Utah Retirement Systems reduced its holdings in CIT Group Inc. (NYSE:CIT) by 10.6% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 20,982 shares of the financial services provider’s stock after selling 2,500 shares during the quarter. Utah Retirement Systems’ holdings in CIT Group were worth $1,083,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also bought and sold shares of the company. Tower Research Capital LLC TRC acquired a new stake in CIT Group in the 3rd quarter valued at approximately $123,000. Garner Asset Management Corp acquired a new position in shares of CIT Group during the 3rd quarter valued at $230,000. Meag Munich Ergo Kapitalanlagegesellschaft MBH acquired a new position in shares of CIT Group during the 3rd quarter valued at $330,000. KBC Group NV increased its position in shares of CIT Group by 17.3% during the 2nd quarter. KBC Group NV now owns 8,046 shares of the financial services provider’s stock valued at $406,000 after purchasing an additional 1,184 shares during the period. Finally, Shell Asset Management Co. increased its position in shares of CIT Group by 59.5% during the 3rd quarter. Shell Asset Management Co. now owns 9,078 shares of the financial services provider’s stock valued at $469,000 after purchasing an additional 3,386 shares during the period.
Shares of NYSE CIT opened at $44.28 on Friday. The company has a debt-to-equity ratio of 1.45, a quick ratio of 1.02 and a current ratio of 1.02. The firm has a market capitalization of $4.71 billion, a P/E ratio of 11.50, a P/E/G ratio of 1.12 and a beta of 1.29. CIT Group Inc. has a 52-week low of $43.48 and a 52-week high of $56.14.
CIT Group (NYSE:CIT) last issued its earnings results on Tuesday, October 23rd. The financial services provider reported $1.15 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.14 by $0.01. The business had revenue of $476.00 million for the quarter, compared to analysts’ expectations of $475.48 million. CIT Group had a return on equity of 7.58% and a net margin of 8.00%. The company’s quarterly revenue was up 2.6% on a year-over-year basis. During the same period in the previous year, the firm posted $1.42 EPS. As a group, research analysts expect that CIT Group Inc. will post 3.99 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Tuesday, November 27th. Investors of record on Tuesday, November 13th were issued a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.26%. The ex-dividend date was Friday, November 9th. CIT Group’s payout ratio is 32.57%.
Several equities analysts have recently issued reports on CIT shares. ValuEngine cut CIT Group from a “hold” rating to a “sell” rating in a research report on Monday, October 22nd. Morgan Stanley lowered their price target on CIT Group from $58.00 to $57.50 and set an “equal weight” rating on the stock in a research report on Tuesday, September 18th. BMO Capital Markets lifted their price target on CIT Group from $44.00 to $47.00 and gave the company a “market perform” rating in a research report on Thursday, October 25th. Stephens cut CIT Group from an “overweight” rating to an “equal weight” rating and set a $60.00 price target on the stock. in a research report on Monday, August 27th. Finally, TheStreet cut CIT Group from a “b” rating to a “c” rating in a research report on Thursday, November 15th. One investment analyst has rated the stock with a sell rating, nine have given a hold rating and two have issued a buy rating to the company’s stock. CIT Group has an average rating of “Hold” and a consensus target price of $54.29.
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About CIT Group
CIT Group Inc operates as the bank holding company for CIT Bank, National Association that provides banking and related services to commercial and individual customers. The company operates through three segments: Commercial Banking, Consumer Banking, and Non-Strategic Portfolios (NSP). The Commercial Banking segment offers lending, leasing, and other financial and advisory services primarily to small and middle-market companies; factoring, receivables management products, and secured supply chain financing; and equipment leasing and secured financing to railroads and non-rail companies.
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