Gideon Capital Advisors Inc. Takes Position in CIT Group Inc. (CIT)
Gideon Capital Advisors Inc. acquired a new stake in shares of CIT Group Inc. (NYSE:CIT) in the fourth quarter, Holdings Channel reports. The institutional investor acquired 5,945 shares of the financial services provider’s stock, valued at approximately $228,000.
Several other large investors also recently made changes to their positions in CIT. Capital World Investors grew its stake in shares of CIT Group by 32.4% during the 3rd quarter. Capital World Investors now owns 10,756,115 shares of the financial services provider’s stock valued at $555,123,000 after acquiring an additional 2,634,000 shares during the period. Capital International Investors bought a new position in CIT Group in the 3rd quarter worth approximately $92,642,000. Northern Trust Corp boosted its stake in CIT Group by 77.0% in the 4th quarter. Northern Trust Corp now owns 1,618,737 shares of the financial services provider’s stock worth $61,948,000 after purchasing an additional 704,217 shares during the period. LSV Asset Management boosted its stake in CIT Group by 10.2% in the 4th quarter. LSV Asset Management now owns 4,161,890 shares of the financial services provider’s stock worth $159,275,000 after purchasing an additional 385,674 shares during the period. Finally, JPMorgan Chase & Co. boosted its stake in CIT Group by 62.7% in the 3rd quarter. JPMorgan Chase & Co. now owns 749,223 shares of the financial services provider’s stock worth $38,668,000 after purchasing an additional 288,662 shares during the period. Institutional investors own 96.11% of the company’s stock.
CIT has been the subject of several recent analyst reports. UBS Group upgraded CIT Group from a “neutral” rating to a “buy” rating in a research note on Wednesday, January 9th. Oppenheimer upped their price target on CIT Group from $49.00 to $61.00 and gave the stock an “outperform” rating in a research note on Wednesday, January 30th. Barclays set a $47.00 price target on CIT Group and gave the stock a “hold” rating in a research note on Friday, December 14th. Morgan Stanley dropped their price target on CIT Group from $56.00 to $52.00 and set an “equal weight” rating for the company in a research note on Tuesday, December 11th. Finally, Zacks Investment Research upgraded CIT Group from a “sell” rating to a “hold” rating in a research note on Monday, November 26th. Seven analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. The company currently 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 market cap of $5.05 billion, a PE ratio of 12.41, a PEG ratio of 1.00 and a beta of 1.49. CIT Group Inc. has a 1 year low of $35.50 and a 1 year high of $55.78. The company has a debt-to-equity ratio of 1.44, a quick ratio of 1.04 and a current ratio of 1.04.
CIT Group (NYSE:CIT) last issued its quarterly earnings data on Tuesday, January 29th. The financial services provider reported $1.21 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.10 by $0.11. The business had revenue of $421.00 million for the quarter, compared to analysts’ expectations 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 firm earned $0.99 EPS. As a group, equities analysts forecast 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 dividend of $0.25 per share. The ex-dividend date was Thursday, February 7th. This represents a $1.00 annualized dividend and a dividend yield of 1.99%. CIT Group’s dividend payout ratio (DPR) is 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.
Further Reading: Average Daily Trade Volume Explained
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