Teacher Retirement System of Texas reduced its stake in CIT Group Inc. (NYSE:CIT) by 50.3% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 22,605 shares of the financial services provider’s stock after selling 22,836 shares during the period. Teacher Retirement System of Texas’ holdings in CIT Group were worth $1,084,000 at the end of the most recent quarter.
Several other large investors also recently bought and sold shares of the company. Enlightenment Research LLC bought a new position in CIT Group during the fourth quarter worth about $31,000. First Mercantile Trust Co. grew its holdings in CIT Group by 82.0% during the fourth quarter. First Mercantile Trust Co. now owns 910 shares of the financial services provider’s stock worth $35,000 after purchasing an additional 410 shares during the period. Pearl River Capital LLC bought a new position in CIT Group during the fourth quarter worth about $55,000. Bessemer Group Inc. grew its holdings in CIT Group by 58.2% during the fourth quarter. Bessemer Group Inc. now owns 2,857 shares of the financial services provider’s stock worth $109,000 after purchasing an additional 1,051 shares during the period. Finally, Neuburgh Advisers LLC bought a new position in CIT Group during the fourth quarter worth about $126,000.
Shares of NYSE:CIT traded up $0.71 during trading on Tuesday, reaching $51.55. 1,708 shares of the stock were exchanged, compared to its average volume of 846,803. CIT Group Inc. has a 12 month low of $35.50 and a 12 month high of $55.78. The stock has a market cap of $4.93 billion, a PE ratio of 12.74, a P/E/G ratio of 1.05 and a beta of 1.50. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 1.18.
The business also recently declared a quarterly dividend, which will be paid on Friday, May 24th. Investors of record on Friday, May 10th will be paid a $0.35 dividend. This is a boost from CIT Group’s previous quarterly dividend of $0.25. This represents a $1.40 annualized dividend and a dividend yield of 2.72%. The ex-dividend date is Thursday, May 9th. CIT Group’s payout ratio is 34.65%.
A number of equities research analysts have recently issued reports on CIT shares. TheStreet upgraded CIT Group from a “c+” rating to a “b” rating in a report on Monday, March 25th. Oppenheimer boosted their price objective on CIT Group from $49.00 to $61.00 and gave the stock an “outperform” rating in a report on Wednesday, January 30th. ValuEngine upgraded CIT Group from a “sell” rating to a “hold” rating in a report on Monday, February 4th. Zacks Investment Research cut CIT Group from a “buy” rating to a “hold” rating in a report on Wednesday, January 23rd. Finally, Citigroup boosted their price objective on CIT Group from $55.00 to $62.00 and gave the stock a “buy” rating in a report on Wednesday, April 24th. Seven analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. CIT Group has an average rating of “Hold” and a consensus price target of $55.26.
In related news, EVP Edward K. Sperling sold 2,224 shares of the business’s stock in a transaction that occurred on Wednesday, March 6th. The stock was sold at an average price of $50.16, for a total value of $111,555.84. Following the completion of the sale, the executive vice president now directly owns 10,336 shares in the company, valued at $518,453.76. The sale was disclosed in a filing with the SEC, which is available at this link. Also, insider Matthew Galligan sold 997 shares of the business’s stock in a transaction that occurred on Friday, March 8th. The shares were sold at an average price of $48.65, for a total value of $48,504.05. Following the completion of the sale, the insider now owns 30,575 shares of the company’s stock, valued at $1,487,473.75. The disclosure for this sale can be found here. Over the last quarter, insiders sold 5,521 shares of company stock valued at $278,924. 0.42% of the stock is currently owned by corporate insiders.
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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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