Teacher Retirement System of Texas reduced its stake in CIT Group Inc. (NYSE:CIT) by 60.8% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 42,953 shares of the financial services provider’s stock after selling 66,595 shares during the period. Teacher Retirement System of Texas’ holdings in CIT Group were worth $1,371,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Norges Bank bought a new stake in shares of CIT Group during the fourth quarter valued at about $84,017,000. Kingstown Capital Management L.P. bought a new stake in shares of CIT Group during the first quarter valued at about $62,060,000. Emerald Acquisition Ltd. bought a new stake in shares of CIT Group during the second quarter valued at about $32,426,000. Sound Shore Management Inc. CT increased its stake in shares of CIT Group by 17.2% in the first quarter. Sound Shore Management Inc. CT now owns 5,328,967 shares of the financial services provider’s stock valued at $165,358,000 after buying an additional 781,832 shares in the last quarter. Finally, Prudential Financial Inc. increased its stake in shares of CIT Group by 1,980.4% in the first quarter. Prudential Financial Inc. now owns 607,512 shares of the financial services provider’s stock valued at $18,851,000 after buying an additional 578,310 shares in the last quarter. 98.46% of the stock is currently owned by institutional investors and hedge funds.
Shares of CIT Group Inc. (NYSE:CIT) opened at 36.03 on Friday. The company has a market cap of $7.28 billion, a PE ratio of 7.19 and a beta of 1.52. CIT Group Inc. has a 12-month low of $25.19 and a 12-month high of $46.51. The stock’s 50 day moving average price is $35.62 and its 200-day moving average price is $33.56.
CIT Group (NYSE:CIT) last released its earnings results on Thursday, July 28th. The financial services provider reported $0.90 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.77 by $0.13. The firm earned $645.10 million during the quarter, compared to analyst estimates of $620.33 million. CIT Group had a net margin of 22.45% and a return on equity of 5.54%. The business’s revenue was up 58.7% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.66 EPS. On average, equities research analysts forecast that CIT Group Inc. will post $2.32 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Friday, August 26th. Stockholders of record on Friday, August 12th were issued a dividend of $0.15 per share. The ex-dividend date of this dividend was Wednesday, August 10th. This represents a $0.60 annualized dividend and a dividend yield of 1.67%. CIT Group’s payout ratio is 11.70%.
CIT has been the subject of several recent research reports. Credit Suisse Group AG lowered their price target on CIT Group from $42.00 to $34.55 and set a “neutral” rating for the company in a report on Monday, August 15th. TheStreet upgraded CIT Group from a “hold” rating to a “buy” rating in a report on Monday, August 8th. Zacks Investment Research upgraded CIT Group from a “sell” rating to a “hold” rating in a research note on Friday, July 8th. BTIG Research restated a “buy” rating and set a $52.00 target price on shares of CIT Group in a research note on Wednesday, August 17th. Finally, Nomura raised their target price on CIT Group from $33.00 to $35.00 and gave the company a “neutral” rating in a research note on Friday, July 29th. One research 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. The company currently has an average rating of “Hold” and an average price target of $43.78.
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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