AMP Capital Investors Ltd Has $2.93 Million Stake in CIT Group Inc. (CIT)
AMP Capital Investors Ltd grew its stake in shares of CIT Group Inc. (NYSE:CIT) by 8.0% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 59,840 shares of the financial services provider’s stock after buying an additional 4,440 shares during the period. AMP Capital Investors Ltd’s holdings in CIT Group were worth $2,934,000 at the end of the most recent reporting period.
Several other hedge funds also recently bought and sold shares of the company. Capital World Investors lifted its position in shares of CIT Group by 0.8% during the 2nd quarter. Capital World Investors now owns 10,063,466 shares of the financial services provider’s stock valued at $490,091,000 after buying an additional 75,966 shares in the last quarter. LSV Asset Management lifted its position in shares of CIT Group by 2.5% during the 2nd quarter. LSV Asset Management now owns 3,430,812 shares of the financial services provider’s stock valued at $167,080,000 after buying an additional 84,300 shares in the last quarter. Thompson Siegel & Walmsley LLC lifted its position in shares of CIT Group by 3.4% during the 3rd quarter. Thompson Siegel & Walmsley LLC now owns 2,989,090 shares of the financial services provider’s stock valued at $146,614,000 after buying an additional 97,001 shares in the last quarter. Wells Fargo & Company MN lifted its position in shares of CIT Group by 7.1% during the 3rd quarter. Wells Fargo & Company MN now owns 2,132,765 shares of the financial services provider’s stock valued at $104,611,000 after buying an additional 141,552 shares in the last quarter. Finally, Dimensional Fund Advisors LP lifted its position in shares of CIT Group by 16.8% during the 3rd quarter. Dimensional Fund Advisors LP now owns 1,792,459 shares of the financial services provider’s stock valued at $87,916,000 after buying an additional 258,455 shares in the last quarter.
CIT has been the topic of a number of research analyst reports. Morgan Stanley boosted their price target on CIT Group from $50.00 to $51.00 and gave the stock an “equal weight” rating in a report on Monday, September 18th. Zacks Investment Research raised CIT Group from a “hold” rating to a “buy” rating and set a $53.00 price target on the stock in a report on Monday, September 25th. Keefe, Bruyette & Woods reissued a “hold” rating and issued a $47.00 price target on shares of CIT Group in a report on Tuesday, October 3rd. BMO Capital Markets reissued a “sell” rating and issued a $31.00 price target on shares of CIT Group in a report on Friday, October 6th. Finally, Citigroup initiated coverage on CIT Group in a report on Monday, October 16th. They issued a “buy” rating and a $60.00 price target on the stock. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating and eight have given a buy rating to the company. The stock has an average rating of “Hold” and an average target price of $50.40.
Shares of CIT Group Inc. (CIT) opened at $49.78 on Monday. The stock has a market capitalization of $6,535.39, a P/E ratio of 16.32 and a beta of 1.49. CIT Group Inc. has a twelve month low of $39.48 and a twelve month high of $51.73. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 1.20.
CIT Group (NYSE:CIT) last issued its quarterly earnings data on Tuesday, October 24th. The financial services provider reported $1.02 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.82 by $0.20. The business had revenue of $592.90 million for the quarter, compared to analysts’ expectations of $488.00 million. CIT Group had a positive return on equity of 6.22% and a negative net margin of 20.05%. During the same period in the prior year, the firm earned $0.65 EPS. equities research analysts predict that CIT Group Inc. will post 2.92 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Friday, November 24th. Stockholders of record on Friday, November 10th were issued a dividend of $0.16 per share. This represents a $0.64 annualized dividend and a dividend yield of 1.29%. This is a boost from CIT Group’s previous quarterly dividend of $0.15. The ex-dividend date of this dividend was Thursday, November 9th. CIT Group’s dividend payout ratio is -27.00%.
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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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