Sumitomo Mitsui Trust Holdings Inc. cut its stake in shares of CIT Group Inc. (NYSE:CIT) by 1.8% during the third quarter, according to its most recent disclosure with the SEC. The institutional investor owned 412,424 shares of the financial services provider’s stock after selling 7,607 shares during the period. Sumitomo Mitsui Trust Holdings Inc.’s holdings in CIT Group were worth $21,285,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds also recently made changes to their positions in CIT. Millennium Management LLC grew its position in CIT Group by 326.7% during the second 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 in the last quarter. Dimensional Fund Advisors LP grew its position in CIT Group by 17.0% during the second 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 in the last quarter. EJF Capital LLC acquired a new stake in CIT Group in the second quarter valued at approximately $15,624,000. Putnam Investments LLC lifted its stake in CIT Group by 201.6% in the second quarter. Putnam Investments LLC now owns 388,316 shares of the financial services provider’s stock valued at $19,575,000 after acquiring an additional 259,581 shares during the last quarter. Finally, Victory Capital Management Inc. acquired a new stake in CIT Group in the third quarter valued at approximately $13,188,000.
Shares of CIT Group stock opened at $44.21 on Monday. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 1.45. CIT Group Inc. has a 1-year low of $43.80 and a 1-year high of $56.14. The firm has a market capitalization of $4.67 billion, a PE ratio of 14.40, a PEG ratio of 1.11 and a beta of 1.30.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 27th. Stockholders of record on Tuesday, November 13th will be paid a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.26%. The ex-dividend date of this dividend is Friday, November 9th. CIT Group’s payout ratio is 32.57%.
A number of analysts have issued reports on CIT shares. Morgan Stanley lifted their target price on shares of CIT Group from $57.00 to $58.00 and gave the company an “equal weight” rating in a research note on Tuesday, July 31st. Stephens cut shares of CIT Group from an “overweight” rating to an “equal weight” rating and set a $60.00 target price for the company. in a research note on Monday, August 27th. Zacks Investment Research cut shares of CIT Group from a “hold” rating to a “sell” rating in a research note on Wednesday, October 10th. ValuEngine cut shares of CIT Group from a “hold” rating to a “sell” rating in a research note on Monday, October 22nd. Finally, BMO Capital Markets lifted their target price on shares of CIT Group from $44.00 to $47.00 and gave the company a “market perform” rating in a research note on Thursday, October 25th. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating and two have given a buy rating to the stock. CIT Group presently has a consensus rating of “Hold” and a consensus target price of $54.29.
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CIT Group Company 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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