Key Square Capital Management LLC Acquires New Stake in CIT Group Inc. (CIT)

Key Square Capital Management LLC acquired a new stake in shares of CIT Group Inc. (NYSE:CIT) in the 4th quarter, HoldingsChannel.com reports. The fund acquired 160,200 shares of the financial services provider’s stock, valued at approximately $7,887,000. CIT Group accounts for approximately 0.8% of Key Square Capital Management LLC’s investment portfolio, making the stock its 23rd largest position.

Several other large investors have also bought and sold shares of the company. M&T Bank Corp boosted its position in shares of 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 valued at $253,000 after purchasing an additional 30 shares in the last quarter. Advisor Group Inc. boosted its position in shares of CIT Group by 2.2% during 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 in the last quarter. Aperio Group LLC boosted its position in shares of CIT Group by 1.0% during the 4th quarter. Aperio Group LLC now owns 105,723 shares of the financial services provider’s stock valued at $5,205,000 after purchasing an additional 1,062 shares in the last quarter. FDx Advisors Inc. boosted its position in shares of CIT Group by 10.4% during the 3rd quarter. FDx Advisors Inc. now owns 13,721 shares of the financial services provider’s stock valued at $673,000 after purchasing an additional 1,295 shares in the last quarter. Finally, Schroder Investment Management Group boosted its position in shares of CIT Group by 82.0% during 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 in the last quarter.

Shares of CIT Group Inc. (NYSE:CIT) opened at $51.28 on Thursday. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 1.20. The stock has a market cap of $6,684.55, a P/E ratio of 14.75 and a beta of 1.42. CIT Group Inc. has a 52-week low of $39.48 and a 52-week high of $53.76.

CIT Group (NYSE:CIT) last posted its quarterly earnings results on Tuesday, January 30th. The financial services provider reported $0.99 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.81 by $0.18. The business had revenue of $537.00 million during the quarter, compared to analyst estimates of $469.24 million. CIT Group had a net margin of 14.60% and a return on equity of 6.84%. The firm’s revenue was up 15.7% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.59 earnings per share. research analysts anticipate that CIT Group Inc. will post 4.1 EPS for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Friday, February 23rd. Stockholders of record on Friday, February 9th will be given a $0.16 dividend. This represents a $0.64 dividend on an annualized basis and a dividend yield of 1.25%. The ex-dividend date of this dividend is Thursday, February 8th. CIT Group’s dividend payout ratio (DPR) is 24.62%.

CIT has been the subject of several research reports. Citigroup assumed coverage on shares of CIT Group in a research report on Monday, October 16th. They set a “buy” rating and a $60.00 price objective for the company. Oppenheimer reaffirmed a “buy” rating on shares of CIT Group in a research note on Tuesday, October 24th. Barclays reduced their price objective on shares of CIT Group from $45.00 to $44.00 and set an “equal weight” rating for the company in a research note on Wednesday, October 25th. BMO Capital Markets upped their price objective on shares of CIT Group from $31.00 to $35.00 and gave the company an “underperform” rating in a research note on Wednesday, October 25th. Finally, Zacks Investment Research lowered shares of CIT Group from a “buy” rating to a “hold” rating in a research note on Friday, November 3rd. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and nine have issued a buy rating to the stock. The stock currently has an average rating of “Buy” and a consensus target price of $53.73.

ILLEGAL ACTIVITY WARNING: This piece of content was originally published by Community Financial News and is owned by of Community Financial News. If you are viewing this piece of content on another publication, it was copied illegally and reposted in violation of US and international trademark & copyright legislation. The legal version of this piece of content can be viewed at https://www.com-unik.info/2018/02/08/key-square-capital-management-llc-acquires-new-stake-in-cit-group-inc-cit.html.

About CIT Group

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.

Want to see what other hedge funds are holding CIT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for CIT Group Inc. (NYSE:CIT).

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

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.

Comments

Leave a Reply


share news on Facebook
tweet this investment news
share on linkedin
share on StockTwits
share on Google Plus
share on reddit