Oakbrook Investments LLC Buys New Position in CIT Group Inc. (NYSE:CIT)

Oakbrook Investments LLC bought a new stake in shares of CIT Group Inc. (NYSE:CIT) in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm bought 3,950 shares of the financial services provider’s stock, valued at approximately $208,000.

A number of other hedge funds have also recently made changes to their positions in the stock. Xact Kapitalforvaltning AB boosted its stake in CIT Group by 4.6% during the second quarter. Xact Kapitalforvaltning AB now owns 10,600 shares of the financial services provider’s stock valued at $557,000 after buying an additional 463 shares in the last quarter. Avestar Capital LLC boosted its stake in CIT Group by 13.6% during the first quarter. Avestar Capital LLC now owns 4,191 shares of the financial services provider’s stock valued at $181,000 after buying an additional 503 shares in the last quarter. IFM Investors Pty Ltd boosted its stake in CIT Group by 8.6% during the first quarter. IFM Investors Pty Ltd now owns 6,700 shares of the financial services provider’s stock valued at $321,000 after buying an additional 528 shares in the last quarter. Icon Wealth Partners LLC bought a new position in CIT Group during the first quarter valued at about $32,000. Finally, Oregon Public Employees Retirement Fund boosted its stake in CIT Group by 3.6% during the first quarter. Oregon Public Employees Retirement Fund now owns 21,181 shares of the financial services provider’s stock valued at $1,016,000 after buying an additional 741 shares in the last quarter.

NYSE:CIT opened at $50.74 on Wednesday. The company has a debt-to-equity ratio of 1.18, a current ratio of 0.94 and a quick ratio of 0.94. CIT Group Inc. has a 1-year low of $35.50 and a 1-year high of $55.48. The firm has a market cap of $4.89 billion, a price-to-earnings ratio of 12.56, a price-to-earnings-growth ratio of 1.02 and a beta of 1.50. The company has a fifty day moving average of $50.88.

CIT Group (NYSE:CIT) last released its quarterly earnings results on Tuesday, July 23rd. The financial services provider reported $1.32 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.13 by $0.19. CIT Group had a return on equity of 8.97% and a net margin of 14.72%. The business had revenue of $466.80 million during the quarter, compared to analyst estimates of $463.21 million. During the same quarter last year, the company posted $1.00 EPS. CIT Group’s revenue for the quarter was down 11.0% on a year-over-year basis. On average, analysts anticipate that CIT Group Inc. will post 4.96 EPS for the current year.

The business also recently declared a quarterly dividend, which will be paid on Friday, August 23rd. Investors of record on Friday, August 9th will be given a $0.35 dividend. The ex-dividend date of this dividend is Thursday, August 8th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 2.76%. CIT Group’s dividend payout ratio (DPR) is 34.65%.

Several research analysts recently weighed in on the company. Zacks Investment Research cut HANNOVER RUECK/S from a “hold” rating to a “sell” rating in a research note on Monday, April 22nd. Oppenheimer assumed coverage on Kala Pharmaceuticals in a research note on Wednesday, April 24th. They set an “outperform” rating and a $11.00 target price for the company. ValuEngine lowered Welbilt from a “hold” rating to a “sell” rating in a research report on Friday, July 26th. UBS Group increased their price target on W. R. Berkley from $53.00 to $56.00 and gave the company a “sell” rating in a research report on Wednesday, April 24th. Finally, BMO Capital Markets set a $81.00 price target on Kilroy Realty and gave the company a “buy” rating in a research report on Wednesday, July 24th. One analyst has rated the stock with a sell rating, five have given a hold rating and three have assigned a buy rating to the stock. CIT Group presently has an average rating of “Hold” and an average price target of $56.25.

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

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