The Manufacturers Life Insurance Company lessened its holdings in shares of CIT Group Inc. (NYSE:CIT) by 16.4% during the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 841,507 shares of the financial services provider’s stock after selling 165,252 shares during the period. The Manufacturers Life Insurance Company owned 0.64% of CIT Group worth $41,427,000 at the end of the most recent reporting period.
Other hedge funds have also made changes to their positions in the company. LSV Asset Management lifted its stake in shares of CIT Group by 0.4% during the fourth quarter. LSV Asset Management now owns 3,546,400 shares of the financial services provider’s stock valued at $174,589,000 after acquiring an additional 13,800 shares during the period. Thompson Siegel & Walmsley LLC lifted its stake in shares of CIT Group by 3.4% during the third quarter. Thompson Siegel & Walmsley LLC now owns 2,989,090 shares of the financial services provider’s stock valued at $146,614,000 after acquiring an additional 97,001 shares during the period. Wells Fargo & Company MN lifted its stake in shares of CIT Group by 7.1% during the third quarter. Wells Fargo & Company MN now owns 2,132,765 shares of the financial services provider’s stock valued at $104,611,000 after acquiring an additional 141,552 shares during the period. Dimensional Fund Advisors LP lifted its stake in shares of CIT Group by 16.8% during the third quarter. Dimensional Fund Advisors LP now owns 1,792,459 shares of the financial services provider’s stock valued at $87,916,000 after acquiring an additional 258,455 shares during the period. Finally, Wedge Capital Management L L P NC lifted its stake in shares of CIT Group by 0.7% during the fourth quarter. Wedge Capital Management L L P NC now owns 1,540,898 shares of the financial services provider’s stock valued at $75,858,000 after acquiring an additional 11,331 shares during the period.
CIT Group Inc. (CIT) opened at $54.05 on Tuesday. CIT Group Inc. has a one year low of $39.48 and a one year high of $54.69. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 1.20. The firm has a market capitalization of $7,099.63, a PE ratio of 15.67 and a beta of 1.42.
CIT Group (NYSE:CIT) last released its earnings results on Tuesday, January 30th. The financial services provider reported $0.99 earnings per share for the quarter, beating the consensus estimate of $0.81 by $0.18. CIT Group had a return on equity of 6.84% and a net margin of 14.60%. The firm had revenue of $537.00 million for the quarter, compared to analyst estimates of $469.24 million. During the same quarter in the prior year, the firm posted $0.59 earnings per share. The company’s quarterly revenue was up 15.7% on a year-over-year basis. equities research analysts expect that CIT Group Inc. will post 4.24 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Friday, February 23rd. Shareholders of record on Friday, February 9th will be paid a $0.16 dividend. This represents a $0.64 annualized dividend and a yield of 1.18%. The ex-dividend date is Thursday, February 8th. CIT Group’s payout ratio is 24.62%.
CIT has been the topic of several research reports. Oppenheimer reaffirmed a “buy” rating on shares of CIT Group in a research note on Tuesday, October 24th. Stephens set a $60.00 price target on CIT Group and gave the company a “buy” rating in a research note on Wednesday, January 3rd. Zacks Investment Research raised CIT Group from a “hold” rating to a “buy” rating and set a $55.00 price target on the stock in a research note on Tuesday, January 2nd. Morgan Stanley upped their price target on CIT Group from $54.00 to $57.00 and gave the company an “equal weight” rating in a research note on Monday, February 5th. Finally, Barclays cut their price target on CIT Group from $45.00 to $44.00 and set an “equal weight” rating on the stock in a research note on Wednesday, October 25th. One research analyst has rated the stock with a sell rating, six have issued a hold rating and nine have issued a buy rating to the stock. CIT Group currently has a consensus rating of “Buy” and a consensus price target of $53.73.
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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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