CIT Group Inc. (CIT) Position Cut by Macquarie Group Ltd.

Macquarie Group Ltd. cut its position in shares of CIT Group Inc. (NYSE:CIT) by 6.9% during the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 74,400 shares of the financial services provider’s stock after selling 5,500 shares during the period. Macquarie Group Ltd.’s holdings in CIT Group were worth $3,750,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the stock. BlackRock Inc. boosted its holdings in CIT Group by 2.9% during the second quarter. BlackRock Inc. now owns 7,146,945 shares of the financial services provider’s stock worth $360,277,000 after buying an additional 202,373 shares in the last quarter. LSV Asset Management boosted its holdings in CIT Group by 1.4% during the second quarter. LSV Asset Management now owns 3,758,592 shares of the financial services provider’s stock worth $189,470,000 after buying an additional 52,385 shares in the last quarter. Dimensional Fund Advisors LP boosted its holdings in CIT Group by 17.0% during the second quarter. Dimensional Fund Advisors LP now owns 2,589,768 shares of the financial services provider’s stock worth $130,542,000 after buying an additional 375,365 shares in the last quarter. Wells Fargo & Company MN boosted its holdings in CIT Group by 4.1% during the second quarter. Wells Fargo & Company MN now owns 2,050,254 shares of the financial services provider’s stock worth $103,353,000 after buying an additional 80,350 shares in the last quarter. Finally, Morgan Stanley boosted its holdings in CIT Group by 8.4% during the second quarter. Morgan Stanley now owns 941,749 shares of the financial services provider’s stock worth $47,473,000 after buying an additional 73,214 shares in the last quarter.

CIT opened at $51.76 on Thursday. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 1.43. The firm has a market cap of $5.99 billion, a price-to-earnings ratio of 14.11, a P/E/G ratio of 1.30 and a beta of 1.27. CIT Group Inc. has a 52-week low of $44.29 and a 52-week high of $56.14.

CIT Group (NYSE:CIT) last posted its quarterly earnings data on Tuesday, July 24th. The financial services provider reported $1.00 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.97 by $0.03. The business had revenue of $524.00 million for the quarter, compared to the consensus estimate of $473.70 million. CIT Group had a net margin of 10.81% and a return on equity of 7.38%. The company’s revenue was up 10.5% compared to the same quarter last year. During the same period last year, the firm posted $0.68 earnings per share. research analysts anticipate that CIT Group Inc. will post 4.07 earnings per share for the current fiscal year.

A number of brokerages recently issued reports on CIT. TheStreet raised shares of CIT Group from a “c+” rating to a “b-” rating in a report on Wednesday, July 18th. Morgan Stanley lowered their price target on shares of CIT Group from $58.00 to $57.50 and set an “equal weight” rating on the stock in a report on Tuesday, September 18th. BMO Capital Markets lowered their price target on shares of CIT Group from $46.00 to $44.00 and set a “market perform” rating on the stock in a report on Wednesday, July 25th. Stephens downgraded shares of CIT Group from an “overweight” rating to an “equal weight” rating and set a $60.00 price target on the stock. in a report on Monday, August 27th. Finally, Compass Point began coverage on shares of CIT Group in a report on Friday, June 29th. They set a “buy” rating and a $49.64 price target on the stock. Ten research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average target price of $54.51.

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.

Read More: Beta

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).

Institutional Ownership by Quarter for CIT Group (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.

Leave a Reply