CIT Group Inc. (CIT) Holdings Cut by Xact Kapitalforvaltning AB

Xact Kapitalforvaltning AB decreased its position in shares of CIT Group Inc. (NYSE:CIT) by 11.4% in the 3rd quarter, according to its most recent 13F filing with the SEC. The firm owned 11,904 shares of the financial services provider’s stock after selling 1,534 shares during the quarter. Xact Kapitalforvaltning AB’s holdings in CIT Group were worth $614,000 at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. Virtu Financial LLC bought a new position in shares of CIT Group during the 2nd quarter worth $231,000. Edge Wealth Management LLC bought a new position in CIT Group in the 2nd quarter worth about $252,000. Meag Munich Ergo Kapitalanlagegesellschaft MBH bought a new position in CIT Group in the 3rd quarter worth about $330,000. KBC Group NV boosted its stake in CIT Group by 17.3% in the 2nd quarter. KBC Group NV now owns 8,046 shares of the financial services provider’s stock worth $406,000 after purchasing an additional 1,184 shares during the period. Finally, Trexquant Investment LP bought a new position in CIT Group in the 2nd quarter worth about $510,000.

NYSE:CIT opened at $47.37 on Wednesday. The company has a debt-to-equity ratio of 1.43, a quick ratio of 1.04 and a current ratio of 1.04. The stock has a market capitalization of $5.33 billion, a price-to-earnings ratio of 15.43, a price-to-earnings-growth ratio of 1.17 and a beta of 1.30. CIT Group Inc. has a twelve month low of $43.80 and a twelve month high of $56.14.

CIT Group (NYSE:CIT) last announced its earnings results on Tuesday, October 23rd. The financial services provider reported $1.15 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.14 by $0.01. The business had revenue of $476.00 million for the quarter, compared to analysts’ expectations of $475.48 million. CIT Group had a return on equity of 7.39% and a net margin of 8.00%. The business’s revenue for the quarter was up 2.6% on a year-over-year basis. During the same quarter last year, the firm earned $1.42 EPS. As a group, research analysts expect that CIT Group Inc. will post 4.01 earnings per share for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 27th. Stockholders of record on Tuesday, November 13th will be given a $0.25 dividend. The ex-dividend date of this dividend is Friday, November 9th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.11%. CIT Group’s payout ratio is 32.57%.

CIT has been the subject of several analyst reports. TheStreet upgraded CIT Group from a “c+” rating to a “b-” rating in a research note on Wednesday, July 18th. Morgan Stanley cut their target price on CIT Group from $58.00 to $57.50 and set an “equal weight” rating for the company in a research note on Tuesday, September 18th. Stephens downgraded CIT Group from an “overweight” rating to an “equal weight” rating and set a $60.00 target price for the company. in a research note on Monday, August 27th. ValuEngine upgraded CIT Group from a “sell” rating to a “hold” rating in a research note on Wednesday, October 31st. Finally, BMO Capital Markets cut their target price on CIT Group from $46.00 to $44.00 and set a “market perform” rating for the company in a research note on Wednesday, July 25th. One analyst has rated the stock with a sell rating, nine have assigned a hold rating and two have issued a buy rating to the company. CIT Group currently has a consensus rating of “Hold” and a consensus price target of $54.29.

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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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Institutional Ownership by Quarter for CIT Group (NYSE:CIT)

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