23,239 Shares in CIT Group Inc. (CIT) Acquired by Mirae Asset Global Investments Co. Ltd.
Mirae Asset Global Investments Co. Ltd. acquired a new position in CIT Group Inc. (NYSE:CIT) during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund acquired 23,239 shares of the financial services provider’s stock, valued at approximately $1,199,000.
Other hedge funds and other institutional investors have also bought and sold shares of the company. First Trust Advisors LP raised its holdings in shares of CIT Group by 329.1% in the second quarter. First Trust Advisors LP now owns 193,849 shares of the financial services provider’s stock worth $9,772,000 after acquiring an additional 148,671 shares during the last quarter. KBC Group NV raised its holdings in shares of CIT Group by 17.3% in the second quarter. KBC Group NV now owns 8,046 shares of the financial services provider’s stock worth $406,000 after acquiring an additional 1,184 shares during the last quarter. State of Wisconsin Investment Board acquired a new position in shares of CIT Group in the second quarter worth $2,094,000. Sei Investments Co. raised its holdings in shares of CIT Group by 19.2% in the second quarter. Sei Investments Co. now owns 52,017 shares of the financial services provider’s stock worth $2,622,000 after acquiring an additional 8,374 shares during the last quarter. Finally, Robeco Institutional Asset Management B.V. raised its holdings in shares of CIT Group by 97.5% in the second quarter. Robeco Institutional Asset Management B.V. now owns 112,529 shares of the financial services provider’s stock worth $5,673,000 after acquiring an additional 55,555 shares during the last quarter.
A number of equities analysts have recently weighed in on the company. Barclays set a $47.00 price target on CIT Group and gave the stock a “hold” rating in a report on Friday. Morgan Stanley cut their price target on CIT Group from $56.00 to $52.00 and set an “equal weight” rating for the company in a report on Tuesday, December 11th. Zacks Investment Research raised CIT Group from a “sell” rating to a “hold” rating in a report on Monday, November 26th. ValuEngine cut CIT Group from a “hold” rating to a “sell” rating in a report on Tuesday, November 20th. Finally, TheStreet lowered CIT Group from a “b” rating to a “c” rating in a research note on Thursday, November 15th. One analyst has rated the stock with a sell rating, nine have given a hold rating and two have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average price target of $53.24.
CIT Group (NYSE:CIT) last released its earnings results on Tuesday, October 23rd. The financial services provider reported $1.15 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.14 by $0.01. The firm had revenue of $476.00 million during the quarter, compared to analyst estimates of $475.48 million. CIT Group had a return on equity of 7.58% and a net margin of 8.00%. The business’s quarterly revenue was up 2.6% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.42 earnings per share. Research analysts predict that CIT Group Inc. will post 3.99 EPS for the current year.
The firm also recently announced a quarterly dividend, which was paid on Tuesday, November 27th. Investors of record on Tuesday, November 13th were paid a $0.25 dividend. The ex-dividend date of this dividend was Friday, November 9th. This represents a $1.00 annualized dividend and a yield of 2.43%. CIT Group’s payout ratio is currently 32.57%.
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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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