Commonwealth Bank of Australia Sells 200 Shares of CIT Group Inc. (CIT)
Commonwealth Bank of Australia lessened its position in CIT Group Inc. (NYSE:CIT) by 0.5% during the 1st quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 37,500 shares of the financial services provider’s stock after selling 200 shares during the period. Commonwealth Bank of Australia’s holdings in CIT Group were worth $1,794,000 as of its most recent filing with the SEC.
A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. LSV Asset Management lifted its holdings in CIT Group by 8.2% during the 1st quarter. LSV Asset Management now owns 4,503,790 shares of the financial services provider’s stock valued at $216,046,000 after purchasing an additional 341,900 shares during the last quarter. New Mountain Vantage Advisers L.L.C. lifted its holdings in CIT Group by 79.6% during the 4th quarter. New Mountain Vantage Advisers L.L.C. now owns 3,732,784 shares of the financial services provider’s stock valued at $142,854,000 after purchasing an additional 1,653,858 shares during the last quarter. Lakewood Capital Management LP increased its position in CIT Group by 101.7% during the 4th quarter. Lakewood Capital Management LP now owns 2,409,870 shares of the financial services provider’s stock worth $92,226,000 after buying an additional 1,215,000 shares during the period. Norges Bank bought a new position in CIT Group during the 4th quarter worth $79,790,000. Finally, Northern Trust Corp increased its position in CIT Group by 77.0% during the 4th quarter. Northern Trust Corp now owns 1,618,737 shares of the financial services provider’s stock worth $61,948,000 after buying an additional 704,217 shares during the period.
CIT stock opened at $47.77 on Tuesday. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 1.18. The firm has a market cap of $4.58 billion, a price-to-earnings ratio of 10.47, a PEG ratio of 0.98 and a beta of 1.49. CIT Group Inc. has a fifty-two week low of $35.50 and a fifty-two week high of $55.48.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, May 24th. Investors of record on Friday, May 10th were paid a $0.35 dividend. The ex-dividend date of this dividend was Thursday, May 9th. This is a positive change from CIT Group’s previous quarterly dividend of $0.25. This represents a $1.40 annualized dividend and a yield of 2.93%. CIT Group’s dividend payout ratio (DPR) is 34.65%.
Several research analysts have weighed in on CIT shares. Zacks Investment Research cut CIT Group from a “hold” rating to a “sell” rating in a research report on Wednesday, April 10th. ValuEngine upgraded CIT Group from a “sell” rating to a “hold” rating in a research report on Saturday, April 13th. UBS Group increased their price objective on CIT Group from $55.00 to $60.00 and gave the stock a “buy” rating in a research report on Wednesday, April 24th. Oppenheimer increased their price objective on CIT Group from $61.00 to $63.00 and gave the stock an “outperform” rating in a research report on Tuesday, March 26th. Finally, Citigroup increased their price objective on CIT Group from $55.00 to $62.00 and gave the stock a “buy” rating in a research report on Wednesday, April 24th. Seven research analysts have rated the stock with a hold rating and four have given a buy rating to the company. CIT Group has an average rating of “Hold” and an average price target of $55.26.
In related news, insider Matthew Galligan sold 997 shares of CIT Group stock in a transaction that occurred on Friday, March 8th. The stock was sold at an average price of $48.65, for a total value of $48,504.05. Following the transaction, the insider now directly owns 30,575 shares of the company’s stock, valued at $1,487,473.75. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, EVP Edward K. Sperling sold 2,224 shares of CIT Group stock in a transaction that occurred on Wednesday, March 6th. The stock was sold at an average price of $50.16, for a total value of $111,555.84. Following the completion of the transaction, the executive vice president now directly owns 10,336 shares in the company, valued at $518,453.76. The disclosure for this sale can be found here. Company insiders own 0.42% of the company’s stock.
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CIT Group 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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