SG Americas Securities LLC reduced its position in CIT Group Inc. (NYSE:CIT) by 71.9% in the 4th quarter, Holdings Channel reports. The firm owned 3,345 shares of the financial services provider’s stock after selling 8,539 shares during the period. SG Americas Securities LLC’s holdings in CIT Group were worth $165,000 as of its most recent filing with the SEC.
Other institutional investors have also recently bought and sold shares of the company. Schroder Investment Management Group lifted its holdings in shares of CIT Group by 82.0% in the 3rd quarter. Schroder Investment Management Group now owns 3,063 shares of the financial services provider’s stock valued at $149,000 after purchasing an additional 1,380 shares during the last quarter. IFM Investors Pty Ltd purchased a new stake in shares of CIT Group in the 3rd quarter valued at about $236,000. Toronto Dominion Bank lifted its holdings in shares of CIT Group by 245.3% in the 3rd quarter. Toronto Dominion Bank now owns 6,142 shares of the financial services provider’s stock valued at $301,000 after purchasing an additional 4,363 shares during the last quarter. Hollencrest Capital Management purchased a new stake in shares of CIT Group in the 4th quarter valued at about $478,000. Finally, Caxton Associates LP purchased a new stake in shares of CIT Group in the 3rd quarter valued at about $564,000.
Shares of CIT Group Inc. (CIT) opened at $55.31 on Wednesday. The company has a debt-to-equity ratio of 1.28, a quick ratio of 1.03 and a current ratio of 1.03. The company has a market capitalization of $7,102.12, a P/E ratio of 15.74 and a beta of 1.31. CIT Group Inc. has a one year low of $39.48 and a one year high of $55.49.
CIT Group (NYSE:CIT) last posted its quarterly earnings data on Tuesday, January 30th. The financial services provider reported $0.99 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.81 by $0.18. The firm had revenue of $537.00 million during the quarter, compared to the consensus estimate of $469.24 million. CIT Group had a return on equity of 7.08% and a net margin of 14.60%. The firm’s revenue was up 15.7% compared to the same quarter last year. During the same period in the prior year, the business earned $0.59 EPS. equities research analysts predict that CIT Group Inc. will post 4.25 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Friday, February 23rd. Shareholders of record on Friday, February 9th were paid a dividend of $0.16 per share. This represents a $0.64 annualized dividend and a yield of 1.16%. The ex-dividend date of this dividend was Thursday, February 8th. CIT Group’s dividend payout ratio is presently 24.62%.
Several analysts have recently weighed in on the company. Zacks Investment Research downgraded CIT Group from a “buy” rating to a “hold” rating in a report on Tuesday. Credit Suisse Group boosted their target price on CIT Group from $50.00 to $54.00 and gave the company a “neutral” rating in a report on Monday, February 5th. Morgan Stanley boosted their target price on CIT Group from $54.00 to $57.00 and gave the company an “equal weight” rating in a report on Monday, February 5th. Wells Fargo & Co boosted their target price on CIT Group from $52.00 to $53.00 and gave the company a “market perform” rating in a report on Wednesday, January 31st. Finally, BMO Capital Markets raised CIT Group from an “underperform” rating to a “market perform” rating and reduced their target price for the company from $49.00 to $35.00 in a report on Monday, February 5th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and eight have given a buy rating to the stock. CIT Group has a consensus rating of “Hold” and a consensus target price of $53.73.
In other CIT Group news, insider James L. Hudak sold 2,000 shares of the company’s stock in a transaction that occurred on Thursday, March 1st. The stock was sold at an average price of $53.63, for a total transaction of $107,260.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 0.47% of the stock is owned by corporate insiders.
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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