Korea Investment CORP Acquires 167,500 Shares of CIT Group Inc. (CIT)

Korea Investment CORP grew its holdings in CIT Group Inc. (NYSE:CIT) by 271.5% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 229,200 shares of the financial services provider’s stock after purchasing an additional 167,500 shares during the period. Korea Investment CORP’s holdings in CIT Group were worth $11,829,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also bought and sold shares of the company. KBC Group NV increased its holdings in CIT Group by 17.3% during the second quarter. KBC Group NV now owns 8,046 shares of the financial services provider’s stock worth $406,000 after buying an additional 1,184 shares during the last quarter. Vident Investment Advisory LLC boosted its position in CIT Group by 2.1% during the second quarter. Vident Investment Advisory LLC now owns 69,217 shares of the financial services provider’s stock worth $3,489,000 after purchasing an additional 1,433 shares during the period. Virginia Retirement Systems ET AL boosted its position in shares of CIT Group by 1.6% in the third quarter. Virginia Retirement Systems ET AL now owns 130,200 shares of the financial services provider’s stock valued at $6,720,000 after acquiring an additional 2,000 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in shares of CIT Group by 11.6% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 21,843 shares of the financial services provider’s stock valued at $1,127,000 after acquiring an additional 2,268 shares during the period. Finally, Bank of Montreal Can boosted its position in shares of CIT Group by 21.9% in the third quarter. Bank of Montreal Can now owns 13,914 shares of the financial services provider’s stock valued at $718,000 after acquiring an additional 2,504 shares during the period.

CIT stock opened at $46.43 on Friday. The stock has a market capitalization of $4.89 billion, a P/E ratio of 15.12, a P/E/G ratio of 1.16 and a beta of 1.30. CIT Group Inc. has a 52 week low of $43.80 and a 52 week high of $56.14. The company has a debt-to-equity ratio of 1.45, a current ratio of 1.02 and a quick ratio of 1.02.

CIT Group (NYSE:CIT) last issued its earnings results on Tuesday, October 23rd. The financial services provider reported $1.15 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.14 by $0.01. The firm had revenue of $476.00 million during the quarter, compared to the consensus estimate 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% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.42 earnings per share. On average, sell-side analysts predict that CIT Group Inc. will post 3.99 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which was paid on Tuesday, November 27th. Shareholders of record on Tuesday, November 13th were paid a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 2.15%. The ex-dividend date was Friday, November 9th. CIT Group’s payout ratio is 32.57%.

CIT has been the subject of a number of analyst reports. Stephens downgraded CIT Group from an “overweight” rating to an “equal weight” rating and set a $60.00 price target for the company. in a research note on Monday, August 27th. Morgan Stanley dropped their price target on CIT Group from $58.00 to $57.50 and set an “equal weight” rating for the company in a research note on Tuesday, September 18th. Zacks Investment Research downgraded CIT Group from a “hold” rating to a “sell” rating in a research note on Wednesday, October 10th. ValuEngine downgraded CIT Group from a “hold” rating to a “sell” rating in a research note on Monday, October 22nd. Finally, BMO Capital Markets boosted their price target on CIT Group from $44.00 to $47.00 and gave the company a “market perform” rating in a research note on Thursday, October 25th. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating and two have issued a buy rating to the stock. CIT Group presently has an average rating of “Hold” and a consensus price target of $54.29.

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About CIT Group

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

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