Janney Montgomery Scott LLC grew its position in shares of CIT Group Inc. (NYSE:CIT) by 109.9% in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 17,054 shares of the financial services provider’s stock after purchasing an additional 8,928 shares during the quarter. Janney Montgomery Scott LLC’s holdings in CIT Group were worth $773,000 as of its most recent SEC filing.
Other institutional investors have also recently added to or reduced their stakes in the company. Redpoint Investment Management Pty Ltd raised its holdings in CIT Group by 81.3% during the 2nd quarter. Redpoint Investment Management Pty Ltd now owns 53,565 shares of the financial services provider’s stock worth $2,814,000 after purchasing an additional 24,026 shares during the last quarter. Unigestion Holding SA increased its stake in shares of CIT Group by 10.8% in the 2nd quarter. Unigestion Holding SA now owns 17,754 shares of the financial services provider’s stock valued at $933,000 after acquiring an additional 1,737 shares in the last quarter. Quantamental Technologies LLC increased its stake in shares of CIT Group by 311.2% in the 2nd quarter. Quantamental Technologies LLC now owns 11,268 shares of the financial services provider’s stock valued at $592,000 after acquiring an additional 8,528 shares in the last quarter. Bank of New York Mellon Corp increased its stake in shares of CIT Group by 1.0% in the 2nd quarter. Bank of New York Mellon Corp now owns 666,741 shares of the financial services provider’s stock valued at $35,030,000 after acquiring an additional 6,483 shares in the last quarter. Finally, Amundi Pioneer Asset Management Inc. increased its stake in shares of CIT Group by 14.9% in the 2nd quarter. Amundi Pioneer Asset Management Inc. now owns 316,677 shares of the financial services provider’s stock valued at $16,638,000 after acquiring an additional 41,073 shares in the last quarter. Hedge funds and other institutional investors own 98.30% of the company’s stock.
Several research firms have recently weighed in on CIT. Morgan Stanley lowered their price objective on shares of CIT Group from $54.00 to $53.00 and set an “equal weight” rating for the company in a research note on Thursday, October 3rd. TheStreet lowered shares of CIT Group from a “b” rating to a “c+” rating in a research note on Monday, August 19th. BMO Capital Markets lifted their price objective on shares of CIT Group from $49.00 to $50.00 and gave the company a “market perform” rating in a research note on Wednesday, July 24th. Finally, ValuEngine lowered shares of CIT Group from a “hold” rating to a “sell” rating in a research note on Friday, July 26th. One analyst has rated the stock with a sell rating, four have given a hold rating and three have assigned a buy rating to the company. The stock has an average rating of “Hold” and an average target price of $55.86.
CIT Group (NYSE:CIT) last announced its quarterly earnings results on Tuesday, October 22nd. The financial services provider reported $1.29 EPS for the quarter, beating the Zacks’ consensus estimate of $1.21 by $0.08. The business had revenue of $454.00 million during the quarter, compared to analyst estimates of $460.02 million. CIT Group had a net margin of 15.11% and a return on equity of 8.99%. CIT Group’s quarterly revenue was down 4.6% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.15 EPS. Analysts forecast that CIT Group Inc. will post 5 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, November 22nd. Shareholders of record on Friday, November 8th will be paid a dividend of $0.35 per share. The ex-dividend date of this dividend is Thursday, November 7th. This represents a $1.40 dividend on an annualized basis and a yield of 3.13%. CIT Group’s dividend payout ratio (DPR) is presently 34.65%.
In other CIT Group news, insider Steve Solk purchased 2,000 shares of the firm’s stock in a transaction on Friday, August 16th. The stock was acquired at an average price of $42.45 per share, for a total transaction of $84,900.00. Following the purchase, the insider now owns 31,292 shares of the company’s stock, valued at approximately $1,328,345.40. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Alan L. Frank purchased 3,000 shares of the firm’s stock in a transaction on Thursday, August 15th. The shares were acquired at an average price of $41.30 per share, with a total value of $123,900.00. Following the purchase, the director now directly owns 15,746 shares in the company, valued at approximately $650,309.80. The disclosure for this purchase can be found here. Insiders own 0.42% of the company’s stock.
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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