DNB Asset Management AS Has $1.88 Million Stake in CIT Group Inc. (NYSE:CIT)
DNB Asset Management AS grew its holdings in CIT Group Inc. (NYSE:CIT) by 0.6% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 41,389 shares of the financial services provider’s stock after purchasing an additional 262 shares during the period. DNB Asset Management AS’s holdings in CIT Group were worth $1,875,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds have also modified their holdings of the company. Artemis Investment Management LLP bought a new stake in shares of CIT Group in the third quarter valued at approximately $9,431,000. Dalton Greiner Hartman Maher & Co. boosted its position in shares of CIT Group by 493.5% in the third quarter. Dalton Greiner Hartman Maher & Co. now owns 160,031 shares of the financial services provider’s stock valued at $7,251,000 after acquiring an additional 133,069 shares during the period. Atria Investments LLC bought a new stake in shares of CIT Group in the second quarter valued at approximately $329,000. Natixis boosted its position in shares of CIT Group by 100.3% in the second quarter. Natixis now owns 178,032 shares of the financial services provider’s stock valued at $9,354,000 after acquiring an additional 89,171 shares during the period. Finally, Royal Bank of Canada boosted its position in shares of CIT Group by 11.9% in the second quarter. Royal Bank of Canada now owns 1,110,591 shares of the financial services provider’s stock valued at $58,351,000 after acquiring an additional 117,674 shares during the period. Institutional investors own 97.89% of the company’s stock.
Shares of NYSE CIT opened at $44.29 on Monday. The business has a fifty day simple moving average of $44.47 and a 200 day simple moving average of $48.18. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 1.13. The firm has a market capitalization of $4.21 billion, a price-to-earnings ratio of 10.96, a PEG ratio of 0.89 and a beta of 1.61. CIT Group Inc. has a one year low of $35.50 and a one year high of $54.02.
The company also recently announced a quarterly dividend, which will be paid on Friday, November 22nd. Investors of record on Friday, November 8th will be paid a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a dividend yield of 3.16%. CIT Group’s payout ratio is 34.65%.
CIT has been the subject of several research reports. TheStreet cut CIT Group from a “b” rating to a “c+” rating in a research report on Monday, August 19th. BMO Capital Markets increased their price objective on CIT Group from $49.00 to $50.00 and gave the company a “market perform” rating in a research report on Wednesday, July 24th. ValuEngine cut CIT Group from a “hold” rating to a “sell” rating in a research report on Friday, July 26th. Finally, Morgan Stanley reduced their price objective on CIT Group from $54.00 to $53.00 and set an “equal weight” rating for the company in a research report on Thursday, October 3rd. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and three have given a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus price target of $55.86.
In other news, Director Alan L. Frank bought 3,000 shares of the business’s stock in a transaction that occurred on Thursday, August 15th. The stock was acquired at an average cost of $41.30 per share, for a total transaction of $123,900.00. Following the completion of the purchase, the director now owns 15,746 shares of the company’s stock, valued at approximately $650,309.80. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Steve Solk bought 2,000 shares of the business’s stock in a transaction that occurred on Friday, August 16th. The stock was purchased at an average price of $42.45 per share, with a total value of $84,900.00. Following the completion of the purchase, the insider now directly owns 31,292 shares of the company’s stock, valued at approximately $1,328,345.40. The disclosure for this purchase can be found here. Insiders purchased 30,430 shares of company stock valued at $1,316,860 over the last 90 days. 0.42% of the stock is currently owned by corporate insiders.
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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