ARP Americas LP acquired a new position in shares of CIT Group Inc. (NYSE:CIT) during the 4th quarter, HoldingsChannel.com reports. The firm acquired 17,200 shares of the financial services provider’s stock, valued at approximately $847,000.
A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. American International Group Inc. increased its holdings in CIT Group by 47.2% during the 4th quarter. American International Group Inc. now owns 8,565 shares of the financial services provider’s stock worth $422,000 after purchasing an additional 2,748 shares during the period. Virtu Financial LLC purchased a new position in CIT Group during the 4th quarter worth $240,000. UBS Asset Management Americas Inc. boosted its position in CIT Group by 1.5% during the 4th quarter. UBS Asset Management Americas Inc. now owns 590,775 shares of the financial services provider’s stock valued at $29,084,000 after acquiring an additional 8,680 shares in the last quarter. Schroder Investment Management Group boosted its position in CIT Group by 4,386.2% during the 4th quarter. Schroder Investment Management Group now owns 137,413 shares of the financial services provider’s stock valued at $6,765,000 after acquiring an additional 134,350 shares in the last quarter. Finally, Arizona State Retirement System boosted its position in CIT Group by 6.0% during the 4th quarter. Arizona State Retirement System now owns 79,445 shares of the financial services provider’s stock valued at $3,911,000 after acquiring an additional 4,494 shares in the last quarter.
Shares of CIT Group Inc. (NYSE:CIT) opened at $53.84 on Wednesday. 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 firm has a market capitalization of $7,070.00, a price-to-earnings ratio of 34.96 and a beta of 1.42. CIT Group Inc. has a 52-week low of $39.48 and a 52-week high of $54.69.
CIT Group (NYSE:CIT) last posted its quarterly earnings data 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 during the quarter, compared to analysts’ expectations of $469.24 million. CIT Group had a return on equity of 6.84% and a net margin of 14.60%. The business’s quarterly revenue was up 15.7% on a year-over-year basis. During the same quarter last year, the firm earned $0.59 EPS. research analysts expect that CIT Group Inc. will post 4.24 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, February 23rd. Stockholders of record on Friday, February 9th will be given a $0.16 dividend. The ex-dividend date is Thursday, February 8th. This represents a $0.64 dividend on an annualized basis and a dividend yield of 1.19%. CIT Group’s payout ratio is 41.56%.
CIT has been the topic of several recent research reports. Stephens set a $60.00 target price on CIT Group and gave the company a “buy” rating in a research report on Wednesday, January 3rd. Zacks Investment Research cut CIT Group from a “buy” rating to a “hold” rating in a research report on Friday, November 3rd. Barclays dropped their target price on CIT Group from $45.00 to $44.00 and set an “equal weight” rating on the stock in a research report on Wednesday, October 25th. Wells Fargo & Co increased their target price on CIT Group from $52.00 to $53.00 and gave the company a “market perform” rating in a research report on Wednesday, January 31st. Finally, Oppenheimer reaffirmed a “buy” rating on shares of CIT Group in a research report on Tuesday, October 24th. One investment analyst has rated the stock with a sell rating, six have given a hold rating and nine have given a buy rating to the company. The stock has an average rating of “Buy” and a consensus target price of $53.73.
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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