Redpoint Investment Management Pty Ltd lifted its holdings in CIT Group Inc. (NYSE:CIT) by 20.8% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 74,763 shares of the financial services provider’s stock after purchasing an additional 12,885 shares during the period. Redpoint Investment Management Pty Ltd owned about 0.07% of CIT Group worth $2,861,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also made changes to their positions in CIT. Capital World Investors boosted its stake in shares of CIT Group by 32.4% in the 3rd quarter. Capital World Investors now owns 10,756,115 shares of the financial services provider’s stock valued at $555,123,000 after purchasing an additional 2,634,000 shares in the last quarter. Capital International Investors bought a new stake in CIT Group during the 3rd quarter worth approximately $92,642,000. Thompson Siegel & Walmsley LLC increased its stake in CIT Group by 13.3% during the 3rd quarter. Thompson Siegel & Walmsley LLC now owns 2,771,034 shares of the financial services provider’s stock worth $143,013,000 after purchasing an additional 324,619 shares in the last quarter. JPMorgan Chase & Co. increased its stake in CIT Group by 62.7% during the 3rd quarter. JPMorgan Chase & Co. now owns 749,223 shares of the financial services provider’s stock worth $38,668,000 after purchasing an additional 288,662 shares in the last quarter. Finally, Victory Capital Management Inc. bought a new stake in CIT Group during the 3rd quarter worth approximately $13,188,000.
A number of analysts recently issued reports on the company. ValuEngine cut CIT Group from a “hold” rating to a “sell” rating in a research note on Tuesday, November 20th. Oppenheimer increased their target price on CIT Group from $49.00 to $61.00 and gave the stock an “outperform” rating in a research note on Wednesday, January 30th. Zacks Investment Research cut shares of CIT Group from a “buy” rating to a “hold” rating in a research note on Wednesday, January 23rd. BMO Capital Markets raised their price target 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, UBS Group raised shares of CIT Group from a “neutral” rating to a “buy” rating in a research note on Wednesday, January 9th. Seven investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus target price of $53.36.
CIT Group (NYSE:CIT) last released its quarterly earnings data on Tuesday, January 29th. The financial services provider reported $1.21 EPS for the quarter, beating the consensus estimate of $1.10 by $0.11. The company had revenue of $421.00 million during the quarter, compared to the consensus estimate of $507.00 million. CIT Group had a return on equity of 7.58% and a net margin of 13.66%. During the same quarter in the prior year, the firm posted $0.99 EPS. On average, sell-side analysts forecast that CIT Group Inc. will post 4.91 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, February 22nd. Stockholders of record on Friday, February 8th will be issued a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 2.07%. The ex-dividend date of this dividend is Thursday, February 7th. CIT Group’s payout ratio is presently 24.75%.
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CIT Group 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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