Rhumbline Advisers cut its holdings in CIT Group (NYSE:CIT) by 9.3% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 161,718 shares of the financial services provider’s stock after selling 16,598 shares during the quarter. Rhumbline Advisers owned about 0.13% of CIT Group worth $8,328,000 as of its most recent filing with the SEC.
Other hedge funds and other institutional investors have also bought and sold shares of the company. Avestar Capital LLC acquired a new position in CIT Group in the fourth quarter valued at $132,000. Quantitative Systematic Strategies LLC acquired a new position in shares of CIT Group during the fourth quarter worth about $240,000. Virtu Financial LLC acquired a new position in shares of CIT Group during the fourth quarter worth about $240,000. Focused Wealth Management Inc acquired a new position in shares of CIT Group during the fourth quarter worth about $268,000. Finally, Mutual of America Capital Management LLC acquired a new position in shares of CIT Group during the fourth quarter worth about $287,000.
Shares of CIT Group opened at $54.65 on Friday, according to MarketBeat.com. The company has a current ratio of 1.09, a quick ratio of 1.09 and a debt-to-equity ratio of 1.53. CIT Group has a twelve month low of $53.42 and a twelve month high of $53.98. The stock has a market cap of $6.89 billion, a price-to-earnings ratio of 14.85, a P/E/G ratio of 1.32 and a beta of 1.30.
CIT Group (NYSE:CIT) last issued its earnings results on Tuesday, April 24th. The financial services provider reported $0.74 earnings per share for the quarter, missing the consensus estimate of $0.96 by ($0.22). CIT Group had a return on equity of 7.76% and a net margin of 11.93%. The company had revenue of $495.00 million for the quarter, compared to analyst estimates of $481.00 million. During the same quarter in the previous year, the company posted $0.54 earnings per share. equities analysts anticipate that CIT Group will post 4.1 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Friday, May 25th. Shareholders of record on Friday, May 11th will be given a dividend of $0.16 per share. The ex-dividend date is Thursday, May 10th. This represents a $0.64 annualized dividend and a yield of 1.17%. CIT Group’s payout ratio is currently 20.85%.
In other CIT Group news, insider James L. Hudak sold 2,000 shares of the company’s stock in a transaction dated Thursday, March 1st. The shares were sold at an average price of $53.63, for a total transaction of $107,260.00. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Corporate insiders own 0.27% of the company’s stock.
A number of brokerages have recently issued reports on CIT. ValuEngine lowered shares of CIT Group from a “buy” rating to a “hold” rating in a research note on Thursday, May 3rd. BTIG Research reiterated a “buy” rating and set a $57.00 price target on shares of CIT Group in a research note on Wednesday, April 18th. BMO Capital Markets dropped their price target on shares of CIT Group from $49.00 to $46.00 and set a “market perform” rating on the stock in a research note on Wednesday, April 25th. Zacks Investment Research lowered shares of CIT Group from a “buy” rating to a “hold” rating in a research note on Tuesday, March 6th. Finally, Credit Suisse Group boosted their price target on shares of CIT Group from $50.00 to $54.00 and gave the stock a “neutral” rating in a research note on Monday, February 5th. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating and six have given a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus target price of $54.83.
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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