NWQ Investment Management Company LLC trimmed its stake in shares of CIT Group Inc. (NYSE:CIT) by 2.1% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 3,511,743 shares of the financial services provider’s stock after selling 73,766 shares during the quarter. CIT Group makes up 2.2% of NWQ Investment Management Company LLC’s investment portfolio, making the stock its 2nd largest position. NWQ Investment Management Company LLC owned approximately 2.67% of CIT Group worth $172,883,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other institutional investors and hedge funds also recently bought and sold shares of the company. Avestar Capital LLC bought a new stake in shares of CIT Group in the 4th quarter worth approximately $132,000. Schroder Investment Management Group grew its position 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 worth $149,000 after buying an additional 1,380 shares during the last quarter. IFM Investors Pty Ltd bought a new stake in shares of CIT Group in the 3rd quarter worth approximately $236,000. Quantitative Systematic Strategies LLC bought a new stake in shares of CIT Group in the 4th quarter worth approximately $240,000. Finally, Virtu Financial LLC bought a new stake in shares of CIT Group in the 4th quarter worth approximately $240,000.
In other news, insider James L. Hudak sold 2,000 shares of the business’s stock in a transaction on Thursday, March 1st. The stock was sold at an average price of $53.63, for a total value of $107,260.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 0.47% of the stock is currently owned by insiders.
CIT Group (NYSE:CIT) last announced its quarterly earnings data on Tuesday, January 30th. The financial services provider reported $0.99 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.81 by $0.18. The business had revenue of $537.00 million during the quarter, compared to analysts’ expectations of $469.24 million. CIT Group had a return on equity of 7.08% and a net margin of 14.60%. The firm’s quarterly revenue was up 15.7% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.59 earnings per share. equities research analysts forecast that CIT Group Inc. will post 4.25 EPS for the current fiscal 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 dividend on an annualized basis and a yield of 1.16%. The ex-dividend date of this dividend was Thursday, February 8th. CIT Group’s payout ratio is 24.62%.
CIT has been the topic of several research reports. Wells Fargo & Co initiated coverage on CIT Group in a research report on Friday, December 1st. They set a “market perform” rating and a $52.00 price target on the stock. Morgan Stanley lifted their price target on CIT Group from $51.00 to $54.00 and gave the company an “equal weight” rating in a research report on Wednesday, December 13th. Keefe, Bruyette & Woods restated a “hold” rating and set a $53.00 price target on shares of CIT Group in a research report on Friday, December 29th. Zacks Investment Research upgraded CIT Group from a “hold” rating to a “buy” rating and set a $55.00 price target on the stock in a research report on Tuesday, January 2nd. Finally, Stephens set a $60.00 price target on CIT Group and gave the company a “buy” rating in a research report on Wednesday, January 3rd. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and eight have given a buy rating to the company. The stock has an average rating of “Hold” and a consensus target price of $53.73.
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About CIT Group
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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