NWQ Investment Management Company LLC lessened its position in shares of CIT Group Inc. (NYSE:CIT) by 2.1% in the fourth quarter, according to the company in its most recent Form 13F filing with the 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 accounts for 2.2% of NWQ Investment Management Company LLC’s portfolio, making the stock its 2nd biggest holding. NWQ Investment Management Company LLC’s holdings in CIT Group were worth $172,883,000 at the end of the most recent reporting period.
Other institutional investors have also recently bought and sold shares of the company. Renaissance Technologies LLC bought a new stake in CIT Group during the fourth quarter valued at about $20,987,000. Assenagon Asset Management S.A. bought a new stake in CIT Group during the fourth quarter valued at about $18,735,000. Jacobs Asset Management LLC grew its holdings in CIT Group by 78.6% during the third quarter. Jacobs Asset Management LLC now owns 844,175 shares of the financial services provider’s stock valued at $41,407,000 after purchasing an additional 371,609 shares during the period. Schwab Charles Investment Management Inc. grew its holdings in CIT Group by 61.7% during the third quarter. Schwab Charles Investment Management Inc. now owns 866,738 shares of the financial services provider’s stock valued at $42,514,000 after purchasing an additional 330,875 shares during the period. Finally, JPMorgan Chase & Co. grew its holdings in CIT Group by 209.7% during the third quarter. JPMorgan Chase & Co. now owns 485,271 shares of the financial services provider’s stock valued at $23,661,000 after purchasing an additional 328,586 shares during the period.
CIT Group Inc. (NYSE CIT) opened at $55.33 on Monday. The firm has a market capitalization of $7,235.50, a PE ratio of 21.28 and a beta of 1.31. The company has a debt-to-equity ratio of 1.28, a current ratio of 1.03 and a quick ratio of 1.03. CIT Group Inc. has a one year low of $39.48 and a one year high of $56.14.
The company also recently announced a quarterly dividend, which was paid on Friday, February 23rd. Investors of record on Friday, February 9th were given a $0.16 dividend. The ex-dividend date of this dividend was Thursday, February 8th. This represents a $0.64 dividend on an annualized basis and a dividend yield of 1.16%. CIT Group’s dividend payout ratio is currently 24.62%.
Several analysts have issued reports on the company. Zacks Investment Research lowered CIT Group from a “buy” rating to a “hold” rating in a report on Tuesday, March 6th. Barclays set a $53.00 price target on CIT Group and gave the company a “hold” rating in a report on Friday, January 12th. Credit Suisse Group boosted their price target 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 price target on CIT Group from $54.00 to $57.00 and gave the company an “equal weight” rating in a report on Monday, February 5th. Finally, Wells Fargo & Co boosted their price target on CIT Group from $52.00 to $53.00 and gave the company a “market perform” rating in a report on Wednesday, January 31st. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and eight have assigned a buy rating to the stock. The company currently has an average rating of “Hold” and an average price target of $53.73.
In related news, insider James L. Hudak sold 2,000 shares of the business’s stock in a transaction dated 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 filing with the SEC, which is available through this link. 0.47% of the stock is currently owned by 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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