Basswood Capital Management L.L.C. Sells 173,450 Shares of CIT Group Inc. (CIT)
Basswood Capital Management L.L.C. cut its holdings in shares of CIT Group Inc. (NYSE:CIT) by 45.4% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 208,739 shares of the financial services provider’s stock after selling 173,450 shares during the period. Basswood Capital Management L.L.C. owned about 0.20% of CIT Group worth $7,988,000 as of its most recent SEC filing.
A number of other large investors have also modified their holdings of the business. Capital World Investors increased its stake in shares of CIT Group by 32.4% during the third quarter. Capital World Investors now owns 10,756,115 shares of the financial services provider’s stock worth $555,123,000 after buying an additional 2,634,000 shares during the period. LSV Asset Management increased its stake in shares of CIT Group by 10.2% during the fourth quarter. LSV Asset Management now owns 4,161,890 shares of the financial services provider’s stock worth $159,275,000 after buying an additional 385,674 shares during the period. Dimensional Fund Advisors LP increased its stake in shares of CIT Group by 2.0% during the third quarter. Dimensional Fund Advisors LP now owns 2,641,416 shares of the financial services provider’s stock worth $136,324,000 after buying an additional 51,648 shares during the period. Capital International Investors acquired a new position in CIT Group in the third quarter valued at approximately $92,642,000. Finally, Northern Trust Corp boosted its holdings in CIT Group by 77.0% in the fourth quarter. Northern Trust Corp now owns 1,618,737 shares of the financial services provider’s stock valued at $61,948,000 after purchasing an additional 704,217 shares in the last quarter. Institutional investors own 96.11% of the company’s stock.
A number of brokerages recently issued reports on CIT. Zacks Investment Research raised CIT Group from a “sell” rating to a “hold” rating in a report on Monday, November 19th. ValuEngine downgraded CIT Group from a “hold” rating to a “sell” rating in a report on Tuesday, November 20th. Morgan Stanley lowered their price target on CIT Group from $56.00 to $52.00 and set an “equal weight” rating for the company in a report on Tuesday, December 11th. Barclays set a $47.00 price target on CIT Group and gave the company a “hold” rating in a report on Friday, December 14th. Finally, Oppenheimer upped their price target on CIT Group from $49.00 to $61.00 and gave the company an “outperform” rating in a report on Wednesday, January 30th. Seven analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. CIT Group has a consensus rating of “Hold” and an average price target of $53.36.
Shares of CIT opened at $50.13 on Friday. The company has a debt-to-equity ratio of 1.44, a current ratio of 1.04 and a quick ratio of 1.04. The company has a market capitalization of $5.05 billion, a P/E ratio of 12.41, a price-to-earnings-growth ratio of 1.00 and a beta of 1.49. CIT Group Inc. has a 52-week low of $35.50 and a 52-week high of $55.78.
CIT Group (NYSE:CIT) last announced its quarterly earnings results on Tuesday, January 29th. The financial services provider reported $1.21 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.10 by $0.11. The firm had revenue of $421.00 million during 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 period in the prior year, the company posted $0.99 earnings per share. On average, sell-side analysts predict that CIT Group Inc. will post 4.91 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Friday, February 22nd. Stockholders of record on Friday, February 8th were issued a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 1.99%. The ex-dividend date of this dividend was Thursday, February 7th. CIT Group’s payout ratio is currently 24.75%.
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CIT Group Company Profile
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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