IFP Advisors Inc Sells 2,570 Shares of CIT Group Inc. (CIT)

IFP Advisors Inc lowered its holdings in CIT Group Inc. (NYSE:CIT) by 47.0% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,901 shares of the financial services provider’s stock after selling 2,570 shares during the period. IFP Advisors Inc’s holdings in CIT Group were worth $143,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in the company. M&T Bank Corp increased its position in shares of CIT Group by 0.6% in the second 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 in the last quarter. Advisor Group Inc. increased its position in shares of CIT Group by 2.2% in the second quarter. Advisor Group Inc. now owns 3,030 shares of the financial services provider’s stock worth $146,000 after acquiring an additional 66 shares in the last quarter. FDx Advisors Inc. increased its position in shares of CIT Group by 10.4% in the third quarter. FDx Advisors Inc. now owns 13,721 shares of the financial services provider’s stock worth $673,000 after acquiring an additional 1,295 shares in the last quarter. Schroder Investment Management Group increased its position in shares of CIT Group by 82.0% in the third quarter. Schroder Investment Management Group now owns 3,063 shares of the financial services provider’s stock worth $149,000 after acquiring an additional 1,380 shares in the last quarter. Finally, American Century Companies Inc. increased its position in shares of CIT Group by 12.5% in the third quarter. American Century Companies Inc. now owns 13,930 shares of the financial services provider’s stock worth $683,000 after acquiring an additional 1,550 shares in the last quarter.

Several equities research analysts have recently issued reports on the stock. Credit Suisse Group increased their price objective on shares of CIT Group from $50.00 to $54.00 and gave the stock a “neutral” rating in a research report on Monday. Morgan Stanley increased their price objective on shares of CIT Group from $54.00 to $57.00 and gave the stock an “equal weight” rating in a research report on Monday. BMO Capital Markets raised shares of CIT Group from an “underperform” rating to a “market perform” rating and dropped their price objective for the stock from $49.00 to $35.00 in a research report on Monday. Wells Fargo & Co increased their price objective on shares of CIT Group from $52.00 to $53.00 and gave the stock a “market perform” rating in a research report on Wednesday, January 31st. Finally, Barclays set a $53.00 target price on shares of CIT Group and gave the company a “hold” rating in a research note on Friday, January 12th. 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 company presently has an average rating of “Buy” and an average price target of $53.73.

CIT Group Inc. (NYSE CIT) opened at $49.66 on Friday. The firm has a market cap of $6,520.00, a price-to-earnings ratio of 32.25 and a beta of 1.42. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 1.20. CIT Group Inc. has a 52 week low of $39.48 and a 52 week high of $53.76.

CIT Group (NYSE:CIT) last announced its earnings results on Tuesday, January 30th. The financial services provider reported $0.99 earnings per share for the quarter, beating the consensus estimate of $0.81 by $0.18. The business had revenue of $537.00 million during the quarter, compared to the consensus estimate of $469.24 million. CIT Group had a net margin of 14.60% and a return on equity of 6.84%. The business’s quarterly 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. analysts anticipate that CIT Group Inc. will post 4.1 EPS for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Friday, February 23rd. Stockholders of record on Friday, February 9th will be paid a $0.16 dividend. The ex-dividend date of this dividend is Thursday, February 8th. This represents a $0.64 annualized dividend and a dividend yield of 1.29%. CIT Group’s dividend payout ratio (DPR) is presently 41.56%.

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

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