakes in the company. NumerixS Investment Technologies Inc purchased a new stake in shares of CIT Group in the 2nd quarter valued at about $53,000. Metropolitan Life Insurance Co NY boosted its position in shares of CIT Group by 9.2% during the 3rd quarter. Metropolitan Life Insurance Co NY now owns 2,669 shares of the financial services provider’s stock valued at $121,000 after acquiring an additional 224 shares during the last quarter. Assetmark Inc. boosted its position in shares of CIT Group by 79.6% during the 2nd quarter. Assetmark Inc. now owns 3,206 shares of the financial services provider’s stock valued at $168,000 after acquiring an additional 1,421 shares during the last quarter. Point72 Asset Management L.P. purchased a new position in shares of CIT Group during the second quarter worth about $173,000. Finally, World Asset Management Inc grew its holdings in shares of CIT Group by 15.4% during the third quarter. World Asset Management Inc now owns 5,722 shares of the financial services provider’s stock worth $259,000 after purchasing an additional 764 shares in the last quarter. Institutional investors own 99.65% of the company’s stock.

A number of brokerages recently weighed in on CIT. Morgan Stanley lowered their target price on shares of CIT Group from $54.00 to $53.00 and set an “equal weight” rating on the stock in a research note on Thursday, October 3rd. TheStreet raised shares of CIT Group from a “c+” rating to a “b” rating in a research note on Friday, November 29th. Finally, ValuEngine raised shares of CIT Group from a “strong sell” rating to a “sell” rating in a research note on Friday, January 3rd. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and three have issued a buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus price target of $59.20.

NYSE CIT opened at $45.26 on Thursday. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 1.13. The stock’s 50-day simple moving average is $45.48 and its two-hundred day simple moving average is $45.78. CIT Group Inc. has a twelve month low of $40.34 and a twelve month high of $54.02. The company has a market capitalization of $4.28 billion, a price-to-earnings ratio of 11.20, a PEG ratio of 0.88 and a beta of 1.59.

CIT Group (NYSE:CIT) last posted its quarterly earnings data on Tuesday, October 22nd. The financial services provider reported $1.29 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.21 by $0.08. The firm had revenue of $454.00 million during the quarter, compared to analysts’ expectations of $460.02 million. CIT Group had a return on equity of 8.99% and a net margin of 15.11%. The company’s revenue for the quarter was down 4.6% compared to the same quarter last year. During the same period in the prior year, the business earned $1.15 EPS. On average, equities analysts expect that CIT Group Inc. will post 5 earnings per share for the current fiscal year.

In other news, CEO Ellen R. Alemany bought 30,000 shares of the business’s stock in a transaction on Wednesday, November 13th. The stock was acquired at an average price of $25.00 per share, with a total value of $750,000.00. Following the completion of the purchase, the chief executive officer now directly owns 30,000 shares in the company, valued at $750,000. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP John J. Fawcett purchased 14,000 shares of CIT Group stock in a transaction on Wednesday, November 13th. The shares were acquired at an average price of $25.00 per share, for a total transaction of $350,000.00. Following the completion of the transaction, the executive vice president now directly owns 14,000 shares of the company’s stock, valued at $350,000. The disclosure for this purchase can be found here. Over the last three months, insiders have purchased 48,600 shares of company stock worth $1,215,000. 0.42% of the stock is currently owned by insiders.

CIT Group 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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Want to see what other hedge funds are holding CIT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for CIT Group Inc. (NYSE:CIT).

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

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