CIT Group Inc. (CIT) Stake Lowered by Utah Retirement Systems
Utah Retirement Systems decreased its position in shares of CIT Group Inc. (NYSE:CIT) by 10.6% in the third quarter, Holdings Channel reports. The firm owned 20,982 shares of the financial services provider’s stock after selling 2,500 shares during the period. Utah Retirement Systems’ holdings in CIT Group were worth $1,083,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. BlackRock Inc. boosted its position in CIT Group by 2.9% during the second quarter. BlackRock Inc. now owns 7,146,945 shares of the financial services provider’s stock valued at $360,277,000 after purchasing an additional 202,373 shares during the last quarter. LSV Asset Management boosted its position in CIT Group by 0.5% during the third quarter. LSV Asset Management now owns 3,776,216 shares of the financial services provider’s stock valued at $194,890,000 after purchasing an additional 17,624 shares during the last quarter. Thompson Siegel & Walmsley LLC boosted its position in CIT Group by 13.3% during the third quarter. Thompson Siegel & Walmsley LLC now owns 2,771,034 shares of the financial services provider’s stock valued at $143,013,000 after purchasing an additional 324,619 shares during the last quarter. Dimensional Fund Advisors LP boosted its position in 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 valued at $136,324,000 after purchasing an additional 51,648 shares during the last quarter. Finally, Wells Fargo & Company MN boosted its position in CIT Group by 4.1% during the second quarter. Wells Fargo & Company MN now owns 2,050,254 shares of the financial services provider’s stock valued at $103,353,000 after purchasing an additional 80,350 shares during the last quarter.
CIT has been the subject of a number of research reports. TheStreet cut CIT Group from a “b” rating to a “c” rating in a research report on Thursday, November 15th. Morgan Stanley reduced their price objective on CIT Group from $58.00 to $57.50 and set an “equal weight” rating for the company in a research report on Tuesday, September 18th. Stephens cut CIT Group from an “overweight” rating to an “equal weight” rating and set a $60.00 price objective for the company. in a research report on Monday, August 27th. Zacks Investment Research raised CIT Group from a “sell” rating to a “hold” rating in a research report on Monday, November 19th. Finally, ValuEngine raised CIT Group from a “sell” rating to a “hold” rating in a research report on Wednesday, October 31st. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating and two have given a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus price target of $54.29.
CIT Group (NYSE:CIT) last announced its quarterly earnings results on Tuesday, October 23rd. The financial services provider reported $1.15 earnings per share for the quarter, topping analysts’ consensus estimates of $1.14 by $0.01. CIT Group had a return on equity of 7.58% and a net margin of 8.00%. The company had revenue of $476.00 million during the quarter, compared to analysts’ expectations of $475.48 million. During the same quarter in the previous year, the firm earned $1.42 earnings per share. The business’s quarterly revenue was up 2.6% compared to the same quarter last year. As a group, analysts predict that CIT Group Inc. will post 3.99 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Tuesday, November 27th. Shareholders of record on Tuesday, November 13th were given a $0.25 dividend. The ex-dividend date of this dividend was Friday, November 9th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.26%. CIT Group’s dividend payout ratio is currently 32.57%.
CIT Group Company Profile
CIT Group Inc operates as the bank holding company for CIT Bank, National Association that provides banking and related services to commercial and individual customers. The company operates through three segments: Commercial Banking, Consumer Banking, and Non-Strategic Portfolios (NSP). 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; and equipment leasing and secured financing to railroads and non-rail companies.
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