Lord Abbett & CO. LLC cut its holdings in shares of CIT Group Inc. (NYSE:CIT) by 0.3% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 549,638 shares of the financial services provider’s stock after selling 1,500 shares during the period. Lord Abbett & CO. LLC owned about 0.52% of CIT Group worth $21,035,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also added to or reduced their stakes in CIT. Geode Capital Management LLC boosted its position in CIT Group by 21.9% in the 4th quarter. Geode Capital Management LLC now owns 1,245,400 shares of the financial services provider’s stock valued at $47,631,000 after buying an additional 223,475 shares during the last quarter. Neuburgh Advisers LLC bought a new position in CIT Group in the 4th quarter valued at $126,000. Gideon Capital Advisors Inc. bought a new position in CIT Group in the 4th quarter valued at $228,000. United Services Automobile Association boosted its position in CIT Group by 11.6% in the 4th quarter. United Services Automobile Association now owns 71,114 shares of the financial services provider’s stock valued at $2,722,000 after buying an additional 7,397 shares during the last quarter. Finally, Convergence Investment Partners LLC bought a new position in CIT Group in the 4th quarter valued at $399,000. Institutional investors and hedge funds own 96.11% of the company’s stock.
A number of research analysts have commented on CIT shares. Zacks Investment Research upgraded CIT Group from a “sell” rating to a “hold” rating in a research report on Monday, November 19th. ValuEngine lowered CIT Group from a “hold” rating to a “sell” rating in a research report on Tuesday, November 20th. Morgan Stanley decreased their price objective on CIT Group from $56.00 to $52.00 and set an “equal weight” rating on the stock in a research report on Tuesday, December 11th. Barclays set a $47.00 price target on CIT Group and gave the company a “hold” rating in a research note on Friday, December 14th. Finally, UBS Group raised CIT Group from a “neutral” rating to a “buy” rating in a research note on Wednesday, January 9th. Seven analysts have rated the stock with a hold rating and four have given a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average price target of $53.36.
CIT stock opened at $50.13 on Friday. The company has a debt-to-equity ratio of 1.44, a quick ratio of 1.04 and a current ratio of 1.04. The firm has a market capitalization of $5.05 billion, a PE ratio of 12.41, a P/E/G ratio of 1.00 and a beta of 1.49. CIT Group Inc. has a twelve month low of $35.50 and a twelve month high of $55.78.
CIT Group (NYSE:CIT) last posted its quarterly earnings results on Tuesday, January 29th. The financial services provider reported $1.21 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.10 by $0.11. The company had revenue of $421.00 million for the quarter, compared to the consensus estimate of $507.00 million. CIT Group had a return on equity of 7.80% and a net margin of 13.66%. During the same quarter in the prior year, the business posted $0.99 EPS. On average, analysts expect that CIT Group Inc. will post 4.91 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Friday, February 22nd. Stockholders of record on Friday, February 8th were paid a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.99%. The ex-dividend date of this dividend was Thursday, February 7th. CIT Group’s dividend payout ratio (DPR) is currently 24.75%.
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About CIT Group
CIT Group Inc operates as the holding company for CIT Bank, N.A. that provides banking and related services to commercial and individual customers. The company operates through Commercial Banking and Consumer Banking segments. The Commercial Banking segment offers lending, leasing, and other financial and advisory services primarily to small and middle-market companies; factoring, receivables management products, and secured supply chain financing; equipment leasing and secured financing to railroads and non-rail companies; equipment financing to small businesses.
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