CIT Group Inc. (CIT) Position Raised by California Public Employees Retirement System
California Public Employees Retirement System boosted its position in shares of CIT Group Inc. (NYSE:CIT) by 6.9% in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 436,541 shares of the financial services provider’s stock after buying an additional 28,342 shares during the quarter. California Public Employees Retirement System owned approximately 0.33% of CIT Group worth $21,412,000 as of its most recent filing with the Securities & Exchange Commission.
Other large investors have also recently bought and sold shares of the company. Advisor Group Inc. raised its holdings in CIT Group by 2.2% during the 2nd quarter. Advisor Group Inc. now owns 3,030 shares of the financial services provider’s stock valued at $146,000 after buying an additional 66 shares during the last quarter. Schroder Investment Management Group raised its holdings in CIT Group by 82.0% during the 3rd quarter. Schroder Investment Management Group now owns 3,063 shares of the financial services provider’s stock valued at $149,000 after buying an additional 1,380 shares during the last quarter. Pacer Advisors Inc. raised its holdings in CIT Group by 8.2% during the 2nd quarter. Pacer Advisors Inc. now owns 4,164 shares of the financial services provider’s stock valued at $203,000 after buying an additional 316 shares during the last quarter. Colony Group LLC bought a new stake in CIT Group during the 2nd quarter valued at $207,000. Finally, Seven Eight Capital LP bought a new position in CIT Group in the 2nd quarter worth $236,000.
CIT has been the subject of several research reports. Morgan Stanley upped their price objective on shares of CIT Group from $51.00 to $54.00 and gave the stock an “equal weight” rating in a report on Wednesday, December 13th. Oppenheimer restated a “buy” rating on shares of CIT Group in a report on Tuesday, October 24th. Zacks Investment Research lowered shares of CIT Group from a “buy” rating to a “hold” rating in a report on Friday, November 3rd. BMO Capital Markets upped their price objective on shares of CIT Group from $31.00 to $35.00 and gave the stock an “underperform” rating in a report on Wednesday, October 25th. Finally, Wells Fargo & Company initiated coverage on shares of CIT Group in a report on Friday, December 1st. They issued a “market perform” rating and a $52.00 price objective for the company. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating and eight have given a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus price target of $50.40.
CIT Group (NYSE:CIT) last released its earnings results on Tuesday, October 24th. The financial services provider reported $1.02 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.82 by $0.20. The firm had revenue of $592.90 million for the quarter, compared to the consensus estimate of $488.00 million. CIT Group had a negative net margin of 20.05% and a positive return on equity of 6.22%. During the same period in the prior year, the firm earned $0.65 EPS. sell-side analysts predict that CIT Group Inc. will post 2.92 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Friday, November 24th. Stockholders of record on Friday, November 10th were given a $0.16 dividend. The ex-dividend date of this dividend was Thursday, November 9th. This is an increase from CIT Group’s previous quarterly dividend of $0.15. This represents a $0.64 dividend on an annualized basis and a dividend yield of 1.30%. CIT Group’s dividend payout ratio is currently -27.00%.
In other news, EVP Denise M. Menelly sold 8,951 shares of the company’s stock in a transaction dated Wednesday, November 1st. The shares were sold at an average price of $46.84, for a total value of $419,264.84. Following the sale, the executive vice president now directly owns 41,546 shares of the company’s stock, valued at approximately $1,946,014.64. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 0.47% of the stock is owned by corporate insiders.
About CIT Group
CIT Group Inc (CIT) is a bank holding company (BHC) and a financial holding company (FHC). The Company, together with its subsidiaries, provides financing, leasing and advisory services to middle market companies in a range of industries in North America. The Company’s segments include Commercial Banking, Consumer Banking, Non-Strategic Portfolios, and Corporate and Other.
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