Kenmare Capital Partners L.L.C. grew its position in CIT Group Inc. (NYSE:CIT) by 211.8% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 47,400 shares of the financial services provider’s stock after purchasing an additional 32,200 shares during the quarter. CIT Group comprises approximately 2.5% of Kenmare Capital Partners L.L.C.’s investment portfolio, making the stock its 11th biggest holding. Kenmare Capital Partners L.L.C.’s holdings in CIT Group were worth $2,334,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Avestar Capital LLC purchased a new position in CIT Group in the fourth quarter worth $132,000. Schroder Investment Management Group grew its holdings in CIT Group by 82.0% in 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 in the third quarter worth $236,000. Virtu Financial LLC purchased a new position in CIT Group in the fourth quarter worth $240,000. Finally, Quantitative Systematic Strategies LLC purchased a new position in CIT Group in the fourth quarter worth $240,000.
In other CIT Group news, insider James L. Hudak sold 2,000 shares of the company’s stock in a transaction on Thursday, March 1st. The shares were sold at an average price of $53.63, for a total value of $107,260.00. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.47% of the stock is currently owned by corporate 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 for the quarter, beating analysts’ consensus estimates of $0.81 by $0.18. CIT Group had a net margin of 14.60% and a return on equity of 7.08%. The firm had revenue of $537.00 million for the quarter, compared to analyst estimates of $469.24 million. During the same period in the previous year, the company earned $0.59 earnings per share. The business’s quarterly revenue was up 15.7% compared to the same quarter last year. analysts predict that CIT Group Inc. will post 4.25 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Friday, February 23rd. Shareholders of record on Friday, February 9th were issued a $0.16 dividend. This represents a $0.64 annualized dividend and a yield of 1.17%. The ex-dividend date was Thursday, February 8th. CIT Group’s payout ratio is 24.62%.
Several research firms have issued reports on CIT. Zacks Investment Research lowered shares of CIT Group from a “buy” rating to a “hold” rating in a report on Tuesday, March 6th. Credit Suisse Group lifted their price target on shares of CIT Group from $50.00 to $54.00 and gave the stock a “neutral” rating in a report on Monday, February 5th. Morgan Stanley lifted 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. BMO Capital Markets raised shares of CIT Group from an “underperform” rating to a “market perform” rating and cut their price target for the stock from $49.00 to $35.00 in a report on Monday, February 5th. Finally, Wells Fargo & Co boosted their price objective on shares of CIT Group from $52.00 to $53.00 and gave the company a “market perform” rating in a report on Wednesday, January 31st. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and eight have given a buy rating to the company’s stock. CIT Group currently has a consensus rating of “Hold” and a consensus target price of $53.73.
COPYRIGHT VIOLATION WARNING: “Kenmare Capital Partners L.L.C. Has $2.33 Million Holdings in CIT Group Inc. (CIT)” was reported by American Banking News and is the sole property of of American Banking News. If you are viewing this story on another site, it was copied illegally and reposted in violation of U.S. and international trademark & copyright laws. The legal version of this story can be read at https://www.americanbankingnews.com/2018/03/14/kenmare-capital-partners-l-l-c-has-2-33-million-holdings-in-cit-group-inc-cit.html.
CIT Group Company 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.
Receive News & Ratings for CIT Group Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for CIT Group and related companies with MarketBeat.com's FREE daily email newsletter.