Janus Henderson Group PLC Reduces Stake in CIT Group Inc. (CIT)

Janus Henderson Group PLC lowered its position in shares of CIT Group Inc. (NYSE:CIT) by 41.1% in the first quarter, HoldingsChannel reports. The institutional investor owned 37,989 shares of the financial services provider’s stock after selling 26,521 shares during the period. Janus Henderson Group PLC’s holdings in CIT Group were worth $1,823,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Janney Montgomery Scott LLC raised its stake in CIT Group by 36.7% during the first quarter. Janney Montgomery Scott LLC now owns 7,591 shares of the financial services provider’s stock worth $364,000 after acquiring an additional 2,037 shares in the last quarter. Quantamental Technologies LLC bought a new stake in shares of CIT Group during the first quarter worth about $131,000. SG Americas Securities LLC grew its holdings in shares of CIT Group by 3.3% during the first quarter. SG Americas Securities LLC now owns 26,311 shares of the financial services provider’s stock worth $1,262,000 after purchasing an additional 848 shares during the last quarter. Arizona State Retirement System grew its holdings in shares of CIT Group by 3.7% during the first quarter. Arizona State Retirement System now owns 49,847 shares of the financial services provider’s stock worth $2,391,000 after purchasing an additional 1,773 shares during the last quarter. Finally, Fjarde AP Fonden Fourth Swedish National Pension Fund grew its holdings in shares of CIT Group by 7.3% during the first quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 55,349 shares of the financial services provider’s stock worth $2,655,000 after purchasing an additional 3,742 shares during the last quarter.

In related news, insider Matthew Galligan sold 2,300 shares of the company’s stock in a transaction that occurred on Monday, February 25th. The stock was sold at an average price of $51.68, for a total value of $118,864.00. Following the sale, the insider now directly owns 33,841 shares in the company, valued at $1,748,902.88. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Edward K. Sperling sold 2,224 shares of the company’s stock in a transaction that occurred 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 sale, the executive vice president now owns 10,336 shares in the company, valued at $518,453.76. The disclosure for this sale can be found here. Insiders sold 5,521 shares of company stock worth $278,924 over the last quarter. 0.42% of the stock is currently owned by company insiders.



CIT has been the topic of several research reports. Zacks Investment Research cut CIT Group from a “buy” rating to a “hold” rating in a report on Wednesday, January 23rd. Oppenheimer boosted their price target on CIT Group from $61.00 to $63.00 and gave the stock an “outperform” rating in a report on Tuesday, March 26th. ValuEngine upgraded CIT Group from a “sell” rating to a “hold” rating in a report on Saturday, April 13th. TheStreet upgraded CIT Group from a “c+” rating to a “b” rating in a report on Monday, March 25th. Finally, Citigroup boosted their price target on CIT Group from $55.00 to $62.00 and gave the stock 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 issued a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus price target of $55.26.

Shares of CIT stock opened at $50.84 on Tuesday. CIT Group Inc. has a one year low of $35.50 and a one year high of $55.78. The company has a market capitalization of $4.93 billion, a P/E ratio of 12.58, a P/E/G ratio of 1.05 and a beta of 1.50. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 1.18.

CIT Group (NYSE:CIT) last announced its earnings results on Tuesday, April 23rd. The financial services provider reported $1.18 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.09 by $0.09. CIT Group had a return on equity of 8.58% and a net margin of 14.23%. The business had revenue of $466.20 million for the quarter, compared to analysts’ expectations of $461.11 million. During the same period in the prior year, the business posted $0.69 earnings per share. The firm’s revenue was down 5.9% on a year-over-year basis. As a group, sell-side analysts anticipate that CIT Group Inc. will post 4.88 EPS for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Friday, May 24th. Investors of record on Friday, May 10th will be issued a $0.35 dividend. The ex-dividend date is Thursday, May 9th. This is a boost from CIT Group’s previous quarterly dividend of $0.25. This represents a $1.40 annualized dividend and a yield of 2.75%. CIT Group’s dividend payout ratio is presently 34.65%.

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

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