Royal Bank of Canada Lowers Stake in CIT Group Inc. (NYSE:CIT)
Royal Bank of Canada reduced its position in shares of CIT Group Inc. (NYSE:CIT) by 14.5% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 936,843 shares of the financial services provider’s stock after selling 159,455 shares during the quarter. Royal Bank of Canada owned 0.95% of CIT Group worth $16,171,000 as of its most recent SEC filing.
Other hedge funds have also recently bought and sold shares of the company. CWM Advisors LLC acquired a new position in shares of CIT Group during the 1st quarter worth about $36,000. Signaturefd LLC raised its position in shares of CIT Group by 160.0% during the 1st quarter. Signaturefd LLC now owns 2,366 shares of the financial services provider’s stock worth $41,000 after purchasing an additional 1,456 shares during the last quarter. Versant Capital Management Inc acquired a new stake in CIT Group in the 1st quarter valued at about $51,000. Dupont Capital Management Corp acquired a new stake in CIT Group in the 1st quarter valued at about $56,000. Finally, Tower Research Capital LLC TRC acquired a new stake in CIT Group in the 4th quarter valued at about $57,000. 92.99% of the stock is currently owned by institutional investors and hedge funds.
A number of analysts have commented on the stock. Citigroup increased their price objective on shares of CIT Group from $27.00 to $31.00 and gave the company a “buy” rating in a report on Thursday, June 18th. Credit Suisse Group reiterated a “hold” rating on shares of CIT Group in a report on Wednesday, April 22nd. Oppenheimer assumed coverage on shares of CIT Group in a report on Tuesday, April 21st. They issued a “buy” rating and a $54.00 price objective for the company. BMO Capital Markets upgraded shares of CIT Group from a “market perform” rating to an “outperform” rating and increased their price objective for the company from $26.00 to $29.00 in a report on Thursday, May 14th. Finally, Morgan Stanley increased their price objective on shares of CIT Group from $20.00 to $26.00 and gave the company an “equal weight” rating in a report on Monday, June 8th. Four research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus target price of $35.67.
CIT Group (NYSE:CIT) last announced its quarterly earnings results on Tuesday, April 21st. The financial services provider reported ($2.43) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.83 by ($3.26). The firm had revenue of $496.00 million for the quarter, compared to analyst estimates of $492.99 million. CIT Group had a positive return on equity of 2.77% and a negative net margin of 6.87%. The firm’s quarterly revenue was up 6.4% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.18 EPS. As a group, research analysts expect that CIT Group Inc. will post -1.99 EPS for the current year.
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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