CIT Group Inc. (CIT) Position Trimmed by US Bancorp DE
US Bancorp DE trimmed its position in shares of CIT Group Inc. (NYSE:CIT) by 33.4% during the second quarter, Holdings Channel reports. The institutional investor owned 5,988 shares of the financial services provider’s stock after selling 3,008 shares during the period. US Bancorp DE’s holdings in CIT Group were worth $302,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds have also recently modified their holdings of CIT. OppenheimerFunds Inc. acquired a new position in CIT Group during the first quarter worth $24,637,000. Royal Bank of Canada increased its holdings in CIT Group by 149.4% during the first quarter. Royal Bank of Canada now owns 608,727 shares of the financial services provider’s stock worth $31,350,000 after buying an additional 364,663 shares during the last quarter. Prudential Financial Inc. increased its holdings in CIT Group by 496.6% during the first quarter. Prudential Financial Inc. now owns 308,179 shares of the financial services provider’s stock worth $15,871,000 after buying an additional 256,526 shares during the last quarter. Dimensional Fund Advisors LP increased its holdings in CIT Group by 13.0% during the first quarter. Dimensional Fund Advisors LP now owns 2,214,403 shares of the financial services provider’s stock worth $114,042,000 after buying an additional 254,426 shares during the last quarter. Finally, Millennium Management LLC increased its holdings in CIT Group by 110.7% during the first quarter. Millennium Management LLC now owns 323,288 shares of the financial services provider’s stock worth $16,649,000 after buying an additional 169,822 shares during the last quarter.
Shares of CIT Group stock opened at $53.38 on Monday. The stock has a market capitalization of $6.09 billion, a PE ratio of 17.39, a price-to-earnings-growth ratio of 1.32 and a beta of 1.27. CIT Group Inc. has a 52-week low of $44.29 and a 52-week high of $56.14. The company has a debt-to-equity ratio of 1.43, a current ratio of 1.04 and a quick ratio of 1.04.
The company also recently disclosed a quarterly dividend, which was paid on Friday, August 24th. Investors of record on Friday, August 10th were given a dividend of $0.25 per share. This is a boost from CIT Group’s previous quarterly dividend of $0.16. The ex-dividend date was Thursday, August 9th. This represents a $1.00 annualized dividend and a yield of 1.87%. CIT Group’s dividend payout ratio is currently 32.57%.
A number of equities analysts recently weighed in on CIT shares. Credit Suisse Group boosted their target price on shares of CIT Group from $54.00 to $56.00 and gave the stock a “neutral” rating in a report on Friday, June 29th. BMO Capital Markets decreased their price objective on shares of CIT Group from $46.00 to $44.00 and set a “market perform” rating on the stock in a report on Wednesday, July 25th. Compass Point initiated coverage on shares of CIT Group in a report on Friday, June 29th. They issued a “buy” rating and a $49.64 price objective on the stock. TheStreet upgraded shares of CIT Group from a “c+” rating to a “b-” rating in a report on Wednesday, July 18th. Finally, Stephens downgraded shares of CIT Group from an “overweight” rating to an “equal weight” rating and set a $60.00 price objective on the stock. in a report on Monday, August 27th. Ten analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. The company has an average rating of “Hold” and a consensus target price of $54.55.
CIT Group Profile
CIT Group Inc operates as the bank holding company for CIT Bank, National Association that provides banking and related services to commercial and individual customers. The company operates through three segments: Commercial Banking, Consumer Banking, and Non-Strategic Portfolios (NSP). The Commercial Banking segment offers lending, leasing, and other financial and advisory services primarily to small and middle-market companies; factoring, receivables management products, and secured supply chain financing; and equipment leasing and secured financing to railroads and non-rail companies.
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