CIT Group Inc. (CIT) Shares Bought by New Mountain Vantage Advisers L.L.C.
New Mountain Vantage Advisers L.L.C. grew its position in CIT Group Inc. (NYSE:CIT) by 79.6% in the fourth quarter, HoldingsChannel reports. The institutional investor owned 3,732,784 shares of the financial services provider’s stock after acquiring an additional 1,653,858 shares during the period. CIT Group makes up 15.8% of New Mountain Vantage Advisers L.L.C.’s portfolio, making the stock its biggest holding. New Mountain Vantage Advisers L.L.C.’s holdings in CIT Group were worth $142,854,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also recently modified their holdings of the company. Capital International Investors acquired a new stake in shares of CIT Group in the third quarter valued at $92,642,000. AXA acquired a new stake in shares of CIT Group in the third quarter valued at $1,482,000. Jefferies Group LLC acquired a new stake in shares of CIT Group in the third quarter valued at $1,836,000. Shell Asset Management Co. grew its stake in shares of CIT Group by 59.5% in the third quarter. Shell Asset Management Co. now owns 9,078 shares of the financial services provider’s stock valued at $469,000 after buying an additional 3,386 shares in the last quarter. Finally, Korea Investment CORP grew its stake in shares of CIT Group by 271.5% in the third quarter. Korea Investment CORP now owns 229,200 shares of the financial services provider’s stock valued at $11,829,000 after buying an additional 167,500 shares in the last quarter.
In other news, insider Matthew Galligan sold 2,300 shares of the business’s stock in a transaction dated Monday, February 25th. The stock was sold at an average price of $51.68, for a total value of $118,864.00. Following the completion of the sale, the insider now directly owns 33,841 shares of the company’s stock, valued at approximately $1,748,902.88. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Edward K. Sperling sold 2,224 shares of the business’s stock in a transaction dated Wednesday, March 6th. The shares were sold at an average price of $50.16, for a total value of $111,555.84. Following the completion of the sale, the executive vice president now directly owns 10,336 shares of the company’s stock, valued at $518,453.76. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 10,896 shares of company stock valued at $552,081. Insiders own 0.27% of the company’s stock.
CIT Group (NYSE:CIT) last released its quarterly earnings data on Tuesday, January 29th. The financial services provider reported $1.21 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.10 by $0.11. The business had revenue of $421.00 million during the quarter, compared to analysts’ expectations of $507.00 million. CIT Group had a return on equity of 7.80% and a net margin of 13.66%. During the same period in the prior year, the firm posted $0.99 EPS. As a group, research analysts forecast that CIT Group Inc. will post 4.91 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, February 22nd. Stockholders of record on Friday, February 8th were given a dividend of $0.25 per share. The ex-dividend date was Thursday, February 7th. This represents a $1.00 annualized dividend and a dividend yield of 1.96%. CIT Group’s dividend payout ratio is currently 24.75%.
A number of brokerages have recently weighed in on CIT. ValuEngine raised CIT Group from a “sell” rating to a “hold” rating in a research note on Monday, February 4th. Morgan Stanley dropped their price objective on CIT Group from $56.00 to $52.00 and set an “equal weight” rating for the company in a research note on Tuesday, December 11th. Oppenheimer boosted their target price on CIT Group from $49.00 to $61.00 and gave the stock an “outperform” rating in a research note on Wednesday, January 30th. Barclays set a $47.00 target price on CIT Group and gave the stock a “hold” rating in a research note on Friday, December 14th. Finally, Zacks Investment Research raised CIT Group from a “sell” rating to a “hold” rating in a research note on Monday, November 19th. Seven investment analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. The company currently has an average rating of “Hold” and an average price target of $53.36.
COPYRIGHT VIOLATION NOTICE: This report was originally posted by The Cerbat Gem and is owned by of The Cerbat Gem. If you are viewing this report on another publication, it was illegally copied and republished in violation of U.S. and international trademark and copyright laws. The original version of this report can be accessed at https://www.thecerbatgem.com/2019/03/19/cit-group-inc-cit-shares-bought-by-new-mountain-vantage-advisers-l-l-c.html.
CIT Group 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.
Featured Story: Risk Tolerance
Want to see what other hedge funds are holding CIT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for CIT Group Inc. (NYSE:CIT).
Receive News & 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 companies with MarketBeat.com's FREE daily email newsletter.