KBC Group NV cut its position in shares of CIT Group Inc. (NYSE:CIT) by 92.2% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 7,502 shares of the financial services provider’s stock after selling 89,183 shares during the period. KBC Group NV’s holdings in CIT Group were worth $287,000 at the end of the most recent quarter.
Other hedge funds have also recently modified their holdings of the company. Bank of Montreal Can lifted its stake in CIT Group by 21.9% in the 3rd quarter. Bank of Montreal Can now owns 13,914 shares of the financial services provider’s stock worth $718,000 after purchasing an additional 2,504 shares in the last quarter. Nisa Investment Advisors LLC lifted its stake in CIT Group by 75.7% in the 3rd quarter. Nisa Investment Advisors LLC now owns 21,581 shares of the financial services provider’s stock worth $1,114,000 after purchasing an additional 9,301 shares in the last quarter. Meag Munich Ergo Kapitalanlagegesellschaft MBH purchased a new stake in CIT Group in the 3rd quarter worth $330,000. Tokio Marine Asset Management Co. Ltd. purchased a new stake in CIT Group in the 3rd quarter worth $516,000. Finally, First Trust Advisors LP lifted its stake in CIT Group by 14.0% in the 3rd quarter. First Trust Advisors LP now owns 220,930 shares of the financial services provider’s stock worth $11,402,000 after purchasing an additional 27,081 shares in the last quarter.
Shares of NYSE CIT opened at $50.77 on Tuesday. The company has a debt-to-equity ratio of 1.45, a quick ratio of 1.02 and a current ratio of 1.02. The stock has a market cap of $5.36 billion, a PE ratio of 12.57, a price-to-earnings-growth ratio of 1.02 and a beta of 1.46. CIT Group Inc. has a 12-month low of $35.50 and a 12-month high of $56.14.
The firm also recently announced a quarterly dividend, which will be paid on Friday, February 22nd. Stockholders of record on Friday, February 8th will be given a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 1.97%. The ex-dividend date of this dividend is Thursday, February 7th. CIT Group’s dividend payout ratio is 24.75%.
Several analysts have commented on CIT shares. Zacks Investment Research upgraded shares of CIT Group from a “hold” rating to a “buy” rating and set a $48.00 price target on the stock in a research note on Tuesday, January 15th. UBS Group upgraded shares of CIT Group from a “neutral” rating to a “buy” rating in a research note on Wednesday, January 9th. TheStreet cut shares of CIT Group from a “b” rating to a “c” rating in a research report on Thursday, November 15th. Morgan Stanley decreased their target price on shares of 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. Finally, Barclays set a $47.00 target price on shares of CIT Group and gave the company a “hold” rating in a research report on Friday, December 14th. Seven investment analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. CIT Group currently has a consensus rating of “Hold” and a consensus target price of $53.36.
About CIT Group
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.
Further Reading: Quiet Period Expirations
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