Meeder Asset Management Inc. boosted its stake in CIT Group Inc. (NYSE:CIT) by 148.3% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 34,850 shares of the financial services provider’s stock after purchasing an additional 20,815 shares during the quarter. Meeder Asset Management Inc.’s holdings in CIT Group were worth $1,672,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other hedge funds and other institutional investors also recently modified their holdings of CIT. Norges Bank purchased a new position in CIT Group in the 4th quarter worth approximately $79,790,000. Toronto Dominion Bank increased its stake in shares of CIT Group by 35.4% during the fourth quarter. Toronto Dominion Bank now owns 17,064 shares of the financial services provider’s stock valued at $653,000 after buying an additional 4,465 shares during the period. Hsbc Holdings PLC boosted its position in shares of CIT Group by 27.4% during the fourth quarter. Hsbc Holdings PLC now owns 67,278 shares of the financial services provider’s stock valued at $2,574,000 after purchasing an additional 14,476 shares in the last quarter. Commonwealth Bank of Australia boosted its position in shares of CIT Group by 77.0% during the fourth quarter. Commonwealth Bank of Australia now owns 37,700 shares of the financial services provider’s stock valued at $1,438,000 after purchasing an additional 16,400 shares in the last quarter. Finally, JPMorgan Chase & Co. boosted its position in shares of CIT Group by 62.7% during the third quarter. JPMorgan Chase & Co. now owns 749,223 shares of the financial services provider’s stock valued at $38,668,000 after purchasing an additional 288,662 shares in the last quarter.
CIT has been the topic of several research reports. Zacks Investment Research lowered CIT Group from a “buy” rating to a “hold” rating in a research report on Wednesday, January 23rd. UBS Group upgraded CIT Group from a “neutral” rating to a “buy” rating in a research report on Wednesday, January 9th. Oppenheimer lifted their price target on CIT Group from $61.00 to $63.00 and gave the company an “outperform” rating in a research report on Tuesday, March 26th. ValuEngine upgraded CIT Group from a “sell” rating to a “hold” rating in a research report on Saturday, April 13th. Finally, TheStreet upgraded CIT Group from a “c+” rating to a “b” rating in a research report on Monday, March 25th. Seven investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus target price of $55.26.
CIT Group (NYSE:CIT) last released its earnings results on Tuesday, April 23rd. The financial services provider reported $1.18 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.09 by $0.09. CIT Group had a return on equity of 8.45% and a net margin of 14.23%. The business had revenue of $466.20 million for the quarter, compared to the consensus estimate of $461.11 million. During the same period in the previous year, the company posted $0.69 earnings per share. The company’s revenue for the quarter was down 5.9% compared to the same quarter last year. On average, equities research analysts predict that CIT Group Inc. will post 4.88 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Friday, May 24th. Shareholders of record on Friday, May 10th will be issued a $0.35 dividend. This represents a $1.40 annualized dividend and a yield of 2.72%. This is an increase from CIT Group’s previous quarterly dividend of $0.25. The ex-dividend date of this dividend is Thursday, May 9th. CIT Group’s payout ratio is 24.75%.
In other news, insider Matthew Galligan sold 997 shares of the company’s stock in a transaction on Friday, March 8th. The stock was sold at an average price of $48.65, for a total transaction of $48,504.05. Following the transaction, the insider now directly owns 30,575 shares of the company’s stock, valued at $1,487,473.75. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Edward K. Sperling sold 2,224 shares of the company’s stock in a transaction on Wednesday, March 6th. The shares were sold at an average price of $50.16, for a total value of $111,555.84. Following the transaction, the executive vice president now directly owns 10,336 shares in the company, valued at $518,453.76. The disclosure for this sale can be found here. Insiders sold 10,896 shares of company stock worth $552,081 over the last three months. Corporate insiders own 0.42% of the company’s stock.
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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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