Royal London Asset Management Ltd. trimmed its position in CIT Group Inc. (NYSE:CIT) by 4.4% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 50,923 shares of the financial services provider’s stock after selling 2,325 shares during the period. Royal London Asset Management Ltd.’s holdings in CIT Group were worth $2,628,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Garner Asset Management Corp purchased a new stake in shares of CIT Group during the 3rd quarter worth about $230,000. Virtu Financial LLC purchased a new stake in shares of CIT Group during the 2nd quarter worth about $231,000. Meag Munich Ergo Kapitalanlagegesellschaft MBH purchased a new stake in shares of CIT Group during the 3rd quarter worth about $330,000. KBC Group NV boosted its stake 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 worth $406,000 after acquiring an additional 1,184 shares in the last quarter. Finally, Trexquant Investment LP purchased a new stake in shares of CIT Group during the 2nd quarter worth about $510,000.
Several research firms have recently issued reports on CIT. ValuEngine lowered shares of CIT Group from a “hold” rating to a “sell” rating in a research note on Tuesday, November 20th. Zacks Investment Research raised shares of CIT Group from a “sell” rating to a “hold” rating in a research note on Monday, November 19th. TheStreet lowered shares of CIT Group from a “b” rating to a “c” rating in a research note on Thursday, November 15th. BMO Capital Markets increased their target price on shares of CIT Group from $44.00 to $47.00 and gave the stock a “market perform” rating in a research note on Thursday, October 25th. Finally, Morgan Stanley lowered their target price on shares of CIT Group from $58.00 to $57.50 and set an “equal weight” rating on the stock in a research note on Tuesday, September 18th. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating and two have assigned a buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus target price of $54.29.
CIT opened at $44.21 on Monday. CIT Group Inc. has a twelve month low of $43.80 and a twelve month high of $56.14. The company has a debt-to-equity ratio of 1.45, a current ratio of 1.02 and a quick ratio of 1.02. The stock has a market cap of $4.67 billion, a P/E ratio of 14.40, a P/E/G ratio of 1.11 and a beta of 1.30.
CIT Group (NYSE:CIT) last released its quarterly earnings results on Tuesday, October 23rd. The financial services provider reported $1.15 earnings per share for the quarter, topping the consensus estimate of $1.14 by $0.01. The firm had revenue of $476.00 million during the quarter, compared to the consensus estimate of $475.48 million. CIT Group had a net margin of 8.00% and a return on equity of 7.58%. The company’s revenue for the quarter was up 2.6% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.42 EPS. On average, sell-side analysts expect that CIT Group Inc. will post 3.99 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 27th. Shareholders of record on Tuesday, November 13th will be issued a $0.25 dividend. The ex-dividend date of this dividend is Friday, November 9th. This represents a $1.00 dividend on an annualized basis and a yield of 2.26%. CIT Group’s payout ratio is 32.57%.
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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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