Cambria Investment Management L.P. cut its position in shares of CIT Group Inc. (NYSE:CIT) by 4.7% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 20,358 shares of the financial services provider’s stock after selling 1,002 shares during the period. Cambria Investment Management L.P.’s holdings in CIT Group were worth $977,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds have also recently bought and sold shares of CIT. JPMorgan Chase & Co. boosted its holdings in shares of CIT Group by 62.7% in the 3rd quarter. JPMorgan Chase & Co. now owns 749,223 shares of the financial services provider’s stock valued at $38,668,000 after acquiring an additional 288,662 shares during the last quarter. Bank of Montreal Can boosted its holdings in shares of CIT Group by 120.5% in the 4th quarter. Bank of Montreal Can now owns 30,676 shares of the financial services provider’s stock valued at $1,175,000 after acquiring an additional 16,762 shares during the last quarter. Assenagon Asset Management S.A. purchased a new stake in shares of CIT Group in the 4th quarter valued at $406,000. Oppenheimer Asset Management Inc. boosted its holdings in shares of CIT Group by 5.8% in the 4th quarter. Oppenheimer Asset Management Inc. now owns 4,521 shares of the financial services provider’s stock valued at $173,000 after acquiring an additional 248 shares during the last quarter. Finally, Fjarde AP Fonden Fourth Swedish National Pension Fund boosted its holdings in shares of CIT Group by 18.6% in the 4th quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 51,607 shares of the financial services provider’s stock valued at $1,975,000 after acquiring an additional 8,100 shares during the last quarter.
CIT opened at $49.39 on Friday. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 1.18. CIT Group Inc. has a 1 year low of $35.50 and a 1 year high of $55.48. The firm has a market capitalization of $4.98 billion, a P/E ratio of 12.23, a PEG ratio of 1.06 and a beta of 1.50.
The company also recently announced 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 2.83%. The ex-dividend date of this dividend is Thursday, May 9th. CIT Group’s payout ratio is currently 34.65%.
In related news, EVP Edward K. Sperling sold 2,224 shares of the business’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 completion of the transaction, the executive vice president now directly owns 10,336 shares in the company, valued at approximately $518,453.76. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Matthew Galligan sold 2,300 shares of the business’s stock in a transaction on Monday, February 25th. The shares were sold at an average price of $51.68, for a total transaction of $118,864.00. Following the completion of the transaction, the insider now owns 33,841 shares of the company’s stock, valued at $1,748,902.88. 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. Company insiders own 0.42% of the company’s stock.
Several analysts have recently commented on the stock. ValuEngine raised shares of CIT Group from a “sell” rating to a “hold” rating in a report on Monday, February 4th. Oppenheimer upped their price objective on shares of CIT Group from $63.00 to $71.00 and gave the company an “outperform” rating in a report on Wednesday, April 24th. Zacks Investment Research raised shares of CIT Group from a “sell” rating to a “hold” rating in a report on Monday, April 22nd. UBS Group upped their price objective on shares of CIT Group from $55.00 to $60.00 and gave the company a “buy” rating in a report on Wednesday, April 24th. Finally, Citigroup upped their price objective on shares of CIT Group from $55.00 to $62.00 and gave the company a “buy” rating in a report on Wednesday, April 24th. Seven equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. CIT Group has a consensus rating of “Hold” and a consensus price target of $55.26.
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CIT Group Company 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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