Dalton Greiner Hartman Maher & Co. lowered its position in CIT Group Inc. (NYSE:CIT) by 9.5% during the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 144,854 shares of the financial services provider’s stock after selling 15,177 shares during the period. Dalton Greiner Hartman Maher & Co. owned 0.15% of CIT Group worth $6,610,000 at the end of the most recent quarter.
A number of other hedge funds have also recently made changes to their positions in CIT. Zeke Capital Advisors LLC purchased a new position in shares of CIT Group during the 3rd quarter worth $742,000. Squarepoint Ops LLC raised its holdings in shares of CIT Group by 47.4% during the 3rd quarter. Squarepoint Ops LLC now owns 349,072 shares of the financial services provider’s stock worth $15,816,000 after acquiring an additional 112,204 shares during the period. Public Employees Retirement System of Ohio raised its holdings in shares of CIT Group by 5.8% during the 3rd quarter. Public Employees Retirement System of Ohio now owns 140,382 shares of the financial services provider’s stock worth $6,361,000 after acquiring an additional 7,727 shares during the period. Andra AP fonden raised its holdings in shares of CIT Group by 9.8% during the 3rd quarter. Andra AP fonden now owns 123,800 shares of the financial services provider’s stock worth $5,609,000 after acquiring an additional 11,100 shares during the period. Finally, Metropolitan Life Insurance Co NY raised its holdings in shares of CIT Group by 9.2% during the 3rd quarter. Metropolitan Life Insurance Co NY now owns 2,669 shares of the financial services provider’s stock worth $121,000 after acquiring an additional 224 shares during the period. Institutional investors own 99.65% of the company’s stock.
NYSE CIT opened at $45.26 on Thursday. CIT Group Inc. has a 52 week low of $40.34 and a 52 week high of $54.02. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 1.13. The business’s fifty day simple moving average is $45.48 and its 200-day simple moving average is $45.78. The firm has a market cap of $4.28 billion, a PE ratio of 11.20, a P/E/G ratio of 0.88 and a beta of 1.59.
CIT Group (NYSE:CIT) last issued its quarterly earnings data on Tuesday, October 22nd. The financial services provider reported $1.29 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.21 by $0.08. The firm had revenue of $454.00 million during the quarter, compared to the consensus estimate of $460.02 million. CIT Group had a return on equity of 8.99% and a net margin of 15.11%. The company’s quarterly revenue was down 4.6% on a year-over-year basis. During the same period last year, the company earned $1.15 EPS. Research analysts expect that CIT Group Inc. will post 5 EPS for the current year.
Several research analysts have recently commented on CIT shares. Morgan Stanley reduced their price target on CIT Group from $54.00 to $53.00 and set an “equal weight” rating on the stock in a report on Thursday, October 3rd. TheStreet upgraded CIT Group from a “c+” rating to a “b” rating in a report on Friday, November 29th. Finally, ValuEngine upgraded CIT Group from a “strong sell” rating to a “sell” rating in a report on Friday, January 3rd. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and three have issued a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus price target of $59.20.
In other CIT Group news, EVP John J. Fawcett acquired 14,000 shares of the business’s stock in a transaction that occurred on Wednesday, November 13th. The stock was purchased at an average cost of $25.00 per share, with a total value of $350,000.00. Following the transaction, the executive vice president now owns 14,000 shares of the company’s stock, valued at $350,000. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, insider David Harnisch acquired 4,600 shares of the business’s stock in a transaction that occurred on Wednesday, November 13th. The shares were acquired at an average cost of $25.00 per share, with a total value of $115,000.00. Following the completion of the transaction, the insider now directly owns 4,600 shares in the company, valued at approximately $115,000. The disclosure for this purchase can be found here. Insiders have purchased a total of 48,600 shares of company stock valued at $1,215,000 over the last three months. Corporate insiders own 0.42% of the company’s stock.
CIT Group Company Profile
CIT Group Inc operates as the holding company for CIT Bank, N.A. that provides banking and related services to commercial and individual customers. The company operates through Commercial Banking and Consumer Banking segments. 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; equipment leasing and secured financing to railroads and non-rail companies; equipment financing to small businesses.
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