Sound Shore Management Inc. CT decreased its stake in CIT Group Inc. (NYSE:CIT) by 0.3% during the third quarter, Holdings Channel reports. The institutional investor owned 4,631,334 shares of the financial services provider’s stock after selling 13,069 shares during the period. CIT Group comprises about 3.0% of Sound Shore Management Inc. CT’s portfolio, making the stock its 11th largest position. Sound Shore Management Inc. CT’s holdings in CIT Group were worth $168,117,000 at the end of the most recent reporting period.

Other hedge funds also recently added to or reduced their stakes in the company. Oppenheimer & Co. Inc. increased its stake in CIT Group by 0.6% in the third quarter. Oppenheimer & Co. Inc. now owns 7,776 shares of the financial services provider’s stock valued at $283,000 after buying an additional 50 shares in the last quarter. Sumitomo Mitsui Asset Management Company LTD increased its stake in CIT Group by 0.5% in the third quarter. Sumitomo Mitsui Asset Management Company LTD now owns 14,663 shares of the financial services provider’s stock valued at $532,000 after buying an additional 80 shares in the last quarter. Toronto Dominion Bank increased its stake in CIT Group by 5.7% in the second quarter. Toronto Dominion Bank now owns 3,130 shares of the financial services provider’s stock valued at $100,000 after buying an additional 168 shares in the last quarter. Sei Investments Co. increased its stake in CIT Group by 1.2% in the third quarter. Sei Investments Co. now owns 24,834 shares of the financial services provider’s stock valued at $901,000 after buying an additional 304 shares in the last quarter. Finally, PNC Financial Services Group Inc. increased its stake in CIT Group by 2.6% in the third quarter. PNC Financial Services Group Inc. now owns 12,524 shares of the financial services provider’s stock valued at $454,000 after buying an additional 313 shares in the last quarter. 98.91% of the stock is currently owned by institutional investors.

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

CIT Group Inc. (NYSE:CIT) opened at 40.85 on Thursday. The firm has a 50-day moving average price of $37.64 and a 200-day moving average price of $35.02. CIT Group Inc. has a 12-month low of $25.19 and a 12-month high of $43.57. The stock has a market cap of $8.25 billion, a PE ratio of 18.86 and a beta of 1.51.

CIT Group (NYSE:CIT) last issued its quarterly earnings results on Tuesday, October 25th. The financial services provider reported $0.65 EPS for the quarter, missing analysts’ consensus estimates of $0.79 by $0.14. The firm earned $608.70 million during the quarter, compared to the consensus estimate of $622.98 million. CIT Group had a net margin of 9.61% and a return on equity of 6.37%. The business’s revenue for the quarter was down 5.6% on a year-over-year basis. During the same quarter last year, the firm earned $3.61 earnings per share. Analysts forecast that CIT Group Inc. will post $2.24 EPS for the current fiscal year.

The company also recently declared a quarterly dividend, which was paid on Friday, November 25th. Stockholders of record on Friday, November 11th were issued a $0.15 dividend. The ex-dividend date was Tuesday, November 8th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.47%. CIT Group’s dividend payout ratio (DPR) is 27.65%.

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Several research firms have weighed in on CIT. BTIG Research set a $52.00 target price on shares of CIT Group and gave the stock a “buy” rating in a research report on Saturday, October 8th. TheStreet downgraded shares of CIT Group from a “buy” rating to a “hold” rating in a report on Tuesday, October 25th. Credit Suisse Group AG dropped their price objective on shares of CIT Group from $42.00 to $34.55 and set a “neutral” rating on the stock in a report on Monday, August 15th. JMP Securities reaffirmed a “buy” rating on shares of CIT Group in a report on Monday, October 10th. Finally, Stephens initiated coverage on shares of CIT Group in a report on Tuesday, November 1st. They issued an “equal weight” rating on the stock. Two research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and seven have assigned a buy rating to the company. The company has an average rating of “Hold” and a consensus price target of $41.27.

CIT Group 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.

5 Day Chart for NYSE:CIT

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