Gulf International Bank UK Ltd Trims Position in CIT Group Inc. (CIT)
Gulf International Bank UK Ltd lowered its holdings in CIT Group Inc. (NYSE:CIT) by 4.6% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 103,213 shares of the financial services provider’s stock after selling 5,000 shares during the quarter. Gulf International Bank UK Ltd’s holdings in CIT Group were worth $5,081,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also bought and sold shares of CIT. Advisor Group Inc. grew its position in CIT Group by 2.2% in the 2nd quarter. Advisor Group Inc. now owns 3,030 shares of the financial services provider’s stock valued at $146,000 after purchasing an additional 66 shares during the period. Schroder Investment Management Group grew its position in CIT Group by 82.0% in the 3rd quarter. Schroder Investment Management Group now owns 3,063 shares of the financial services provider’s stock valued at $149,000 after purchasing an additional 1,380 shares during the period. Colony Group LLC acquired a new stake in CIT Group in the 2nd quarter valued at $207,000. IFM Investors Pty Ltd acquired a new stake in CIT Group in the 3rd quarter valued at $236,000. Finally, M&T Bank Corp boosted its holdings in CIT Group by 0.6% during the 2nd quarter. M&T Bank Corp now owns 5,210 shares of the financial services provider’s stock worth $253,000 after acquiring an additional 30 shares during the last quarter.
CIT has been the topic of a number of analyst reports. Keefe, Bruyette & Woods reaffirmed a “hold” rating and set a $47.00 price objective on shares of CIT Group in a report on Tuesday, October 3rd. Zacks Investment Research downgraded shares of CIT Group from a “buy” rating to a “hold” rating in a report on Friday, November 3rd. BMO Capital Markets reaffirmed a “sell” rating and set a $31.00 price objective on shares of CIT Group in a report on Friday, October 6th. Stephens set a $60.00 price objective on shares of CIT Group and gave the stock a “buy” rating in a report on Wednesday, January 3rd. Finally, Barclays cut their price objective on shares of CIT Group from $45.00 to $44.00 and set an “equal weight” rating on the stock in a report on Wednesday, October 25th. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating and nine have assigned a buy rating to the company. CIT Group has a consensus rating of “Hold” and an average price target of $52.82.
Shares of CIT Group Inc. (CIT) opened at $52.37 on Thursday. The company has a market capitalization of $6,842.52, a price-to-earnings ratio of -22.10 and a beta of 1.49. CIT Group Inc. has a 52 week low of $39.48 and a 52 week high of $53.76. The company has a debt-to-equity ratio of 1.20, a quick ratio of 1.05 and a current ratio of 1.05.
CIT Group (NYSE:CIT) last released its earnings results on Tuesday, October 24th. The financial services provider reported $1.02 EPS for the quarter, topping the Zacks’ consensus estimate of $0.82 by $0.20. The company had revenue of $592.90 million for the quarter, compared to analysts’ expectations of $488.00 million. CIT Group had a positive return on equity of 6.22% and a negative net margin of 20.05%. During the same period in the previous year, the business posted $0.65 EPS. research analysts predict that CIT Group Inc. will post 2.92 earnings per share for the current fiscal year.
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CIT Group Profile
CIT Group Inc (CIT) is a bank holding company (BHC) and a financial holding company (FHC). The Company, together with its subsidiaries, provides financing, leasing and advisory services to middle market companies in a range of industries in North America. The Company’s segments include Commercial Banking, Consumer Banking, Non-Strategic Portfolios, and Corporate and Other.
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