CIT Group Inc. (CIT) Stake Lessened by Avestar Capital LLC
Avestar Capital LLC trimmed its holdings in CIT Group Inc. (NYSE:CIT) by 22.8% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 3,688 shares of the financial services provider’s stock after selling 1,089 shares during the period. Avestar Capital LLC’s holdings in CIT Group were worth $123,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also added to or reduced their stakes in CIT. Virginia Retirement Systems ET AL lifted its holdings in CIT Group by 1.6% during the 3rd quarter. Virginia Retirement Systems ET AL now owns 130,200 shares of the financial services provider’s stock worth $6,720,000 after purchasing an additional 2,000 shares during the last quarter. FDx Advisors Inc. lifted its holdings in CIT Group by 22.9% during the 3rd quarter. FDx Advisors Inc. now owns 11,527 shares of the financial services provider’s stock worth $595,000 after purchasing an additional 2,147 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in CIT Group by 11.6% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 21,843 shares of the financial services provider’s stock worth $1,127,000 after purchasing an additional 2,268 shares during the last quarter. Tower Research Capital LLC TRC acquired a new stake in CIT Group during the 3rd quarter worth approximately $123,000. Finally, Bank of Montreal Can lifted its holdings in CIT Group by 21.9% during the 3rd quarter. Bank of Montreal Can now owns 13,914 shares of the financial services provider’s stock worth $718,000 after purchasing an additional 2,504 shares during the last quarter.
CIT has been the subject of several research reports. TheStreet cut CIT Group from a “b” rating to a “c” rating in a report on Thursday, November 15th. ValuEngine cut CIT Group from a “hold” rating to a “sell” rating in a report on Monday, October 22nd. 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 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. Finally, Barclays set a $47.00 price target on CIT Group and gave the stock a “hold” rating in a report on Friday, December 14th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and three have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average target price of $52.56.
CIT Group (NYSE:CIT) last announced 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 firm had revenue of $476.00 million during 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 company’s quarterly revenue was up 2.6% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.42 EPS. As a group, equities research analysts forecast that CIT Group Inc. will post 3.98 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, February 22nd. Shareholders of record on Friday, February 8th will be issued a $0.25 dividend. The ex-dividend date of this dividend is Thursday, February 7th. This represents a $1.00 annualized dividend and a yield of 2.26%. CIT Group’s dividend payout ratio is presently 32.57%.
ILLEGAL ACTIVITY WARNING: This story was published by Daily Political and is the property of of Daily Political. If you are accessing this story on another site, it was copied illegally and republished in violation of international trademark and copyright law. The original version of this story can be viewed at https://www.dailypolitical.com/2019/01/26/cit-group-inc-cit-stake-lessened-by-avestar-capital-llc.html.
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.
Recommended Story: Differences Between Momentum Investing and Long Term Investing
Receive News & Ratings for CIT Group Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for CIT Group and related companies with MarketBeat.com's FREE daily email newsletter.