Strs Ohio lessened its stake in CIT Group Inc. (NYSE:CIT) by 12.9% during the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 106,137 shares of the financial services provider’s stock after selling 15,710 shares during the quarter. Strs Ohio owned approximately 0.11% of CIT Group worth $5,576,000 at the end of the most recent reporting period.
Other hedge funds also recently bought and sold shares of the company. Wedge Capital Management L L P NC bought a new stake in CIT Group during the first quarter worth $26,215,000. LSV Asset Management lifted its holdings in CIT Group by 8.2% during the first quarter. LSV Asset Management now owns 4,503,790 shares of the financial services provider’s stock worth $216,046,000 after acquiring an additional 341,900 shares during the period. Geode Capital Management LLC lifted its holdings in CIT Group by 21.9% during the fourth quarter. Geode Capital Management LLC now owns 1,245,400 shares of the financial services provider’s stock worth $47,631,000 after acquiring an additional 223,475 shares during the period. Robeco Institutional Asset Management B.V. lifted its holdings in CIT Group by 76.5% during the second quarter. Robeco Institutional Asset Management B.V. now owns 501,158 shares of the financial services provider’s stock worth $26,336,000 after acquiring an additional 217,226 shares during the period. Finally, Marshall Wace LLP lifted its holdings in CIT Group by 12,478.3% during the first quarter. Marshall Wace LLP now owns 203,894 shares of the financial services provider’s stock worth $9,781,000 after acquiring an additional 202,273 shares during the period.
NYSE:CIT opened at $45.56 on Friday. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 1.13. The stock has a fifty day moving average price of $50.26. CIT Group Inc. has a 1 year low of $35.50 and a 1 year high of $55.48. The stock has a market capitalization of $4.26 billion, a P/E ratio of 11.28, a P/E/G ratio of 0.90 and a beta of 1.53.
The company also recently announced a quarterly dividend, which will be paid on Friday, August 23rd. Shareholders of record on Friday, August 9th will be given a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a yield of 3.07%. The ex-dividend date of this dividend is Thursday, August 8th. CIT Group’s dividend payout ratio is currently 34.65%.
CIT has been the topic of a number of recent analyst reports. BMO Capital Markets lifted their price target on CIT Group from $49.00 to $50.00 and gave the stock a “market perform” rating in a report on Wednesday, July 24th. ValuEngine lowered CIT Group from a “hold” rating to a “sell” rating in a report on Friday, July 26th. Zacks Investment Research upgraded CIT Group from a “sell” rating to a “hold” rating in a report on Monday, April 22nd. UBS Group lifted their price target on CIT Group from $55.00 to $60.00 and gave the stock a “buy” rating in a report on Wednesday, April 24th. Finally, Citigroup raised their target price on CIT Group from $55.00 to $62.00 and gave the stock a “buy” rating in a research report on Wednesday, April 24th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and three have assigned a buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus price target of $56.25.
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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