UBS Asset Management Americas Inc. Has $14,736,000 Stake in CIT Group Inc. (CIT)
UBS Asset Management Americas Inc. increased its stake in CIT Group Inc. (NYSE:CIT) by 6.5% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 461,834 shares of the financial services provider’s stock after buying an additional 28,095 shares during the period. UBS Asset Management Americas Inc. owned 0.23% of CIT Group worth $14,736,000 at the end of the most recent quarter.
Other large investors also recently made changes to their positions in the company. Lorber David A bought a new stake in shares of CIT Group during the first quarter valued at $114,000. Global X Management Co. LLC increased its stake in shares of 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 valued at $119,000 after buying an additional 1,393 shares in the last quarter. Mn Services Vermogensbeheer B.V. increased its stake in shares of 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 valued at $146,000 after buying an additional 761 shares in the last quarter. Daiwa Securities Group Inc. increased its stake in shares of 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 valued at $150,000 after buying an additional 600 shares in the last quarter. Finally, IFP Advisors Inc increased its stake in shares of CIT Group by 4.6% in the first quarter. IFP Advisors Inc now owns 4,998 shares of the financial services provider’s stock valued at $155,000 after buying an additional 219 shares in the last quarter. 98.46% of the stock is currently owned by institutional investors.
Shares of CIT Group Inc. (NYSE:CIT) traded up 0.37% during mid-day trading on Thursday, hitting $35.56. 529,058 shares of the stock were exchanged. The company has a 50-day moving average of $35.50 and a 200 day moving average of $33.52. CIT Group Inc. has a one year low of $25.19 and a one year high of $46.51. The stock has a market cap of $7.18 billion, a PE ratio of 7.10 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. CIT Group had a net margin of 22.45% and a return on equity of 5.54%. The company had revenue of $645.10 million for the quarter, compared to analyst estimates 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. On average, equities analysts predict that CIT Group Inc. will post $2.32 earnings per share 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 given a dividend of $0.15 per share. The ex-dividend date was Wednesday, August 10th. This represents a $0.60 annualized dividend and a yield of 1.69%. CIT Group’s payout ratio is currently 11.70%.
CIT has been the topic of several analyst reports. TheStreet raised CIT Group from a “hold” rating to a “buy” rating in a research report on Monday, August 8th. BTIG Research reaffirmed a “buy” rating and set a $52.00 price target on shares of CIT Group in a research report on Wednesday, August 17th. Barclays PLC dropped their target price on CIT Group from $37.00 to $35.00 and set an “equal weight” rating on the stock in a research report on Friday, July 29th. Zacks Investment Research upgraded CIT Group from a “sell” rating to a “hold” rating in a research report on Monday, July 18th. Finally, Deutsche Bank AG restated a “hold” rating on shares of CIT Group in a research report on Wednesday, June 15th. One investment analyst has rated the stock with a sell rating, ten have given a hold rating and nine have given a buy rating to the stock. CIT Group currently 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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