Pinebridge Investments L.P. lifted its holdings in shares of CIT Group Inc. (NYSE:CIT) by 32.1% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 64,577 shares of the financial services provider’s stock after acquiring an additional 15,674 shares during the period. Pinebridge Investments L.P.’s holdings in CIT Group were worth $3,179,000 at the end of the most recent reporting period.
Several other large investors have also bought and sold shares of the company. Advisor Group Inc. boosted its holdings in CIT Group by 2.2% during the second quarter. Advisor Group Inc. now owns 3,030 shares of the financial services provider’s stock worth $146,000 after purchasing an additional 66 shares during the last quarter. Schroder Investment Management Group boosted its holdings in CIT Group by 82.0% during the third quarter. Schroder Investment Management Group now owns 3,063 shares of the financial services provider’s stock worth $149,000 after purchasing an additional 1,380 shares during the last quarter. IFM Investors Pty Ltd purchased a new position in CIT Group during the third quarter worth about $236,000. Quantitative Systematic Strategies LLC purchased a new position in CIT Group during the fourth quarter worth about $240,000. Finally, Fox Run Management L.L.C. purchased a new position in CIT Group during the third quarter worth about $280,000.
CIT Group Inc. (CIT) opened at $54.05 on Monday. The company has a debt-to-equity ratio of 1.20, a current ratio of 1.05 and a quick ratio of 1.05. The firm has a market cap of $7,099.63, a PE ratio of 20.79 and a beta of 1.42. CIT Group Inc. has a 52 week low of $39.48 and a 52 week high of $54.69.
CIT Group (NYSE:CIT) last released its earnings results on Tuesday, January 30th. The financial services provider reported $0.99 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.81 by $0.18. The firm had revenue of $537.00 million for the quarter, compared to analysts’ expectations of $469.24 million. CIT Group had a net margin of 14.60% and a return on equity of 6.84%. The company’s quarterly revenue was up 15.7% on a year-over-year basis. During the same period in the previous year, the company earned $0.59 earnings per share. equities research analysts anticipate that CIT Group Inc. will post 4.24 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Friday, February 23rd. Shareholders of record on Friday, February 9th will be paid a $0.16 dividend. This represents a $0.64 dividend on an annualized basis and a yield of 1.18%. The ex-dividend date of this dividend is Thursday, February 8th. CIT Group’s payout ratio is 24.62%.
Several research firms recently weighed in on CIT. Barclays cut their price target on shares of CIT Group from $45.00 to $44.00 and set an “equal weight” rating on the stock in a report on Wednesday, October 25th. Morgan Stanley boosted their price target on shares of CIT Group from $54.00 to $57.00 and gave the stock an “equal weight” rating in a report on Monday, February 5th. Zacks Investment Research upgraded shares of CIT Group from a “hold” rating to a “buy” rating and set a $55.00 price target on the stock in a report on Tuesday, January 2nd. Keefe, Bruyette & Woods restated a “hold” rating and set a $53.00 price target on shares of CIT Group in a report on Friday, December 29th. Finally, Wells Fargo & Co boosted their price target on shares of CIT Group from $52.00 to $53.00 and gave the stock a “market perform” rating in a report on Wednesday, January 31st. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and nine have assigned a buy rating to the stock. CIT Group presently has an average rating of “Buy” and an average price target of $53.73.
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CIT Group Profile
CIT Group Inc (CIT) is a bank holding company (BHC) and a financial holding company (FHC). The Company, together with its subsidiaries, provides financing, leasing and advisory services to middle market companies in a range of industries in North America. The Company’s segments include Commercial Banking, Consumer Banking, Non-Strategic Portfolios, and Corporate and Other.
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