CIT Group Inc. (CIT) Stake Reduced by LSV Asset Management
LSV Asset Management decreased its stake in CIT Group Inc. (NYSE:CIT) by 8.9% during the third quarter, according to its most recent disclosure with the SEC. The firm owned 3,310,282 shares of the financial services provider’s stock after selling 322,300 shares during the period. LSV Asset Management owned 1.64% of CIT Group worth $120,163,000 at the end of the most recent reporting period.
A number of other large investors have also bought and sold shares of the company. Vanguard Group Inc. boosted its stake in CIT Group by 4.0% in the second quarter. Vanguard Group Inc. now owns 14,092,961 shares of the financial services provider’s stock valued at $449,706,000 after buying an additional 539,701 shares during the period. State Street Corp boosted its stake in CIT Group by 13.7% in the second quarter. State Street Corp now owns 7,010,683 shares of the financial services provider’s stock valued at $223,717,000 after buying an additional 847,112 shares during the period. Capital World Investors acquired a new stake in CIT Group during the second quarter valued at about $203,905,000. BlackRock Institutional Trust Company N.A. boosted its stake in CIT Group by 5.4% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 4,400,060 shares of the financial services provider’s stock valued at $140,406,000 after buying an additional 223,454 shares during the period. Finally, Canada Pension Plan Investment Board boosted its stake in CIT Group by 27,895.1% in the second quarter. Canada Pension Plan Investment Board now owns 4,132,920 shares of the financial services provider’s stock valued at $131,881,000 after buying an additional 4,118,157 shares during the period. 98.91% of the stock is owned by institutional investors.
Shares of CIT Group Inc. (NYSE:CIT) opened at 40.19 on Tuesday. CIT Group Inc. has a one year low of $25.19 and a one year high of $43.57. The stock has a market capitalization of $8.12 billion, a P/E ratio of 18.55 and a beta of 1.51. The firm’s 50-day moving average price is $37.64 and its 200-day moving average price is $35.02.
CIT Group (NYSE:CIT) last issued its quarterly earnings results on Tuesday, October 25th. The financial services provider reported $0.65 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.79 by $0.14. The business earned $608.70 million during the quarter, compared to analyst estimates of $622.98 million. CIT Group had a net margin of 9.61% and a return on equity of 6.37%. The company’s revenue was down 5.6% on a year-over-year basis. During the same quarter last year, the firm posted $3.61 earnings per share. Equities research analysts anticipate that CIT Group Inc. will post $2.24 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Friday, November 25th. Shareholders of record on Friday, November 11th were issued a $0.15 dividend. The ex-dividend date of this dividend was Tuesday, November 8th. This represents a $0.60 annualized dividend and a yield of 1.48%. CIT Group’s dividend payout ratio (DPR) is presently 27.65%.
Several equities research analysts have issued reports on CIT shares. JMP Securities reissued a “buy” rating on shares of CIT Group in a research note on Monday, October 10th. Zacks Investment Research cut CIT Group from a “hold” rating to a “sell” rating in a research note on Thursday, October 27th. Stephens started coverage on CIT Group in a research note on Tuesday, November 1st. They set an “equal weight” rating for the company. TheStreet cut CIT Group from a “buy” rating to a “hold” rating in a research note on Tuesday, October 25th. Finally, Stifel Nicolaus cut CIT Group from a “buy” rating to a “hold” rating and raised their target price for the stock from $40.00 to $41.00 in a research note on Friday, October 7th. Two analysts have rated the stock with a sell rating, twelve have given a hold rating and seven have issued a buy rating to the stock. The company has an average rating of “Hold” and a consensus target price of $41.27.
CIT Group Company Profile
CIT Group Inc (CIT) is a bank holding company. The Company, together with its subsidiaries, provides financing, leasing and advisory services to middle market companies in a range of industries in North America, and equipment financing and leasing solutions to the transportation industry around the world.
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