BlackRock Inc. grew its stake in CIT Group Inc. (NYSE:CIT) by 2.9% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 7,146,945 shares of the financial services provider’s stock after acquiring an additional 202,373 shares during the quarter. BlackRock Inc. owned 6.32% of CIT Group worth $360,277,000 at the end of the most recent quarter.
A number of other institutional investors also recently added to or reduced their stakes in the business. Fjarde AP Fonden Fourth Swedish National Pension Fund boosted its holdings in CIT Group by 1.8% in the first quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 55,775 shares of the financial services provider’s stock worth $2,872,000 after acquiring an additional 1,000 shares in the last quarter. Toronto Dominion Bank lifted its holdings in shares of CIT Group by 12.6% during the first quarter. Toronto Dominion Bank now owns 8,986 shares of the financial services provider’s stock valued at $463,000 after purchasing an additional 1,004 shares in the last quarter. KBC Group NV lifted its holdings in shares of CIT Group by 17.3% during the second quarter. KBC Group NV now owns 8,046 shares of the financial services provider’s stock valued at $406,000 after purchasing an additional 1,184 shares in the last quarter. American Century Companies Inc. lifted its holdings in shares of CIT Group by 11.3% during the first quarter. American Century Companies Inc. now owns 12,550 shares of the financial services provider’s stock valued at $646,000 after purchasing an additional 1,277 shares in the last quarter. Finally, State of Alaska Department of Revenue lifted its holdings in shares of CIT Group by 11.1% during the second quarter. State of Alaska Department of Revenue now owns 29,318 shares of the financial services provider’s stock valued at $1,477,000 after purchasing an additional 2,920 shares in the last quarter.
A number of brokerages have recently issued reports on CIT. Compass Point began coverage on CIT Group in a report on Friday, June 29th. They set a “buy” rating and a $49.64 price target on the stock. TheStreet raised CIT Group from a “c+” rating to a “b-” rating in a report on Wednesday, July 18th. Morgan Stanley upped their price target on CIT Group from $57.00 to $58.00 and gave the company an “equal weight” rating in a report on Tuesday, July 31st. Credit Suisse Group upped their price target on CIT Group from $54.00 to $56.00 and gave the company a “neutral” rating in a report on Friday, June 29th. Finally, Stephens downgraded CIT Group from an “overweight” rating to an “equal weight” rating and set a $60.00 price target on the stock. in a report on Monday, August 27th. Ten analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. CIT Group currently has a consensus rating of “Hold” and an average price target of $54.55.
CIT Group stock opened at $53.20 on Friday. The firm has a market cap of $6.16 billion, a P/E ratio of 17.33, a PEG ratio of 1.34 and a beta of 1.27. The company has a debt-to-equity ratio of 1.43, a current ratio of 1.04 and a quick ratio of 1.04. CIT Group Inc. has a one year low of $44.29 and a one year high of $56.14.
CIT Group (NYSE:CIT) last posted its quarterly earnings data on Tuesday, July 24th. The financial services provider reported $1.00 EPS for the quarter, beating analysts’ consensus estimates of $0.97 by $0.03. The company had revenue of $524.00 million during the quarter, compared to analysts’ expectations of $473.70 million. CIT Group had a return on equity of 7.38% and a net margin of 10.81%. CIT Group’s revenue for the quarter was up 10.5% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.68 earnings per share. research analysts anticipate that CIT Group Inc. will post 4.07 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Friday, August 24th. Investors of record on Friday, August 10th were given a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 1.88%. The ex-dividend date was Thursday, August 9th. This is a boost from CIT Group’s previous quarterly dividend of $0.16. CIT Group’s dividend payout ratio is 32.57%.
About CIT Group
CIT Group Inc operates as the bank holding company for CIT Bank, National Association that provides banking and related services to commercial and individual customers. The company operates through three segments: Commercial Banking, Consumer Banking, and Non-Strategic Portfolios (NSP). 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; and equipment leasing and secured financing to railroads and non-rail companies.
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