Zurcher Kantonalbank Zurich Cantonalbank lowered its stake in CIT Group Inc. (NYSE:CIT) by 86.1% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 21,629 shares of the financial services provider’s stock after selling 134,530 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in CIT Group were worth $1,065,000 at the end of the most recent quarter.
Several other institutional investors have also made changes to their positions in the stock. Thompson Siegel & Walmsley LLC raised its holdings in CIT Group by 3.4% in the third quarter. Thompson Siegel & Walmsley LLC now owns 2,989,090 shares of the financial services provider’s stock worth $146,614,000 after purchasing an additional 97,001 shares in the last quarter. Wells Fargo & Company MN grew its stake in shares of CIT Group by 7.1% in the third quarter. Wells Fargo & Company MN now owns 2,132,765 shares of the financial services provider’s stock worth $104,611,000 after acquiring an additional 141,552 shares during the last quarter. Dimensional Fund Advisors LP grew its stake in shares of CIT Group by 16.8% in the third quarter. Dimensional Fund Advisors LP now owns 1,792,459 shares of the financial services provider’s stock worth $87,916,000 after acquiring an additional 258,455 shares during the last quarter. Schwab Charles Investment Management Inc. grew its stake in shares of CIT Group by 19.7% in the fourth quarter. Schwab Charles Investment Management Inc. now owns 1,037,167 shares of the financial services provider’s stock worth $51,093,000 after acquiring an additional 170,429 shares during the last quarter. Finally, Jacobs Asset Management LLC grew its stake in shares of CIT Group by 78.6% in the third quarter. Jacobs Asset Management LLC now owns 844,175 shares of the financial services provider’s stock worth $41,407,000 after acquiring an additional 371,609 shares during the last quarter.
Shares of CIT Group Inc. (CIT) traded up $0.63 during mid-day trading on Wednesday, reaching $54.47. The company had a trading volume of 561,402 shares, compared to its average volume of 998,983. CIT Group Inc. has a 1 year low of $39.48 and a 1 year high of $54.69. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 1.20. The stock has a market cap of $7,099.63, a P/E ratio of 20.71 and a beta of 1.42.
The company also recently declared a quarterly dividend, which will be paid on Friday, February 23rd. Shareholders of record on Friday, February 9th will be paid a dividend of $0.16 per share. The ex-dividend date is Thursday, February 8th. This represents a $0.64 annualized dividend and a yield of 1.17%. CIT Group’s payout ratio is presently 24.62%.
Several equities research analysts recently commented on CIT shares. Oppenheimer reaffirmed a “buy” rating on shares of CIT Group in a research note on Tuesday, October 24th. Barclays decreased 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. BMO Capital Markets lifted their target price on CIT Group from $31.00 to $35.00 and gave the company an “underperform” rating in a research note on Wednesday, October 25th. Zacks Investment Research cut CIT Group from a “buy” rating to a “hold” rating in a report on Friday, November 3rd. Finally, Wells Fargo & Co initiated coverage on CIT Group in a report on Friday, December 1st. They set a “market perform” rating and a $52.00 price target for the company. One analyst has rated the stock with a sell rating, six have issued a hold rating and nine have assigned a buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus price target of $53.73.
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CIT Group Company 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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