Aperio Group LLC boosted its holdings in CIT Group Inc. (NYSE:CIT) by 1.0% during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 105,723 shares of the financial services provider’s stock after buying an additional 1,062 shares during the quarter. Aperio Group LLC owned approximately 0.08% of CIT Group worth $5,205,000 at the end of the most recent reporting period.
A number of other large investors have also added to or reduced their stakes in CIT. Ameriprise Financial Inc. boosted its stake in CIT Group by 25.8% in the second quarter. Ameriprise Financial Inc. now owns 81,821 shares of the financial services provider’s stock valued at $3,984,000 after buying an additional 16,798 shares in the last quarter. Advisor Group Inc. boosted its stake in CIT Group by 2.2% in the second quarter. Advisor Group Inc. now owns 3,030 shares of the financial services provider’s stock valued at $146,000 after buying an additional 66 shares in the last quarter. Cubist Systematic Strategies LLC boosted its stake in CIT Group by 294.2% in the second quarter. Cubist Systematic Strategies LLC now owns 11,500 shares of the financial services provider’s stock valued at $560,000 after buying an additional 8,583 shares in the last quarter. Colony Group LLC acquired a new stake in CIT Group in the second quarter valued at about $207,000. Finally, WINTON GROUP Ltd acquired a new stake in CIT Group in the second quarter valued at about $438,000.
Several analysts recently weighed in on the company. Barclays reduced their price objective 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. Morgan Stanley raised their price objective 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. Zacks Investment Research raised CIT Group from a “hold” rating to a “buy” rating and set a $55.00 price objective on the stock in a research note on Tuesday, January 2nd. Keefe, Bruyette & Woods reaffirmed a “hold” rating and issued a $53.00 price objective on shares of CIT Group in a research note on Friday, December 29th. Finally, Wells Fargo & Co raised their price objective on CIT Group from $52.00 to $53.00 and gave the company a “market perform” rating in a research note on Wednesday, January 31st. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and nine have given a buy rating to the company’s stock. The stock has an average rating of “Buy” and an average target price of $53.73.
CIT Group (NYSE:CIT) last announced its quarterly earnings results on Tuesday, January 30th. The financial services provider reported $0.99 EPS for the quarter, beating the Zacks’ 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 period last year, the firm posted $0.59 earnings per share. The business’s revenue for the quarter was up 15.7% on a year-over-year basis. sell-side analysts anticipate that CIT Group Inc. will post 4.24 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Friday, February 23rd. Stockholders of record on Friday, February 9th will be paid a dividend of $0.16 per share. This represents a $0.64 dividend on an annualized basis and a dividend yield of 1.20%. The ex-dividend date is Thursday, February 8th. CIT Group’s payout ratio is 24.62%.
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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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