Prudential Financial Inc. grew its stake in CIT Group (NYSE:CIT) by 496.6% during the first quarter, HoldingsChannel.com reports. The firm owned 308,179 shares of the financial services provider’s stock after purchasing an additional 256,526 shares during the quarter. Prudential Financial Inc.’s holdings in CIT Group were worth $15,871,000 as of its most recent filing with the Securities and Exchange Commission.
Several other large investors also recently added to or reduced their stakes in CIT. Renaissance Technologies LLC acquired a new position in shares of CIT Group in the fourth quarter valued at approximately $20,987,000. Assenagon Asset Management S.A. acquired a new position in shares of CIT Group in the fourth quarter valued at approximately $18,735,000. PGGM Investments acquired a new position in shares of CIT Group in the fourth quarter valued at approximately $15,778,000. Mackay Shields LLC acquired a new position in shares of CIT Group in the first quarter valued at approximately $10,372,000. Finally, Amundi Pioneer Asset Management Inc. acquired a new position in shares of CIT Group in the fourth quarter valued at approximately $8,641,000. 99.65% of the stock is currently owned by institutional investors and hedge funds.
Get CIT Group alerts:Shares of CIT Group opened at $55.33 on Wednesday, MarketBeat Ratings reports. CIT Group has a 1-year low of $43.25 and a 1-year high of $56.14. The firm has a market cap of $7.03 billion, a P/E ratio of 18.02, a price-to-earnings-growth ratio of 1.35 and a beta of 1.30. The company has a current ratio of 1.09, a quick ratio of 1.09 and a debt-to-equity ratio of 1.53.
CIT Group (NYSE:CIT) last announced its quarterly earnings data on Tuesday, April 24th. The financial services provider reported $0.74 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.96 by ($0.22). CIT Group had a return on equity of 7.76% and a net margin of 11.93%. The business had revenue of $495.00 million for the quarter, compared to analyst estimates of $481.00 million. During the same period in the prior year, the company earned $0.54 EPS. equities analysts predict that CIT Group will post 4.1 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, May 25th. Investors of record on Friday, May 11th will be issued a dividend of $0.16 per share. This represents a $0.64 dividend on an annualized basis and a yield of 1.16%. The ex-dividend date is Thursday, May 10th. CIT Group’s dividend payout ratio is presently 20.85%.
A number of research analysts have recently issued reports on the company. Zacks Investment Research lowered CIT Group from a “buy” rating to a “hold” rating in a report on Tuesday, March 6th. TheStreet raised CIT Group from a “c+” rating to a “b-” rating in a report on Tuesday, March 20th. BMO Capital Markets dropped their target price 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. Credit Suisse Group boosted their target price on CIT Group from $50.00 to $54.00 and gave the company a “neutral” rating in a report on Monday, February 5th. Finally, Morgan Stanley boosted their target price on CIT Group from $54.00 to $57.00 and gave the company an “equal weight” rating in a report on Monday, February 5th. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating and six have given a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus price target of $54.83.
In related news, insider James L. Hudak sold 2,000 shares of the company’s stock in a transaction on Thursday, March 1st. The stock was sold at an average price of $53.63, for a total transaction of $107,260.00. The sale was disclosed in a document filed with the SEC, which is available at this link. Corporate insiders own 0.27% of the company’s stock.
CIT Group Company 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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