CIT Group Inc. (CIT) Position Boosted by Ffcm LLC
Ffcm LLC increased its holdings in shares of CIT Group Inc. (NYSE:CIT) by 234.3% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 152,013 shares of the financial services provider’s stock after buying an additional 106,547 shares during the quarter. CIT Group comprises approximately 2.4% of Ffcm LLC’s portfolio, making the stock its 3rd biggest holding. Ffcm LLC’s holdings in CIT Group were worth $14,982,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also added to or reduced their stakes in CIT. Millennium Management LLC raised its holdings in shares of CIT Group by 326.7% in the 2nd quarter. Millennium Management LLC now owns 1,379,478 shares of the financial services provider’s stock worth $69,539,000 after purchasing an additional 1,056,190 shares during the period. Dimensional Fund Advisors LP raised its holdings in shares of CIT Group by 17.0% in the 2nd quarter. Dimensional Fund Advisors LP now owns 2,589,768 shares of the financial services provider’s stock worth $130,542,000 after purchasing an additional 375,365 shares during the period. EJF Capital LLC purchased a new position in shares of CIT Group in the 2nd quarter worth about $15,624,000. JPMorgan Chase & Co. grew its stake in shares of CIT Group by 62.7% in the third quarter. JPMorgan Chase & Co. now owns 749,223 shares of the financial services provider’s stock valued at $38,668,000 after buying an additional 288,662 shares in the last quarter. Finally, Putnam Investments LLC grew its stake in shares of CIT Group by 201.6% in the second quarter. Putnam Investments LLC now owns 388,316 shares of the financial services provider’s stock valued at $19,575,000 after buying an additional 259,581 shares in the last quarter.
Shares of NYSE CIT opened at $46.40 on Tuesday. CIT Group Inc. has a fifty-two week low of $43.80 and a fifty-two week high of $56.14. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 1.45. The company has a market cap of $4.93 billion, a price-to-earnings ratio of 15.11, a price-to-earnings-growth ratio of 1.16 and a beta of 1.30.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, November 27th. Shareholders of record on Tuesday, November 13th will be issued a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 2.16%. The ex-dividend date is Friday, November 9th. CIT Group’s dividend payout ratio is presently 32.57%.
A number of equities research analysts have recently issued reports on CIT shares. TheStreet upgraded CIT Group from a “c+” rating to a “b-” rating in a research note on Wednesday, July 18th. Morgan Stanley lowered their target price on CIT Group from $58.00 to $57.50 and set an “equal weight” rating for the company in a research note on Tuesday, September 18th. Stephens lowered CIT Group from an “overweight” rating to an “equal weight” rating and set a $60.00 target price for the company. in a research note on Monday, August 27th. Zacks Investment Research upgraded CIT Group from a “sell” rating to a “hold” rating in a research note on Monday. Finally, ValuEngine upgraded CIT Group from a “sell” rating to a “hold” rating in a research note on Wednesday, October 31st. Ten analysts have rated the stock with a hold rating and two have given a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average price target of $54.29.
TRADEMARK VIOLATION WARNING: “CIT Group Inc. (CIT) Position Boosted by Ffcm LLC” was posted by Daily Political and is the sole property of of Daily Political. If you are reading this piece of content on another site, it was stolen and reposted in violation of United States and international copyright & trademark law. The original version of this piece of content can be accessed at https://www.dailypolitical.com/2018/11/13/cit-group-inc-cit-position-boosted-by-ffcm-llc.html.
About CIT Group
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.
See Also: What are the most popular ETFs
Want to see what other hedge funds are holding CIT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for CIT Group Inc. (NYSE:CIT).
Receive News & Ratings for CIT Group Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for CIT Group and related companies with MarketBeat.com's FREE daily email newsletter.