5 Best Dividend Stocks to Buy According to James Parsons’ Junto Capital Management

4. CIT Group Inc. (NYSE: CIT)

Parsons’ Stake Value: $45,950,000
Percentage of James Parsons’ 13F Portfolio: 1.65%
Dividend Yield: 2.71%
Number of Hedge Fund Holders: 28

CIT Group Inc. (NYSE: CIT) provides financing and connected services to commercials and individual customers. It was founded in 1908 and is ranked fourth on the list of 10 best dividend stocks to buy according to James Parsons’ Junto Capital Management. CIT Group currently has a $5.16 billion market capitalization and was able to deliver a 161.68% return in the past 12 months.

On June 22, CIT Group Inc. (NYSE: CIT) declared that CIT Northbridge Credit will serve as the sole lead supporter on a $30 million credit provision to an online store of lavish accessories. Proceeds will be used to refinance present dues and for basic corporate purposes. On April 28, CIT posted earnings for the first quarter of 2021. Its earnings per share was $2.47, beating market predictions by $1.74. The company also declared its revenue of $557 million, up 12.3% YoY, beating the estimates by $93 million. 

CIT Group Inc. (NYSE: CIT) is a new addition to James Parsons hedge fund portfolio, as Junto Capital Management bought 892,052 shares of the company, worth $45.95 million. Out of the hedge funds being tracked by Insider Monkey, New York-based investment firm Alua Capital Management is a leading shareholder in CIT Group with 4.48 million shares worth more than $231million.