CIT Group Inc. (CIT) Shares Bought by BlackRock Advisors LLC
BlackRock Advisors LLC increased its position in CIT Group Inc. (NYSE:CIT) by 8.2% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 215,638 shares of the financial services provider’s stock after buying an additional 16,413 shares during the period. BlackRock Advisors LLC owned approximately 0.11% of CIT Group worth $6,881,000 at the end of the most recent quarter.
A number of other large investors also recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its stake in CIT Group by 4.0% in the second quarter. Vanguard Group Inc. now owns 14,092,961 shares of the financial services provider’s stock worth $449,706,000 after buying an additional 539,701 shares during the last quarter. Wedge Capital Management L L P NC increased its position in CIT Group by 10.9% in the second quarter. Wedge Capital Management L L P NC now owns 4,083,942 shares of the financial services provider’s stock worth $130,319,000 after buying an additional 400,253 shares in the last quarter. LSV Asset Management increased its position in CIT Group by 15.1% in the second quarter. LSV Asset Management now owns 3,632,582 shares of the financial services provider’s stock worth $115,915,000 after buying an additional 477,542 shares in the last quarter. Thompson Siegel & Walmsley LLC increased its position in CIT Group by 20.8% in the second quarter. Thompson Siegel & Walmsley LLC now owns 2,862,767 shares of the financial services provider’s stock worth $91,351,000 after buying an additional 492,395 shares in the last quarter. Finally, Kingstown Capital Management L.P. acquired a new position in CIT Group during the first quarter worth $62,060,000. Institutional investors own 98.46% of the company’s stock.
CIT Group Inc. (NYSE:CIT) opened at 35.88 on Friday. The firm has a 50 day moving average of $35.96 and a 200-day moving average of $33.83. The company has a market capitalization of $7.25 billion, a P/E ratio of 7.16 and a beta of 1.52. CIT Group Inc. has a 52 week low of $25.19 and a 52 week high of $46.51.
CIT Group (NYSE:CIT) last released its quarterly earnings results on Thursday, July 28th. The financial services provider reported $0.90 EPS for the quarter, beating the Thomson Reuters’ 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 business 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 company posted $0.66 earnings per share. CIT Group’s revenue was up 58.7% compared to the same quarter last year. On average, analysts forecast that CIT Group Inc. will post $2.33 earnings per share for the current year.
A number of research analysts have recently weighed in on the stock. BMO Capital Markets restated a “hold” rating on shares of CIT Group in a report on Monday. Zacks Investment Research upgraded shares of CIT Group from a “sell” rating to a “hold” rating in a report on Friday, July 8th. BTIG Research restated a “buy” rating and set a $52.00 price target on shares of CIT Group in a report on Tuesday, July 19th. Credit Suisse Group AG cut their price target on shares of CIT Group from $42.00 to $34.55 and set a “neutral” rating on the stock in a report on Monday, August 15th. Finally, Barclays PLC cut their price target on shares of CIT Group from $37.00 to $35.00 and set an “equal weight” rating on the stock in a report on Friday, July 29th. Eleven investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. CIT Group presently has an average rating of “Hold” and a consensus target price of $42.81.
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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