CIBC World Markets Inc. cut its position in CIT Group Inc. (NYSE:CIT) by 8.5% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 11,043 shares of the financial services provider’s stock after selling 1,022 shares during the period. CIBC World Markets Inc.’s holdings in CIT Group were worth $474,000 at the end of the most recent quarter.
Several other large investors have also made changes to their positions in CIT. Janney Montgomery Scott LLC purchased a new stake in CIT Group during the first quarter worth approximately $209,000. Clear Harbor Asset Management LLC bought a new position in shares of CIT Group during the first quarter valued at approximately $215,000. Mn Services Vermogensbeheer B.V. raised its position in shares of CIT Group by 6.1% in the first quarter. Mn Services Vermogensbeheer B.V. now owns 5,389 shares of the financial services provider’s stock valued at $216,000 after buying an additional 311 shares during the period. IFP Advisors Inc raised its position in shares of CIT Group by 1.3% in the first quarter. IFP Advisors Inc now owns 6,000 shares of the financial services provider’s stock valued at $258,000 after buying an additional 77 shares during the period. Finally, SG Americas Securities LLC raised its position in shares of CIT Group by 100.8% in the third quarter. SG Americas Securities LLC now owns 6,124 shares of the financial services provider’s stock valued at $222,000 after buying an additional 758,860 shares during the period. Hedge funds and other institutional investors own 98.54% of the company’s stock.
Shares of CIT Group Inc. (NYSE:CIT) traded down 1.62% during midday trading on Thursday, hitting $46.81. The stock had a trading volume of 5,455,119 shares. CIT Group Inc. has a one year low of $28.33 and a one year high of $47.67. The firm has a 50 day moving average price of $45.48 and a 200 day moving average price of $42.92. The stock’s market cap is $9.49 billion.
CIT Group (NYSE:CIT) last released its quarterly earnings results on Tuesday, April 25th. The financial services provider reported $0.54 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.52 by $0.02. The firm had revenue of $495.70 million for the quarter, compared to the consensus estimate of $499.98 million. CIT Group had a positive return on equity of 5.39% and a negative net margin of 21.08%. The firm’s quarterly revenue was down 5.9% compared to the same quarter last year. During the same quarter last year, the business posted $0.73 EPS. On average, equities analysts forecast that CIT Group Inc. will post $2.75 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Friday, May 26th. Shareholders of record on Friday, May 12th will be paid a $0.15 dividend. The ex-dividend date of this dividend is Wednesday, May 10th. This represents a $0.60 annualized dividend and a dividend yield of 1.26%. CIT Group’s dividend payout ratio (DPR) is currently -14.08%.
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Several analysts recently commented on the stock. Zacks Investment Research raised shares of CIT Group from a “sell” rating to a “hold” rating in a research report on Thursday, April 27th. Bank of America Corp raised shares of CIT Group from a “neutral” rating to a “buy” rating in a report on Wednesday, April 26th. BMO Capital Markets reiterated a “sell” rating and issued a $30.00 price objective on shares of CIT Group in a research note on Wednesday, April 26th. Credit Suisse Group AG reiterated a “hold” rating and issued a $45.00 price objective on shares of CIT Group in a research note on Sunday, February 5th. Finally, BTIG Research reiterated a “buy” rating and issued a $45.00 price objective on shares of CIT Group in a research note on Sunday, February 5th. One analyst has rated the stock with a sell rating, nine have given a hold rating and three have given a buy rating to the stock. CIT Group presently has a consensus rating of “Hold” and a consensus target price of $40.11.
In other CIT Group news, Director R. Brad Oates sold 7,030 shares of CIT Group stock in a transaction that occurred on Monday, February 27th. The stock was sold at an average price of $42.78, for a total value of $300,743.40. Following the transaction, the director now directly owns 6,132 shares in the company, valued at approximately $262,326.96. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 1.68% of the company’s stock.
About CIT Group
CIT Group Inc (CIT) is a bank holding company (BHC) and a financial holding company (FHC). The Company, together with its subsidiaries, provides financing, leasing and advisory services to middle market companies in a range of industries in North America. The Company’s segments include Commercial Banking, Consumer Banking, Non-Strategic Portfolios, and Corporate and Other.
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