Macquarie Group Ltd. Raises Position in CIT Group Inc. (CIT)
Macquarie Group Ltd. boosted its position in shares of CIT Group Inc. (NYSE:CIT) by 655.3% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 35,500 shares of the financial services provider’s stock after buying an additional 30,800 shares during the period. Macquarie Group Ltd.’s holdings in CIT Group were worth $1,133,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Geode Capital Management LLC increased its stake in shares of CIT Group by 6.3% in the first quarter. Geode Capital Management LLC now owns 1,196,226 shares of the financial services provider’s stock worth $37,100,000 after buying an additional 70,889 shares during the period. Kingstown Capital Management L.P. bought a new stake in shares of CIT Group during the first quarter worth about $62,060,000. Legal & General Group Plc increased its stake in shares of CIT Group by 0.3% in the first quarter. Legal & General Group Plc now owns 828,832 shares of the financial services provider’s stock worth $25,720,000 after buying an additional 2,864 shares during the period. Royal Bank of Canada increased its stake in shares of CIT Group by 32.8% in the first quarter. Royal Bank of Canada now owns 681,112 shares of the financial services provider’s stock worth $21,136,000 after buying an additional 168,305 shares during the period. Finally, Price Michael F increased its stake in shares of CIT Group by 11.8% in the first quarter. Price Michael F now owns 520,000 shares of the financial services provider’s stock worth $16,136,000 after buying an additional 55,000 shares during the period. Institutional investors own 98.46% of the company’s stock.
Shares of CIT Group Inc. (NYSE:CIT) opened at 34.80 on Wednesday. The stock has a market cap of $7.03 billion, a PE ratio of 6.95 and a beta of 1.52. The company’s 50-day moving average price is $35.44 and its 200 day moving average price is $33.51. CIT Group Inc. has a 1-year low of $25.19 and a 1-year high of $46.51.
CIT Group (NYSE:CIT) last released its earnings results on Thursday, July 28th. The financial services provider reported $0.90 earnings per share for the quarter, topping 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 firm had revenue of $645.10 million for the quarter, compared to the consensus estimate of $620.33 million. During the same period in the prior year, the business posted $0.66 earnings per share. The firm’s revenue for the quarter was up 58.7% compared to the same quarter last year. Equities analysts forecast 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. Shareholders of record on Friday, August 12th were paid a dividend of $0.15 per share. The ex-dividend date of this dividend was Wednesday, August 10th. This represents a $0.60 annualized dividend and a yield of 1.72%. CIT Group’s dividend payout ratio is presently 11.70%.
A number of analysts have issued reports on CIT shares. Credit Suisse Group AG cut their target price on CIT Group from $42.00 to $34.55 and set a “neutral” rating for the company in a research note on Monday, August 15th. TheStreet raised CIT Group from a “hold” rating to a “buy” rating in a research note on Monday, August 8th. Zacks Investment Research raised CIT Group from a “sell” rating to a “hold” rating in a research note on Friday, July 8th. BTIG Research reaffirmed a “buy” rating and issued a $52.00 target price on shares of CIT Group in a research note on Wednesday, August 17th. Finally, Nomura raised their price objective on CIT Group from $33.00 to $35.00 and gave the stock a “neutral” rating in a research report on Friday, July 29th. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating and nine have given a buy rating to the company. The company has a consensus rating of “Hold” and a consensus price target of $43.78.
CIT Group Company Profile
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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