Pictet Asset Management Ltd. Increases Stock Position in CIT Group Inc. (NYSE:CIT)
Pictet Asset Management Ltd. lifted its holdings in CIT Group Inc. (NYSE:CIT) by 8.3% in the 2nd quarter, according to its most recent filing with the SEC. The firm owned 41,783 shares of the financial services provider’s stock after purchasing an additional 3,200 shares during the period. Pictet Asset Management Ltd.’s holdings in CIT Group were worth $2,195,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also made changes to their positions in the company. Geode Capital Management LLC raised its stake in shares of CIT Group by 21.9% during the 4th quarter. Geode Capital Management LLC now owns 1,245,400 shares of the financial services provider’s stock worth $47,631,000 after acquiring an additional 223,475 shares in the last quarter. Janney Montgomery Scott LLC raised its stake in shares of CIT Group by 36.7% during the 1st quarter. Janney Montgomery Scott LLC now owns 7,591 shares of the financial services provider’s stock worth $364,000 after acquiring an additional 2,037 shares in the last quarter. Toronto Dominion Bank raised its stake in shares of CIT Group by 21.0% during the 1st quarter. Toronto Dominion Bank now owns 20,653 shares of the financial services provider’s stock worth $990,000 after acquiring an additional 3,589 shares in the last quarter. Oregon Public Employees Retirement Fund raised its stake in shares of CIT Group by 3.6% during the 1st quarter. Oregon Public Employees Retirement Fund now owns 21,181 shares of the financial services provider’s stock worth $1,016,000 after acquiring an additional 741 shares in the last quarter. Finally, JPMorgan Chase & Co. raised its stake in shares of CIT Group by 2.3% during the 1st quarter. JPMorgan Chase & Co. now owns 703,001 shares of the financial services provider’s stock worth $33,723,000 after acquiring an additional 16,079 shares in the last quarter. 98.16% of the stock is owned by hedge funds and other institutional investors.
A number of research analysts have issued reports on the stock. ValuEngine lowered shares of CIT Group from a “hold” rating to a “sell” rating in a research note on Friday, July 26th. TheStreet lowered shares of CIT Group from a “b” rating to a “c+” rating in a research note on Monday, August 19th. Finally, BMO Capital Markets upped their price target on shares of CIT Group from $49.00 to $50.00 and gave the company a “market perform” rating in a research note on Wednesday, July 24th. One analyst has rated the stock with a sell rating, four have given a hold rating and three have given a buy rating to the company’s stock. CIT Group currently has a consensus rating of “Hold” and a consensus target price of $55.71.
CIT Group stock traded down $0.59 during mid-day trading on Thursday, reaching $46.24. 31,528 shares of the company traded hands, compared to its average volume of 685,232. 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 Inc. has a fifty-two week low of $35.50 and a fifty-two week high of $54.55. The company has a market capitalization of $4.43 billion, a price-to-earnings ratio of 11.45, a price-to-earnings-growth ratio of 0.94 and a beta of 1.60. The firm’s fifty day moving average is $44.27 and its two-hundred day moving average is $48.85.
CIT Group (NYSE:CIT) last issued its quarterly earnings results on Tuesday, July 23rd. The financial services provider reported $1.32 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.13 by $0.19. CIT Group had a net margin of 14.72% and a return on equity of 9.02%. The business had revenue of $466.80 million for the quarter, compared to analyst estimates of $463.21 million. During the same quarter in the prior year, the business posted $1.00 EPS. CIT Group’s revenue for the quarter was down 11.0% compared to the same quarter last year. As a group, equities research analysts predict that CIT Group Inc. will post 4.99 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 23rd. Stockholders of record on Friday, August 9th were paid a $0.35 dividend. The ex-dividend date was Thursday, August 8th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 3.03%. CIT Group’s payout ratio is currently 34.65%.
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.
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