FORA Capital LLC bought a new position in CIT Group Inc. (NYSE:CIT) in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm bought 2,529 shares of the financial services provider’s stock, valued at approximately $130,000.
Other hedge funds have also recently added to or reduced their stakes in the company. CNH Partners LLC lifted its stake in shares of CIT Group by 365.0% in the 1st quarter. CNH Partners LLC now owns 344,720 shares of the financial services provider’s stock worth $17,757,000 after acquiring an additional 270,587 shares during the period. Goldman Sachs Group Inc. lifted its stake in shares of CIT Group by 12.3% in the 1st quarter. Goldman Sachs Group Inc. now owns 939,616 shares of the financial services provider’s stock worth $48,400,000 after acquiring an additional 102,868 shares during the period. Russell Investments Group Ltd. lifted its stake in shares of CIT Group by 81.6% in the 1st quarter. Russell Investments Group Ltd. now owns 48,319 shares of the financial services provider’s stock worth $2,488,000 after acquiring an additional 21,706 shares during the period. Alliancebernstein L.P. increased its holdings in shares of CIT Group by 78.2% in the 1st quarter. Alliancebernstein L.P. now owns 450,270 shares of the financial services provider’s stock valued at $23,193,000 after purchasing an additional 197,621 shares in the last quarter. Finally, Corient Capital Partners LLC purchased a new position in shares of CIT Group in the 1st quarter valued at about $820,000. Institutional investors own 93.01% of the company’s stock.
A number of brokerages have recently issued reports on CIT. Zacks Investment Research upgraded shares of CIT Group from a “hold” rating to a “strong-buy” rating and set a $56.00 price target for the company in a report on Thursday, July 8th. Wells Fargo & Company increased their price target on shares of CIT Group from $38.00 to $54.00 and gave the company an “equal weight” rating in a report on Thursday, April 29th. Keefe, Bruyette & Woods upgraded shares of CIT Group from a “market perform” rating to an “outperform” rating and increased their price target for the company from $37.00 to $62.00 in a report on Monday, April 19th. Citigroup increased their price target on shares of CIT Group from $47.00 to $52.00 in a report on Wednesday, April 14th. Finally, raised their target price on shares of CIT Group from $47.00 to $52.00 in a report on Wednesday, April 14th. Seven equities research analysts have rated the stock with a hold rating, two have given a buy rating and one has assigned a strong buy rating to the stock. The stock has an average rating of “Hold” and a consensus price target of $45.06.
CIT Group (NYSE:CIT) last issued its quarterly earnings results on Wednesday, April 28th. The financial services provider reported $2.47 EPS for the quarter, topping analysts’ consensus estimates of $0.98 by $1.49. The business had revenue of $557.00 million during the quarter, compared to the consensus estimate of $464.00 million. CIT Group had a net margin of 10.06% and a return on equity of 8.27%. The company’s quarterly revenue was up 12.3% compared to the same quarter last year. During the same period in the previous year, the firm posted ($2.43) earnings per share. As a group, sell-side analysts predict that CIT Group Inc. will post 4.17 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Friday, August 13th. Stockholders of record on Friday, July 30th will be issued a dividend of $0.35 per share. The ex-dividend date is Thursday, July 29th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 2.91%. CIT Group’s dividend payout ratio (DPR) is presently -200.00%.
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 provides a range of commercial lending, leasing, and deposit products; loans comprising revolving lines of credit, term loans, unsecured loans, collateral-backed loans, asset-based loans, commercial real estate loans, and cash flow loans; and ancillary services and products, including cash management, capital markets, and advisory services primarily to small and middle market companies.
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