Geode Capital Management LLC reduced its position in CIT Group Inc. (NYSE:CIT) by 0.9% during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 1,045,395 shares of the financial services provider’s stock after selling 9,135 shares during the period. Geode Capital Management LLC owned 0.80% of CIT Group worth $51,425,000 at the end of the most recent quarter.
Other large investors have also recently added to or reduced their stakes in the company. Schroder Investment Management Group lifted its stake in CIT Group by 82.0% during the 3rd quarter. Schroder Investment Management Group now owns 3,063 shares of the financial services provider’s stock valued at $149,000 after acquiring an additional 1,380 shares during the period. IFM Investors Pty Ltd purchased a new position in shares of CIT Group during the 3rd quarter valued at approximately $236,000. Virtu Financial LLC purchased a new position in shares of CIT Group during the 4th quarter valued at approximately $240,000. Quantitative Systematic Strategies LLC purchased a new position in shares of CIT Group during the 4th quarter valued at approximately $240,000. Finally, Mutual of America Capital Management LLC purchased a new position in shares of CIT Group during the 4th quarter valued at approximately $287,000.
Several equities analysts have recently weighed in on the stock. UBS assumed coverage on shares of CIT Group in a report on Tuesday, March 27th. They set a “neutral” rating and a $56.00 target price for the company. TheStreet raised shares of CIT Group from a “c+” rating to a “b-” rating in a report on Tuesday, March 20th. Zacks Investment Research lowered shares of CIT Group from a “buy” rating to a “hold” rating in a report on Tuesday, March 6th. 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. Finally, 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. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and eight have given a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus price target of $53.92.
In other news, insider James L. Hudak sold 2,000 shares of the stock in a transaction that occurred on 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 Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 0.47% of the company’s stock.
NYSE:CIT traded down $1.58 on Friday, reaching $51.08. 679,124 shares of the company’s stock were exchanged, compared to its average volume of 858,779. 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 52-week low of $42.50 and a 52-week high of $56.14. The firm has a market capitalization of $6,679.73, a PE ratio of 16.64 and a beta of 1.30.
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, topping the Zacks’ consensus estimate of $0.81 by $0.18. The firm had revenue of $537.00 million for the quarter, compared to analyst estimates of $469.24 million. CIT Group had a net margin of 14.60% and a return on equity of 7.08%. The business’s quarterly revenue was up 15.7% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.59 earnings per share. analysts expect that CIT Group Inc. will post 4.21 EPS for the current fiscal year.
TRADEMARK VIOLATION WARNING: “CIT Group Inc. (CIT) Holdings Reduced by Geode Capital Management LLC” was originally posted by Dispatch Tribunal and is owned by of Dispatch Tribunal. If you are accessing this article on another publication, it was copied illegally and republished in violation of United States & international trademark & copyright laws. The legal version of this article can be read at https://www.dispatchtribunal.com/2018/04/08/cit-group-inc-cit-stake-lessened-by-geode-capital-management-llc.html.
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.
Receive News & Ratings for CIT Group Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for CIT Group and related companies with MarketBeat.com's FREE daily email newsletter.