Gulf International Bank UK Ltd cut its holdings in CIT Group Inc. (NYSE:CIT) by 11.7% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 90,341 shares of the financial services provider’s stock after selling 12,022 shares during the period. Gulf International Bank UK Ltd owned approximately 0.09% of CIT Group worth $3,457,000 at the end of the most recent reporting period.
A number of other large investors have also modified their holdings of CIT. Tower Research Capital LLC TRC bought a new stake in CIT Group in the third quarter worth $123,000. Garner Asset Management Corp bought a new stake in CIT Group in the third quarter worth $230,000. Meag Munich Ergo Kapitalanlagegesellschaft MBH bought a new stake in CIT Group in the third quarter worth $330,000. Shell Asset Management Co. boosted its holdings in CIT Group by 59.5% in the third quarter. Shell Asset Management Co. now owns 9,078 shares of the financial services provider’s stock worth $469,000 after purchasing an additional 3,386 shares in the last quarter. Finally, Tokio Marine Asset Management Co. Ltd. bought a new stake in CIT Group in the third quarter worth $516,000.
A number of equities research analysts recently issued reports on CIT shares. Zacks Investment Research upgraded shares of CIT Group from a “sell” rating to a “hold” rating in a report on Monday, November 26th. UBS Group raised shares of CIT Group from a “neutral” rating to a “buy” rating in a research report on Wednesday. ValuEngine lowered shares of CIT Group from a “hold” rating to a “sell” rating in a research report on Monday, October 22nd. Barclays set a $47.00 target price on shares of CIT Group and gave the stock a “hold” rating in a research report on Friday, December 14th. Finally, TheStreet lowered shares of CIT Group from a “b” rating to a “c” rating in a research report on Thursday, November 15th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and three have assigned a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus target price of $53.07.
CIT Group (NYSE:CIT) last released its earnings results on Tuesday, October 23rd. The financial services provider reported $1.15 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.14 by $0.01. The firm had revenue of $476.00 million during the quarter, compared to analyst estimates of $475.48 million. CIT Group had a net margin of 8.00% and a return on equity of 7.58%. The business’s revenue was up 2.6% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.42 EPS. Equities analysts forecast that CIT Group Inc. will post 3.99 earnings per share for the current fiscal year.
CIT Group Company Profile
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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