Kenmare Capital Partners L.L.C. decreased its holdings in CIT Group (NYSE:CIT) by 75.9% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 11,420 shares of the financial services provider’s stock after selling 35,980 shares during the period. CIT Group comprises 0.6% of Kenmare Capital Partners L.L.C.’s portfolio, making the stock its 17th largest holding. Kenmare Capital Partners L.L.C.’s holdings in CIT Group were worth $588,000 as of its most recent SEC filing.
Other institutional investors and hedge funds have also modified their holdings of the company. Avestar Capital LLC acquired a new position in shares of CIT Group in the 4th quarter valued at about $132,000. Assetmark Inc. acquired a new position in shares of CIT Group in the 1st quarter valued at about $155,000. Virtu Financial LLC acquired a new position in shares of CIT Group in the 4th quarter valued at about $240,000. Seven Eight Capital LP acquired a new position in shares of CIT Group in the 1st quarter valued at about $271,000. Finally, Focused Wealth Management Inc acquired a new position in shares of CIT Group in the 4th quarter valued at about $268,000. Institutional investors own 99.51% of the company’s stock.
In other news, Director Sheila A. Stamps sold 3,350 shares of the stock in a transaction that occurred on Thursday, June 7th. The stock was sold at an average price of $52.12, for a total value of $174,602.00. Following the completion of the sale, the director now directly owns 4,666 shares of the company’s stock, valued at $243,191.92. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.27% of the stock is currently owned by corporate insiders.
Shares of CIT Group opened at $50.99 on Friday, MarketBeat reports. The company has a market cap of $6.48 billion, a price-to-earnings ratio of 13.97, a P/E/G ratio of 1.28 and a beta of 1.26. The company has a debt-to-equity ratio of 1.53, a current ratio of 1.09 and a quick ratio of 1.09. CIT Group has a 12-month low of $43.25 and a 12-month high of $56.14.
CIT Group (NYSE:CIT) last announced its earnings results on Tuesday, April 24th. The financial services provider reported $0.74 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.96 by ($0.22). The company had revenue of $495.00 million for the quarter, compared to the consensus estimate of $481.00 million. CIT Group had a return on equity of 7.76% and a net margin of 11.93%. During the same period in the previous year, the company earned $0.54 EPS. equities analysts predict that CIT Group will post 3.99 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, May 25th. Stockholders of record on Friday, May 11th were given a $0.16 dividend. The ex-dividend date was Thursday, May 10th. This represents a $0.64 annualized dividend and a dividend yield of 1.26%. CIT Group’s dividend payout ratio is 20.85%.
A number of equities analysts have recently weighed in on CIT shares. Zacks Investment Research downgraded CIT Group from a “buy” rating to a “hold” rating in a report on Tuesday, March 6th. TheStreet upgraded CIT Group from a “c+” rating to a “b-” rating in a report on Tuesday, March 20th. UBS Group started coverage on CIT Group in a report on Tuesday, March 27th. They issued a “neutral” rating and a $56.00 price objective on the stock. BTIG Research restated a “buy” rating and issued a $57.00 price objective on shares of CIT Group in a report on Wednesday, April 18th. Finally, BMO Capital Markets dropped their price objective on CIT Group from $49.00 to $46.00 and set a “market perform” rating on the stock in a report on Wednesday, April 25th. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating and six have issued a buy rating to the company’s stock. CIT Group has an average rating of “Hold” and a consensus price target of $54.83.
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.
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