Renaissance Technologies LLC Has $32.67 Million Holdings in CIT Group Inc. (NYSE:CIT)
Renaissance Technologies LLC cut its holdings in shares of CIT Group Inc. (NYSE:CIT) by 6.1% in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 621,800 shares of the financial services provider’s stock after selling 40,677 shares during the quarter. Renaissance Technologies LLC owned 0.66% of CIT Group worth $32,669,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also made changes to their positions in the company. World Asset Management Inc increased its position in CIT Group by 6.9% in the second quarter. World Asset Management Inc now owns 4,958 shares of the financial services provider’s stock worth $260,000 after buying an additional 321 shares during the period. Xact Kapitalforvaltning AB increased its stake in shares of CIT Group by 4.6% during the 2nd quarter. Xact Kapitalforvaltning AB now owns 10,600 shares of the financial services provider’s stock valued at $557,000 after acquiring an additional 463 shares during the last quarter. Avestar Capital LLC increased its stake in shares of CIT Group by 13.6% during the 1st quarter. Avestar Capital LLC now owns 4,191 shares of the financial services provider’s stock valued at $181,000 after acquiring an additional 503 shares during the last quarter. Janney Montgomery Scott LLC increased its stake in shares of CIT Group by 7.0% during the 2nd quarter. Janney Montgomery Scott LLC now owns 8,126 shares of the financial services provider’s stock valued at $427,000 after acquiring an additional 535 shares during the last quarter. Finally, C M Bidwell & Associates Ltd. acquired a new position in shares of CIT Group during the 2nd quarter valued at about $31,000. Hedge funds and other institutional investors own 98.35% of the company’s stock.
NYSE CIT traded up $0.53 on Friday, reaching $47.31. The company had a trading volume of 16,609 shares, compared to its average volume of 746,079. The firm has a market capitalization of $4.40 billion, a PE ratio of 11.71, a P/E/G ratio of 0.93 and a beta of 1.60. CIT Group Inc. has a 1 year low of $35.50 and a 1 year high of $54.55. The firm has a 50-day moving average of $44.73 and a 200-day moving average of $48.98. The company has a debt-to-equity ratio of 1.13, a current ratio of 0.94 and a quick ratio of 0.94.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 23rd. Shareholders of record on Friday, August 9th were given a dividend of $0.35 per share. The ex-dividend date of this dividend was Thursday, August 8th. This represents a $1.40 dividend on an annualized basis and a yield of 2.96%. CIT Group’s payout ratio is presently 34.65%.
In related news, EVP John J. Fawcett acquired 7,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 13th. The shares were acquired at an average cost of $43.96 per share, with a total value of $307,720.00. Following the purchase, the executive vice president now owns 15,802 shares of the company’s stock, valued at $694,655.92. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Steve Solk acquired 2,000 shares of the business’s stock in a transaction that occurred on Friday, August 16th. The stock was bought at an average cost of $42.45 per share, for a total transaction of $84,900.00. Following the completion of the purchase, the insider now directly owns 31,292 shares in the company, valued at approximately $1,328,345.40. The disclosure for this purchase can be found here. Insiders have acquired a total of 30,430 shares of company stock valued at $1,316,860 over the last 90 days. Corporate insiders own 0.42% of the company’s stock.
A number of research analysts have recently commented on CIT shares. BMO Capital Markets upped their price objective on shares of CIT Group from $49.00 to $50.00 and gave the company a “market perform” rating in a research note on Wednesday, July 24th. TheStreet downgraded shares of CIT Group from a “b” rating to a “c+” rating in a research note on Monday, August 19th. Finally, ValuEngine downgraded shares of CIT Group from a “hold” rating to a “sell” rating in a research note on Friday, July 26th. One analyst has rated the stock with a sell rating, four have issued a hold rating and three have issued a buy rating to the company. CIT Group currently has a consensus rating of “Hold” and a consensus target price of $55.71.
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 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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