Artemis Investment Management LLP Invests $9.43 Million in CIT Group Inc. (NYSE:CIT)

Artemis Investment Management LLP acquired a new position in CIT Group Inc. (NYSE:CIT) in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 213,546 shares of the financial services provider’s stock, valued at approximately $9,431,000. Artemis Investment Management LLP owned approximately 0.23% of CIT Group at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. C M Bidwell & Associates Ltd. purchased a new position in shares of CIT Group in the 2nd quarter worth about $31,000. Harel Insurance Investments & Financial Services Ltd. purchased a new position in shares of CIT Group in the 2nd quarter worth about $50,000. SRS Capital Advisors Inc. purchased a new position in shares of CIT Group in the 2nd quarter worth about $51,000. NumerixS Investment Technologies Inc purchased a new position in shares of CIT Group in the 2nd quarter worth about $53,000. Finally, Marshall Wace North America L.P. purchased a new position in shares of CIT Group in the 1st quarter worth about $82,000. Hedge funds and other institutional investors own 97.96% of the company’s stock.

A number of research firms have recently issued reports on CIT. ValuEngine cut CIT Group from a “hold” rating to a “sell” rating in a report on Friday, July 26th. BMO Capital Markets upped their price objective on CIT Group from $49.00 to $50.00 and gave the stock a “market perform” rating in a report on Wednesday, July 24th. Morgan Stanley cut their price objective on CIT Group from $54.00 to $53.00 and set an “equal weight” rating for the company in a report on Thursday, October 3rd. Finally, TheStreet cut CIT Group from a “b” rating to a “c+” rating in a report on Monday, August 19th. One analyst has rated the stock with a sell rating, four have issued a hold rating and three have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average price target of $55.86.

In related news, CEO Ellen R. Alemany bought 11,500 shares of the company’s stock in a transaction that occurred on Tuesday, August 13th. The stock was bought at an average cost of $43.55 per share, for a total transaction of $500,825.00. Following the acquisition, the chief executive officer now directly owns 152,088 shares of the company’s stock, valued at approximately $6,623,432.40. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP John J. Fawcett bought 7,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 13th. The shares were bought at an average price of $43.96 per share, with a total value of $307,720.00. Following the completion of the acquisition, the executive vice president now directly owns 15,802 shares in the company, valued at $694,655.92. The disclosure for this purchase can be found here. Insiders have purchased a total of 30,430 shares of company stock valued at $1,316,860 over the last 90 days. 0.42% of the stock is currently owned by company insiders.

Shares of CIT stock opened at $43.90 on Friday. The stock has a market capitalization of $4.00 billion, a PE ratio of 10.87, a P/E/G ratio of 0.85 and a beta of 1.61. CIT Group Inc. has a 1-year low of $35.50 and a 1-year high of $54.02. The business has a 50-day moving average of $44.08 and a 200 day moving average of $48.29. The company has a debt-to-equity ratio of 1.13, a current ratio of 0.94 and a quick ratio of 0.94.

CIT Group (NYSE:CIT) last issued its earnings results on Tuesday, July 23rd. The financial services provider reported $1.32 earnings per share for the quarter, beating the consensus estimate of $1.13 by $0.19. The company had revenue of $466.80 million during the quarter, compared to analysts’ expectations of $463.21 million. CIT Group had a return on equity of 9.02% and a net margin of 14.72%. CIT Group’s quarterly revenue was down 11.0% compared to the same quarter last year. During the same period in the prior year, the business posted $1.00 EPS. Analysts anticipate that CIT Group Inc. will post 4.97 EPS for the current year.

About CIT Group

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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