Parametric Portfolio Associates LLC grew its holdings in shares of CIT Group Inc. (NYSE:CIT) by 9.1% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 766,598 shares of the financial services provider’s stock after buying an additional 64,187 shares during the period. Parametric Portfolio Associates LLC’s holdings in CIT Group were worth $40,277,000 as of its most recent SEC filing.
Several other hedge funds have also made changes to their positions in the company. Redpoint Investment Management Pty Ltd raised its position in CIT Group by 81.3% in the 2nd quarter. Redpoint Investment Management Pty Ltd now owns 53,565 shares of the financial services provider’s stock worth $2,814,000 after buying an additional 24,026 shares during the last quarter. Unigestion Holding SA raised its holdings in CIT Group by 10.8% during the 2nd quarter. Unigestion Holding SA now owns 17,754 shares of the financial services provider’s stock valued at $933,000 after buying an additional 1,737 shares during the period. Quantamental Technologies LLC raised its holdings in CIT Group by 311.2% during the 2nd quarter. Quantamental Technologies LLC now owns 11,268 shares of the financial services provider’s stock valued at $592,000 after buying an additional 8,528 shares during the period. Tiverton Asset Management LLC purchased a new stake in CIT Group in the second quarter worth $385,000. Finally, Janney Montgomery Scott LLC increased its stake in CIT Group by 36.7% in the first quarter. Janney Montgomery Scott LLC now owns 7,591 shares of the financial services provider’s stock worth $364,000 after purchasing an additional 2,037 shares during the period. Hedge funds and other institutional investors own 98.16% of the company’s stock.
A number of analysts have weighed in on the company. BMO Capital Markets increased their target price on CIT Group from $49.00 to $50.00 and gave the stock a “market perform” rating in a research note on Wednesday, July 24th. ValuEngine lowered CIT Group from a “hold” rating to a “sell” rating in a research note on Friday, July 26th. Finally, TheStreet lowered CIT Group from a “b” rating to a “c+” rating in a research note on Monday, August 19th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and three have issued a buy rating to the company. The company currently has an average rating of “Hold” and an average price target of $55.71.
Shares of CIT Group stock traded down $0.61 on Monday, reaching $46.75. The company’s stock had a trading volume of 29,704 shares, compared to its average volume of 678,365. The company has a market capitalization of $4.43 billion, a P/E ratio of 11.57, a PEG ratio of 0.94 and a beta of 1.60. CIT Group Inc. has a 52-week low of $35.50 and a 52-week high of $54.55. The stock has a 50-day moving average price of $44.65 and a 200-day moving average price of $48.96. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 1.13.
CIT Group (NYSE:CIT) last issued its quarterly earnings results on Tuesday, July 23rd. The financial services provider reported $1.32 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.13 by $0.19. The firm had revenue of $466.80 million for the quarter, compared to analyst estimates of $463.21 million. CIT Group had a return on equity of 9.02% and a net margin of 14.72%. The business’s revenue was down 11.0% on a year-over-year basis. During the same period in the previous year, the company posted $1.00 earnings per share. Sell-side analysts forecast that CIT Group Inc. will post 5 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Friday, August 23rd. Shareholders of record on Friday, August 9th were given a $0.35 dividend. The ex-dividend date of this dividend was Thursday, August 8th. This represents a $1.40 dividend on an annualized basis and a yield of 2.99%. CIT Group’s dividend payout ratio is currently 34.65%.
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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