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 Inc. (NYSE:CIT) opened at $49.34 on Thursday. The company has a debt-to-equity ratio of 1.20, a current ratio of 1.05 and a quick ratio of 1.05. CIT Group Inc. has a 1-year low of $39.48 and a 1-year high of $51.73. The company has a market cap of $6,507.81, a price-to-earnings ratio of 16.26 and a beta of 1.49.

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.

ILLEGAL ACTIVITY NOTICE: “CIT Group Inc. (CIT) Position Raised by California Public Employees Retirement System” was originally reported by The Cerbat Gem and is the property of of The Cerbat Gem. If you are viewing this news story on another site, it was illegally copied and republished in violation of international copyright law. The legal version of this news story can be viewed at https://www.thecerbatgem.com/2017/12/21/cit-group-inc-cit-position-raised-by-california-public-employees-retirement-system.html.

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.

Institutional Ownership by Quarter for CIT Group (NYSE:CIT)

Receive News & Stock Ratings for CIT Group Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for CIT Group and related stocks with our FREE daily email newsletter.