CIT Group Inc. (CIT) Shares Sold by Wells Fargo & Company MN

Wells Fargo & Company MN lessened its holdings in shares of CIT Group Inc. (NYSE:CIT) by 2.1% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 2,008,065 shares of the financial services provider’s stock after selling 42,189 shares during the period. Wells Fargo & Company MN owned about 1.78% of CIT Group worth $103,636,000 at the end of the most recent reporting period.

A number of other large investors have also made changes to their positions in the stock. BlackRock Inc. increased its holdings in CIT Group by 2.9% during the 2nd 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 period. LSV Asset Management increased its holdings in CIT Group by 1.4% during the 2nd quarter. LSV Asset Management now owns 3,758,592 shares of the financial services provider’s stock valued at $189,470,000 after purchasing an additional 52,385 shares during the period. Dimensional Fund Advisors LP increased its holdings in CIT Group by 17.0% during the 2nd quarter. Dimensional Fund Advisors LP now owns 2,589,768 shares of the financial services provider’s stock valued at $130,542,000 after purchasing an additional 375,365 shares during the period. Millennium Management LLC increased its holdings in CIT Group by 326.7% during the 2nd quarter. Millennium Management LLC now owns 1,379,478 shares of the financial services provider’s stock valued at $69,539,000 after purchasing an additional 1,056,190 shares during the period. Finally, Northern Trust Corp increased its holdings in CIT Group by 17.8% during the 2nd quarter. Northern Trust Corp now owns 978,011 shares of the financial services provider’s stock valued at $49,301,000 after purchasing an additional 147,833 shares during the period.

CIT Group stock opened at $46.75 on Tuesday. The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 1.45. The company has a market cap of $4.93 billion, a price-to-earnings ratio of 15.23, a PEG ratio of 1.16 and a beta of 1.30. CIT Group Inc. has a fifty-two week low of $43.80 and a fifty-two week high of $56.14.

CIT Group (NYSE:CIT) last posted its quarterly earnings data on Tuesday, October 23rd. The financial services provider reported $1.15 earnings per share for the quarter, beating the Thomson Reuters’ 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 7.58% and a net margin of 8.00%. The business’s revenue was up 2.6% on a year-over-year basis. During the same period in the previous year, the firm posted $1.42 EPS. As a group, analysts forecast that CIT Group Inc. will post 4.01 earnings per share for the current year.

The business also recently declared 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 is Friday, November 9th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.14%. CIT Group’s dividend payout ratio is currently 32.57%.

Several analysts have weighed in on the company. ValuEngine cut CIT Group from a “hold” rating to a “sell” rating in a research report on Monday, October 22nd. Morgan Stanley cut their price objective on CIT Group from $58.00 to $57.50 and set an “equal weight” rating on the stock 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 on the stock. in a research report on Monday, August 27th. BMO Capital Markets cut their price objective on CIT Group from $46.00 to $44.00 and set a “market perform” rating on the stock in a research report on Wednesday, July 25th. Finally, Zacks Investment Research cut CIT Group from a “hold” rating to a “sell” rating in a research report on Wednesday, October 10th. Ten analysts have rated the stock with a hold rating and two have given a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average price target of $54.29.

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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.

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

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