Cipher Capital LP Invests $2.53 Million in CIT Group Inc (DEL) (CIT)

Cipher Capital LP purchased a new position in shares of CIT Group Inc (DEL) (NYSE:CIT) in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 51,504 shares of the financial services provider’s stock, valued at approximately $2,527,000.

Several other large investors also recently modified their holdings of CIT. Capital World Investors raised its holdings in CIT Group Inc (DEL) by 0.8% in the second quarter. Capital World Investors now owns 10,063,466 shares of the financial services provider’s stock valued at $490,091,000 after buying an additional 75,966 shares during the period. LSV Asset Management grew its position in CIT Group Inc (DEL) by 2.5% in the second quarter. LSV Asset Management now owns 3,430,812 shares of the financial services provider’s stock valued at $167,080,000 after acquiring an additional 84,300 shares in the last quarter. Dimensional Fund Advisors LP grew its position in CIT Group Inc (DEL) by 3.6% in the second quarter. Dimensional Fund Advisors LP now owns 1,534,004 shares of the financial services provider’s stock valued at $74,706,000 after acquiring an additional 52,792 shares in the last quarter. New Mountain Vantage Advisers L.L.C. grew its position in CIT Group Inc (DEL) by 22.9% in the second quarter. New Mountain Vantage Advisers L.L.C. now owns 1,290,283 shares of the financial services provider’s stock valued at $62,837,000 after acquiring an additional 240,184 shares in the last quarter. Finally, Janus Henderson Group PLC grew its position in CIT Group Inc (DEL) by 4,090.9% in the second quarter. Janus Henderson Group PLC now owns 1,199,346 shares of the financial services provider’s stock valued at $58,408,000 after acquiring an additional 1,170,728 shares in the last quarter.

Shares of CIT Group Inc (CIT) traded up $0.86 during trading on Tuesday, hitting $48.63. The stock had a trading volume of 1,370,600 shares, compared to its average volume of 2,002,850. The firm has a market cap of $6,380.00, a price-to-earnings ratio of 15.66 and a beta of 1.47. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 1.20. CIT Group Inc has a fifty-two week low of $39.48 and a fifty-two week high of $50.40.

CIT Group Inc (DEL) (NYSE:CIT) last announced its quarterly earnings results on Tuesday, October 24th. The financial services provider reported $1.02 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.82 by $0.20. CIT Group Inc (DEL) had a positive return on equity of 6.22% and a negative net margin of 20.05%. The business had revenue of $592.90 million during the quarter, compared to analyst estimates of $488.00 million. During the same period in the previous year, the company earned $0.65 EPS. equities research analysts predict that CIT Group Inc will post 2.92 EPS for the current year.

The business also recently announced a quarterly dividend, which will be paid on Friday, November 24th. Investors of record on Friday, November 10th will be issued a $0.16 dividend. This is a positive change from CIT Group Inc (DEL)’s previous quarterly dividend of $0.15. This represents a $0.64 annualized dividend and a yield of 1.32%. The ex-dividend date of this dividend is Thursday, November 9th. CIT Group Inc (DEL)’s payout ratio is 457.14%.

A number of research firms have issued reports on CIT. Zacks Investment Research cut CIT Group Inc (DEL) from a “buy” rating to a “hold” rating in a research note on Friday, November 3rd. BMO Capital Markets raised their target price on CIT Group Inc (DEL) from $31.00 to $35.00 and gave the company an “underperform” rating in a research note on Wednesday, October 25th. Barclays PLC cut their target price on CIT Group Inc (DEL) from $45.00 to $44.00 and set an “equal weight” rating on the stock in a research note on Wednesday, October 25th. Oppenheimer Holdings, Inc. restated a “buy” rating on shares of CIT Group Inc (DEL) in a research note on Tuesday, October 24th. Finally, Citigroup Inc. started coverage on shares of CIT Group Inc (DEL) in a research note on Monday, October 16th. They set a “buy” rating and a $60.00 price objective on the stock. Two research analysts have rated the stock with a sell rating, five have issued a hold rating and eight have issued a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus price target of $49.89.

In related news, insider Steve Solk sold 1,460 shares of the business’s stock in a transaction that occurred on Friday, August 25th. The stock was sold at an average price of $45.00, for a total value of $65,700.00. Following the completion of the sale, the insider now directly owns 14,832 shares in the company, valued at approximately $667,440. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Denise M. Menelly sold 8,951 shares of the business’s stock in a transaction that occurred on Wednesday, November 1st. The stock was sold at an average price of $46.84, for a total value of $419,264.84. Following the completion of the sale, the executive vice president now owns 41,546 shares of the company’s stock, valued at $1,946,014.64. The disclosure for this sale can be found here. 0.47% of the stock is currently owned by insiders.

TRADEMARK VIOLATION WARNING: “Cipher Capital LP Invests $2.53 Million in CIT Group Inc (DEL) (CIT)” was first published by Markets Daily and is the property of of Markets Daily. If you are accessing this article on another domain, it was illegally copied and republished in violation of United States & international copyright and trademark legislation. The correct version of this article can be read at https://www.themarketsdaily.com/2017/11/21/cipher-capital-lp-invests-2-53-million-in-cit-group-inc-del-cit.html.

CIT Group Inc (DEL) Company Profile

CIT Group Inc (CIT) is a bank holding company (BHC) and a financial holding company (FHC). The Company, together with its subsidiaries, provides financing, leasing and advisory services to middle market companies in a range of industries in North America. The Company’s segments include Commercial Banking, Consumer Banking, Non-Strategic Portfolios, and Corporate and Other.

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

Receive News & Ratings for CIT Group Inc (DEL) Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for CIT Group Inc (DEL) and related companies with MarketBeat.com's FREE daily email newsletter.

Latest News

Leave a Reply