Virginia Retirement Systems ET AL Takes Position in CIT Group Inc. (CIT)
Virginia Retirement Systems ET AL acquired a new position in CIT Group Inc. (NYSE:CIT) during the second quarter, according to its most recent Form 13F filing with the SEC. The fund acquired 123,100 shares of the financial services provider’s stock, valued at approximately $3,928,000. Virginia Retirement Systems ET AL owned 0.06% of CIT Group at the end of the most recent quarter.
A number of other institutional investors also recently made changes to their positions in CIT. Mizuho Asset Management Co. Ltd. increased its stake in CIT Group by 174.1% in the second quarter. Mizuho Asset Management Co. Ltd. now owns 3,396 shares of the financial services provider’s stock worth $108,000 after buying an additional 2,157 shares in the last quarter. Lorber David A acquired a new stake in CIT Group during the first quarter worth approximately $114,000. Global X Management Co. LLC increased its stake in CIT Group by 59.5% in the second quarter. Global X Management Co. LLC now owns 3,733 shares of the financial services provider’s stock worth $119,000 after buying an additional 1,393 shares in the last quarter. Daiwa Securities Group Inc. increased its stake in CIT Group by 14.6% in the second quarter. Daiwa Securities Group Inc. now owns 4,700 shares of the financial services provider’s stock worth $150,000 after buying an additional 600 shares in the last quarter. Finally, IFP Advisors Inc increased its stake in CIT Group by 4.6% in the first quarter. IFP Advisors Inc now owns 4,998 shares of the financial services provider’s stock worth $155,000 after buying an additional 219 shares in the last quarter. Hedge funds and other 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 50 day moving average price of $35.44 and a 200 day moving average price of $33.51. CIT Group Inc. has a 12-month low of $25.19 and a 12-month high of $46.51. The stock has a market capitalization of $7.03 billion, a P/E ratio of 6.95 and a beta of 1.52.
CIT Group (NYSE:CIT) last issued its earnings results on Thursday, July 28th. The financial services provider reported $0.90 earnings per share for the quarter, topping the consensus estimate of $0.77 by $0.13. The business had revenue of $645.10 million for the quarter, compared to analyst estimates of $620.33 million. CIT Group had a return on equity of 5.54% and a net margin of 22.45%. The business’s quarterly revenue was up 58.7% on a year-over-year basis. During the same period last year, the company posted $0.66 EPS. On average, equities analysts anticipate that CIT Group Inc. will post $2.32 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Friday, August 26th. Investors of record on Friday, August 12th were given a $0.15 dividend. This represents a $0.60 annualized dividend and a dividend yield of 1.72%. The ex-dividend date was Wednesday, August 10th. CIT Group’s dividend payout ratio (DPR) is currently 11.70%.
A number of equities research analysts have commented on the company. BTIG Research restated a “buy” rating and issued a $52.00 target price on shares of CIT Group in a research report on Wednesday, August 17th. 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 Monday, July 18th. Nomura lifted their price objective on CIT Group from $33.00 to $35.00 and gave the company a “neutral” rating in a research note on Friday, July 29th. Finally, 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 research note 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 assigned a buy rating to the company’s stock. CIT Group currently has an average rating of “Hold” and a consensus price target 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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