Oppenheimer & Co. Inc. bought a new position in CIT Group Inc. (NYSE:CIT) during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor bought 7,726 shares of the financial services provider’s stock, valued at approximately $246,000.

A number of other large investors have also recently added to or reduced their stakes in the company. Lorber David A purchased a new stake in CIT Group during the first quarter worth approximately $114,000. Mn Services Vermogensbeheer B.V. boosted its stake in CIT Group by 17.6% in the second quarter. Mn Services Vermogensbeheer B.V. now owns 5,078 shares of the financial services provider’s stock worth $146,000 after buying an additional 761 shares during the last quarter. Daiwa Securities Group Inc. boosted 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 during the last quarter. IFP Advisors Inc boosted 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 during the last quarter. Finally, LS Investment Advisors LLC boosted its stake in CIT Group by 9.9% in the second quarter. LS Investment Advisors LLC now owns 6,308 shares of the financial services provider’s stock worth $201,000 after buying an additional 567 shares during the last quarter. Institutional investors own 98.46% of the company’s stock.

CIT Group Inc. (NYSE:CIT) traded up 0.28% during mid-day trading on Thursday, hitting $35.53. The stock had a trading volume of 646,795 shares. The firm’s 50-day moving average price is $35.50 and its 200 day moving average price is $33.52. CIT Group Inc. has a one year low of $25.19 and a one year high of $46.51. The company has a market cap of $7.18 billion, a PE ratio of 7.09 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 (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.77 by $0.13. The company earned $645.10 million during the quarter, compared to analysts’ expectations of $620.33 million. CIT Group had a return on equity of 5.54% and a net margin of 22.45%. The firm’s quarterly revenue was up 58.7% on a year-over-year basis. During the same period in the prior year, the business earned $0.66 EPS. On average, equities research analysts anticipate that CIT Group Inc. will post $2.32 EPS for the current year.

The business also recently announced a quarterly dividend, which was paid on Friday, August 26th. Shareholders of record on Friday, August 12th were issued a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 1.69%. The ex-dividend date was Wednesday, August 10th. CIT Group’s payout ratio is currently 11.70%.

A number of equities research analysts have commented on CIT shares. TheStreet upgraded shares of CIT Group from a “hold” rating to a “buy” rating in a research note on Monday, August 8th. BTIG Research reaffirmed a “buy” rating and set a $52.00 price objective on shares of CIT Group in a report on Wednesday, August 17th. Barclays PLC cut their price objective on shares of 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 raised shares of CIT Group from a “sell” rating to a “hold” rating in a report on Monday, July 18th. Finally, Deutsche Bank AG reaffirmed a “hold” rating on shares of CIT Group in a report on Wednesday, June 15th. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating and nine have assigned a buy rating to the company. CIT Group has a consensus rating of “Hold” and a consensus 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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