BlackRock Investment Management LLC Boosts Position in CIT Group Inc (DEL) (CIT)

BlackRock Investment Management LLC Boosts Position in CIT Group Inc (DEL) (CIT)

BlackRock Investment Management LLC increased its stake in shares of CIT Group Inc (DEL) (NYSE:CIT) by 5.7% during the third quarter, Holdings Channel reports. The firm owned 114,314 shares of the financial services provider’s stock after buying an additional 6,139 shares during the period. BlackRock Investment Management LLC owned approximately 0.06% of CIT Group Inc (DEL) worth $4,150,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its stake in shares of CIT Group Inc (DEL) by 4.0% in the second quarter. Vanguard Group Inc. now owns 14,092,961 shares of the financial services provider’s stock valued at $449,706,000 after buying an additional 539,701 shares in the last quarter. State Street Corp increased its stake in shares of CIT Group Inc (DEL) by 13.7% in the second quarter. State Street Corp now owns 7,010,683 shares of the financial services provider’s stock valued at $223,717,000 after buying an additional 847,112 shares in the last quarter. Capital World Investors acquired a new stake in shares of CIT Group Inc (DEL) during the second quarter valued at $203,905,000. BlackRock Institutional Trust Company N.A. increased its stake in shares of CIT Group Inc (DEL) by 5.4% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 4,400,060 shares of the financial services provider’s stock valued at $140,406,000 after buying an additional 223,454 shares in the last quarter. Finally, Canada Pension Plan Investment Board increased its stake in shares of CIT Group Inc (DEL) by 27,895.1% in the second quarter. Canada Pension Plan Investment Board now owns 4,132,920 shares of the financial services provider’s stock valued at $131,881,000 after buying an additional 4,118,157 shares in the last quarter. 98.80% of the stock is currently owned by institutional investors.

CIT Group Inc (NYSE:CIT) traded down 1.10% during midday trading on Friday, hitting $42.31. The stock had a trading volume of 487,729 shares. CIT Group Inc has a 52 week low of $25.19 and a 52 week high of $43.99. The company has a market cap of $8.55 billion, a PE ratio of 19.53 and a beta of 1.55. The stock’s 50 day moving average price is $42.94 and its 200-day moving average price is $38.03.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, February 24th. Stockholders of record on Friday, February 10th will be given a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.40%. The ex-dividend date of this dividend is Wednesday, February 8th. CIT Group Inc (DEL)’s dividend payout ratio is currently 27.65%.

Several analysts have recently weighed in on the company. BMO Capital Markets restated a “hold” rating on shares of CIT Group Inc (DEL) in a research note on Monday, October 10th. BTIG Research set a $52.00 target price on CIT Group Inc (DEL) and gave the company a “buy” rating in a research note on Saturday, October 8th. Zacks Investment Research downgraded CIT Group Inc (DEL) from a “hold” rating to a “sell” rating in a research note on Tuesday, November 22nd. Bank of America Corp upgraded CIT Group Inc (DEL) from an “underperform” rating to a “neutral” rating and set a $39.00 target price for the company in a research note on Tuesday, October 11th. Finally, Barclays PLC set a $43.00 price target on CIT Group Inc (DEL) and gave the stock a “hold” rating in a research note on Sunday, January 8th. One investment analyst has rated the stock with a sell rating, thirteen have issued a hold rating and seven have given a buy rating to the stock. The stock presently has an average rating of “Hold” and an average price target of $41.24.

CIT Group Inc (DEL) Company Profile

CIT Group Inc (CIT) is a bank holding company. The Company, together with its subsidiaries, provides financing, leasing and advisory services to middle market companies in a range of industries in North America, and equipment financing and leasing solutions to the transportation industry around the world.

Want to see what other hedge funds are holding CIT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for CIT Group Inc (DEL) (NYSE:CIT).

Related posts

Leave a Comment