Trutina Financial LLC Buys New Position in CIT Group Inc. (CIT)
Trutina Financial LLC bought a new stake in shares of CIT Group Inc. (NYSE:CIT) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 37,475 shares of the financial services provider’s stock, valued at approximately $1,196,000. CIT Group comprises about 1.5% of Trutina Financial LLC’s holdings, making the stock its 26th largest position.
A number of other large investors also recently modified their holdings of CIT. Norges Bank bought a new stake in shares of CIT Group during the fourth quarter valued at $84,017,000. Kingstown Capital Management L.P. acquired a new stake in CIT Group during the first quarter valued at $62,060,000. Sound Shore Management Inc. CT boosted its stake in CIT Group by 17.2% in the first quarter. Sound Shore Management Inc. CT now owns 5,328,967 shares of the financial services provider’s stock valued at $165,358,000 after buying an additional 781,832 shares during the period. Prudential Financial Inc. boosted its stake in CIT Group by 1,980.4% in the first quarter. Prudential Financial Inc. now owns 607,512 shares of the financial services provider’s stock valued at $18,851,000 after buying an additional 578,310 shares during the period. Finally, Birch Run Capital Advisors LP boosted its stake in CIT Group by 290.7% in the first quarter. Birch Run Capital Advisors LP now owns 293,000 shares of the financial services provider’s stock valued at $9,092,000 after buying an additional 218,000 shares during the period. Institutional investors own 98.47% of the company’s stock.
CIT Group Inc. (NYSE:CIT) traded down 0.66% during mid-day trading on Tuesday, hitting $34.80. The company’s stock had a trading volume of 708,385 shares. CIT Group Inc. has a 12-month low of $25.19 and a 12-month high of $46.51. The company has a market cap of $7.03 billion, a P/E ratio of 6.95 and a beta of 1.52. The firm’s 50-day moving average is $35.44 and its 200-day moving average is $33.51.
CIT Group (NYSE:CIT) last announced its earnings results on Thursday, July 28th. The financial services provider reported $0.90 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.77 by $0.13. CIT Group had a return on equity of 5.54% and a net margin of 22.45%. The business earned $645.10 million during the quarter, compared to analyst estimates of $620.33 million. During the same quarter in the previous year, the business earned $0.66 earnings per share. The company’s revenue for the quarter was up 58.7% compared to the same quarter last year. Analysts predict that CIT Group Inc. will post $2.32 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Friday, August 26th. Investors of record on Friday, August 12th were issued a $0.15 dividend. The ex-dividend date was Wednesday, August 10th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.72%. CIT Group’s payout ratio is 11.70%.
CIT has been the subject of several research analyst reports. TheStreet upgraded CIT Group from a “hold” rating to a “buy” rating in a report on Monday, August 8th. BTIG Research reiterated a “buy” rating and issued a $52.00 price objective on shares of CIT Group in a report on Wednesday, August 17th. Barclays PLC dropped their price objective on CIT Group from $37.00 to $35.00 and set an “equal weight” rating for the company in a report on Friday, July 29th. Zacks Investment Research upgraded CIT Group from a “sell” rating to a “hold” rating in a report on Monday, July 18th. Finally, Deutsche Bank AG reiterated a “hold” rating on shares of CIT Group in a report on Wednesday, June 15th. One equities research analyst has rated the stock with a sell rating, ten have assigned a hold rating and nine have given a buy rating to the company. The company currently has a consensus rating of “Hold” and an average target price of $43.78.
About CIT Group
CIT Group Inc (CIT) is a bank holding company. The Company, together with its subsidiaries, provides financing, leasing and advisory services to middle market companies in a range of industries in North America, and equipment financing and leasing solutions to the transportation industry around the world.
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