2,529 Shares in CIT Group Inc. (NYSE:CIT) Purchased by FORA Capital LLC

FORA Capital LLC purchased a new position in shares of CIT Group Inc. (NYSE:CIT) during the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 2,529 shares of the financial services provider’s stock, valued at approximately $130,000.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Weiss Multi Strategy Advisers LLC boosted its position in CIT Group by 3.2% during the first quarter. Weiss Multi Strategy Advisers LLC now owns 6,060 shares of the financial services provider’s stock worth $312,000 after acquiring an additional 188 shares during the last quarter. Hanseatic Management Services Inc. boosted its position in CIT Group by 3.0% during the first quarter. Hanseatic Management Services Inc. now owns 10,722 shares of the financial services provider’s stock worth $552,000 after acquiring an additional 317 shares during the last quarter. Retirement Systems of Alabama boosted its position in CIT Group by 0.3% during the first quarter. Retirement Systems of Alabama now owns 128,836 shares of the financial services provider’s stock worth $6,636,000 after acquiring an additional 412 shares during the last quarter. Federated Hermes Inc. boosted its position in CIT Group by 2.9% during the first quarter. Federated Hermes Inc. now owns 15,199 shares of the financial services provider’s stock worth $783,000 after acquiring an additional 426 shares during the last quarter. Finally, Thrivent Financial for Lutherans boosted its position in CIT Group by 1.8% during the first quarter. Thrivent Financial for Lutherans now owns 26,307 shares of the financial services provider’s stock worth $1,355,000 after acquiring an additional 475 shares during the last quarter. Hedge funds and other institutional investors own 93.01% of the company’s stock.

Several equities analysts have weighed in on the stock. Citigroup boosted their target price on shares of CIT Group from $47.00 to $52.00 in a report on Wednesday, April 14th. Keefe, Bruyette & Woods upgraded shares of CIT Group from a “market perform” rating to an “outperform” rating and boosted their target price for the company from $37.00 to $62.00 in a report on Monday, April 19th. boosted their target price on shares of CIT Group from $47.00 to $52.00 in a report on Wednesday, April 14th. Zacks Investment Research upgraded shares of CIT Group from a “hold” rating to a “strong-buy” rating and set a $56.00 target price on the stock in a report on Thursday, July 8th. Finally, Wells Fargo & Company boosted their target price on shares of CIT Group from $38.00 to $54.00 and gave the company an “equal weight” rating in a report on Thursday, April 29th. Seven equities research analysts have rated the stock with a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average target price of $45.06.

Shares of CIT stock opened at $48.17 on Thursday. The business has a 50 day moving average of $51.46. The company has a debt-to-equity ratio of 0.91, a quick ratio of 0.94 and a current ratio of 0.94. CIT Group Inc. has a one year low of $15.65 and a one year high of $55.89. The firm has a market cap of $4.77 billion, a price-to-earnings ratio of 16.90 and a beta of 1.56.

CIT Group (NYSE:CIT) last issued its quarterly earnings data on Wednesday, April 28th. The financial services provider reported $2.47 EPS for the quarter, topping the consensus estimate of $0.98 by $1.49. CIT Group had a net margin of 10.06% and a return on equity of 8.27%. The firm had revenue of $557.00 million for the quarter, compared to analyst estimates of $464.00 million. During the same period in the prior year, the business posted ($2.43) EPS. The business’s revenue for the quarter was up 12.3% compared to the same quarter last year. Analysts forecast that CIT Group Inc. will post 4.17 EPS for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Friday, August 13th. Investors of record on Friday, July 30th will be paid a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a yield of 2.91%. The ex-dividend date of this dividend is Thursday, July 29th. CIT Group’s payout ratio is currently -200.00%.

About CIT Group

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 provides a range of commercial lending, leasing, and deposit products; loans comprising revolving lines of credit, term loans, unsecured loans, collateral-backed loans, asset-based loans, commercial real estate loans, and cash flow loans; and ancillary services and products, including cash management, capital markets, and advisory services primarily to small and middle market companies.

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Institutional Ownership by Quarter for CIT Group (NYSE:CIT)

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