Louisiana State Employees Retirement System Sells 400 Shares of CIT Group Inc. (NYSE:CIT)

Louisiana State Employees Retirement System reduced its stake in CIT Group Inc. (NYSE:CIT) by 1.6% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 25,300 shares of the financial services provider’s stock after selling 400 shares during the period. Louisiana State Employees Retirement System’s holdings in CIT Group were worth $1,314,000 at the end of the most recent reporting period.

A number of other hedge funds also recently modified their holdings of CIT. Invesco Ltd. grew its stake in CIT Group by 112.1% in the 2nd quarter. Invesco Ltd. now owns 2,558,442 shares of the financial services provider’s stock worth $131,990,000 after acquiring an additional 1,352,184 shares in the last quarter. Canada Pension Plan Investment Board boosted its stake in shares of CIT Group by 863.8% during the second quarter. Canada Pension Plan Investment Board now owns 1,330,000 shares of the financial services provider’s stock valued at $68,615,000 after purchasing an additional 1,192,000 shares in the last quarter. JPMorgan Chase & Co. boosted its stake in shares of CIT Group by 61.4% during the second quarter. JPMorgan Chase & Co. now owns 1,488,465 shares of the financial services provider’s stock valued at $76,789,000 after purchasing an additional 566,307 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund boosted its stake in shares of CIT Group by 293.6% during the second quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 675,400 shares of the financial services provider’s stock valued at $34,844,000 after purchasing an additional 503,794 shares in the last quarter. Finally, Alliancebernstein L.P. boosted its stake in shares of CIT Group by 61.2% during the second quarter. Alliancebernstein L.P. now owns 725,809 shares of the financial services provider’s stock valued at $37,444,000 after purchasing an additional 275,539 shares in the last quarter. Institutional investors and hedge funds own 91.20% of the company’s stock.

NYSE CIT opened at $53.88 on Thursday. The company has a debt-to-equity ratio of 0.75, a quick ratio of 0.93 and a current ratio of 0.93. The firm’s 50 day moving average price is $51.82 and its 200-day moving average price is $51.71. CIT Group Inc. has a 52-week low of $33.41 and a 52-week high of $56.62. The company has a market cap of $5.34 billion, a PE ratio of 7.85 and a beta of 1.50.

CIT Group (NYSE:CIT) last posted its earnings results on Monday, October 25th. The financial services provider reported $1.72 EPS for the quarter, beating the Zacks’ consensus estimate of $1.33 by $0.39. CIT Group had a net margin of 23.98% and a return on equity of 15.12%. The company had revenue of $432.00 million during the quarter, compared to analysts’ expectations of $447.50 million. During the same quarter in the prior year, the company posted $0.84 earnings per share. CIT Group’s revenue for the quarter was down 8.9% compared to the same quarter last year. On average, analysts forecast that CIT Group Inc. will post 7.51 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which was paid on Friday, November 12th. Investors of record on Friday, October 29th were given a dividend of $0.35 per share. The ex-dividend date of this dividend was Thursday, October 28th. This represents a $1.40 dividend on an annualized basis and a yield of 2.60%. CIT Group’s payout ratio is 20.41%.

In related news, EVP Wahida Plummer sold 613 shares of the stock in a transaction that occurred on Monday, November 22nd. The shares were sold at an average price of $51.50, for a total transaction of $31,569.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Sheila A. Stamps sold 7,875 shares of the firm’s stock in a transaction on Wednesday, October 27th. The stock was sold at an average price of $50.91, for a total transaction of $400,916.25. The disclosure for this sale can be found here. Insiders have sold 21,158 shares of company stock valued at $1,060,267 in the last three months. 0.65% of the stock is currently owned by corporate insiders.

Separately, Zacks Investment Research downgraded shares of CIT Group from a “buy” rating to a “hold” rating and set a $57.00 price objective on the stock. in a research note on Monday, October 4th.

About CIT Group

CIT Group, Inc is a financial holding company, which provides financing, leasing and advisory services. It operates through the following business segments: Commercial Banking, Consumer Banking and Corporate. The Commercial Banking segment consists of four divisions, commercial finance, rail, and real estate finance and business capital.

Further Reading: Why do company’s buyback their stock?

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

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