California Public Employees Retirement System Reduces Stake in CIT Group Inc. (CIT)

California Public Employees Retirement System lowered its stake in shares of CIT Group Inc. (NYSE:CIT) by 6.0% during the 4th quarter, HoldingsChannel.com reports. The firm owned 410,472 shares of the financial services provider’s stock after selling 26,069 shares during the quarter. California Public Employees Retirement System’s holdings in CIT Group were worth $20,208,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in CIT. Ameriprise Financial Inc. raised its holdings in shares of CIT Group by 25.8% in the 2nd quarter. Ameriprise Financial Inc. now owns 81,821 shares of the financial services provider’s stock worth $3,984,000 after acquiring an additional 16,798 shares during the last quarter. Shell Asset Management Co. raised its holdings in shares of CIT Group by 153.8% in the 3rd quarter. Shell Asset Management Co. now owns 30,150 shares of the financial services provider’s stock worth $1,386,000 after acquiring an additional 18,271 shares during the last quarter. Strs Ohio raised its holdings in shares of CIT Group by 15.5% in the 3rd quarter. Strs Ohio now owns 119,256 shares of the financial services provider’s stock worth $5,849,000 after acquiring an additional 15,998 shares during the last quarter. Kirr Marbach & Co. LLC IN raised its holdings in shares of CIT Group by 12.9% in the 3rd quarter. Kirr Marbach & Co. LLC IN now owns 231,293 shares of the financial services provider’s stock worth $11,345,000 after acquiring an additional 26,385 shares during the last quarter. Finally, Fox Run Management L.L.C. acquired a new stake in shares of CIT Group in the 3rd quarter worth about $280,000.

Shares of CIT Group Inc. (NYSE:CIT) opened at $53.91 on Thursday. CIT Group Inc. has a 52-week low of $39.48 and a 52-week high of $54.77. The company has a debt-to-equity ratio of 1.20, a current ratio of 1.05 and a quick ratio of 1.05. The stock has a market cap of $7,072.04, a PE ratio of 15.61 and a beta of 1.42.

CIT Group (NYSE:CIT) last issued its quarterly earnings data on Tuesday, January 30th. The financial services provider reported $0.99 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.81 by $0.18. CIT Group had a net margin of 14.60% and a return on equity of 6.84%. The business had revenue of $537.00 million during the quarter, compared to the consensus estimate of $469.24 million. During the same period in the prior year, the firm posted $0.59 EPS. The firm’s quarterly revenue was up 15.7% compared to the same quarter last year. equities analysts predict that CIT Group Inc. will post 4.24 earnings per share for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, February 23rd. Shareholders of record on Friday, February 9th will be given a $0.16 dividend. This represents a $0.64 dividend on an annualized basis and a yield of 1.19%. The ex-dividend date of this dividend is Thursday, February 8th. CIT Group’s payout ratio is 24.62%.

A number of research firms recently weighed in on CIT. Credit Suisse Group upped their target price on shares of CIT Group from $50.00 to $54.00 and gave the stock a “neutral” rating in a report on Monday, February 5th. Morgan Stanley upped their target price on shares of CIT Group from $54.00 to $57.00 and gave the stock an “equal weight” rating in a report on Monday, February 5th. BMO Capital Markets upgraded shares of CIT Group from an “underperform” rating to a “market perform” rating and lowered their target price for the stock from $49.00 to $35.00 in a report on Monday, February 5th. Wells Fargo & Co upped their target price on shares of CIT Group from $52.00 to $53.00 and gave the stock a “market perform” rating in a report on Wednesday, January 31st. Finally, Barclays set a $53.00 target price on shares of CIT Group and gave the stock a “hold” rating in a report on Friday, January 12th. One equities 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. The stock presently has a consensus rating of “Buy” and a consensus target price of $53.73.

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About CIT Group

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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Institutional Ownership by Quarter for CIT Group (NYSE:CIT)

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