CIT Group Inc. (CIT) Holdings Increased by Commonwealth Bank of Australia

Commonwealth Bank of Australia raised its holdings in CIT Group Inc. (NYSE:CIT) by 77.0% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 37,700 shares of the financial services provider’s stock after buying an additional 16,400 shares during the quarter. Commonwealth Bank of Australia’s holdings in CIT Group were worth $1,438,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also bought and sold shares of the company. Capital International Investors purchased a new stake in shares of CIT Group during the 3rd quarter worth about $92,642,000. AXA purchased a new stake in shares of CIT Group during the 3rd quarter worth about $1,482,000. Jefferies Group LLC purchased a new stake in shares of CIT Group during the 3rd quarter worth about $1,836,000. Capital Fund Management S.A. grew its holdings in shares of CIT Group by 200.6% during the 3rd quarter. Capital Fund Management S.A. now owns 133,624 shares of the financial services provider’s stock worth $6,896,000 after purchasing an additional 89,169 shares during the period. Finally, Shell Asset Management Co. grew its holdings in shares of CIT Group by 59.5% during the 3rd quarter. Shell Asset Management Co. now owns 9,078 shares of the financial services provider’s stock worth $469,000 after purchasing an additional 3,386 shares during the period. Institutional investors own 96.11% of the company’s stock.

In other CIT Group news, EVP Edward K. Sperling sold 2,224 shares of the company’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 transaction, the executive vice president now directly owns 10,336 shares of the company’s stock, valued at approximately $518,453.76. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Matthew Galligan sold 997 shares of the company’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 transaction, the insider now directly owns 30,575 shares in the company, valued at $1,487,473.75. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 10,896 shares of company stock worth $552,081. 0.27% of the stock is currently owned by corporate insiders.



A number of analysts have recently issued reports on CIT shares. Zacks Investment Research upgraded CIT Group from a “sell” rating to a “hold” rating in a report on Monday, November 26th. UBS Group raised CIT Group from a “neutral” rating to a “buy” rating in a research report on Wednesday, January 9th. Barclays set a $47.00 price target on CIT Group and gave the stock a “hold” rating in a research report on Friday, December 14th. ValuEngine lowered CIT Group from a “hold” rating to a “sell” rating in a research report on Tuesday, November 20th. Finally, TheStreet lowered CIT Group from a “b” rating to a “c” rating in a research report on Thursday, November 15th. Seven investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. The company presently has an average rating of “Hold” and a consensus price target of $53.36.

CIT Group stock opened at $50.07 on Friday. The company has a market cap of $5.07 billion, a P/E ratio of 12.39, a P/E/G ratio of 1.00 and a beta of 1.49. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 1.44. CIT Group Inc. has a one year low of $35.50 and a one year high of $55.78.

CIT Group (NYSE:CIT) last released its quarterly earnings results on Tuesday, January 29th. The financial services provider reported $1.21 EPS for the quarter, topping the consensus estimate of $1.10 by $0.11. The firm had revenue of $421.00 million for the quarter, compared to analyst estimates of $507.00 million. CIT Group had a return on equity of 7.80% and a net margin of 13.66%. During the same period in the previous year, the company posted $0.99 EPS. Sell-side analysts expect that CIT Group Inc. will post 4.91 EPS for the current year.

The firm also recently announced a quarterly dividend, which was paid on Friday, February 22nd. Shareholders of record on Friday, February 8th were given a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.00%. The ex-dividend date of this dividend was Thursday, February 7th. CIT Group’s payout ratio is 24.75%.

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About CIT Group

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.

Further Reading: Quiet Period

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Institutional Ownership by Quarter for CIT Group (NYSE:CIT)

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