Condor Capital Management Sells 1,916 Shares of CIT Group Inc (DEL) (CIT)
Condor Capital Management decreased its stake in CIT Group Inc (DEL) (NYSE:CIT) by 5.2% during the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 34,667 shares of the financial services provider’s stock after selling 1,916 shares during the period. Condor Capital Management’s holdings in CIT Group Inc (DEL) were worth $1,488,000 as of its most recent filing with the SEC.
A number of other hedge funds have also recently added to or reduced their stakes in CIT. Levin Capital Strategies L.P. purchased a new stake in CIT Group Inc (DEL) during the fourth quarter valued at $1,003,000. BlackRock Investment Management LLC boosted its stake in CIT Group Inc (DEL) by 5.7% in the third quarter. BlackRock Investment Management LLC now owns 114,314 shares of the financial services provider’s stock valued at $4,150,000 after buying an additional 6,139 shares during the last quarter. State Board of Administration of Florida Retirement System boosted its stake in CIT Group Inc (DEL) by 0.3% in the fourth quarter. State Board of Administration of Florida Retirement System now owns 269,679 shares of the financial services provider’s stock valued at $11,510,000 after buying an additional 924 shares during the last quarter. Mitsubishi UFJ Trust & Banking Corp boosted its stake in CIT Group Inc (DEL) by 1.4% in the third quarter. Mitsubishi UFJ Trust & Banking Corp now owns 415,135 shares of the financial services provider’s stock valued at $15,069,000 after buying an additional 5,544 shares during the last quarter. Finally, Dimensional Fund Advisors LP boosted its stake in CIT Group Inc (DEL) by 4.0% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,416,428 shares of the financial services provider’s stock valued at $60,455,000 after buying an additional 55,042 shares during the last quarter. 99.90% of the stock is owned by institutional investors and hedge funds.
CIT Group Inc (CIT) opened at 48.43 on Monday. CIT Group Inc has a 1-year low of $28.33 and a 1-year high of $48.47. The firm’s 50-day moving average price is $46.42 and its 200-day moving average price is $43.62. The company’s market cap is $9.82 billion.
CIT Group Inc (DEL) (NYSE:CIT) last released its earnings results on Tuesday, April 25th. The financial services provider reported $0.54 EPS for the quarter, beating the Zacks’ consensus estimate of $0.52 by $0.02. The business had revenue of $495.70 million for the quarter, compared to analysts’ expectations of $499.98 million. CIT Group Inc (DEL) had a positive return on equity of 5.25% and a negative net margin of 22.39%. The firm’s revenue was down 5.9% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.73 earnings per share. Equities research analysts forecast that CIT Group Inc will post $2.74 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Friday, June 30th. Investors of record on Friday, June 16th will be paid a $0.175 dividend. This represents a $0.70 dividend on an annualized basis and a yield of 1.45%. The ex-dividend date is Wednesday, June 14th. This is a boost from CIT Group Inc (DEL)’s previous quarterly dividend of $0.15. CIT Group Inc (DEL)’s dividend payout ratio is currently -14.60%.
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Several analysts recently weighed in on CIT shares. Bank of America Corporation raised CIT Group Inc (DEL) from a “neutral” rating to a “buy” rating in a report on Wednesday, April 26th. Zacks Investment Research cut CIT Group Inc (DEL) from a “hold” rating to a “sell” rating in a report on Tuesday, April 18th. Morgan Stanley started coverage on CIT Group Inc (DEL) in a report on Monday, March 27th. They set an “equal weight” rating and a $45.00 price target for the company. BMO Capital Markets reissued a “sell” rating and set a $30.00 price target on shares of CIT Group Inc (DEL) in a report on Wednesday, April 26th. Finally, Keefe, Bruyette & Woods set a $46.00 price target on CIT Group Inc (DEL) and gave the stock a “hold” rating in a report on Saturday, May 27th. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating and three have given a buy rating to the stock. The company has an average rating of “Hold” and an average price target of $40.70.
In related news, EVP Edward K. Sperling sold 4,480 shares of the stock in a transaction on Friday, May 26th. The stock was sold at an average price of $45.76, for a total value of $205,004.80. Following the transaction, the executive vice president now owns 10,562 shares of the company’s stock, valued at $483,317.12. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, EVP Robert Rowe sold 9,244 shares of the stock in a transaction on Tuesday, May 30th. The shares were sold at an average price of $45.58, for a total value of $421,341.52. Following the completion of the transaction, the executive vice president now directly owns 47,286 shares in the company, valued at approximately $2,155,295.88. The disclosure for this sale can be found here. In the last three months, insiders sold 15,974 shares of company stock worth $726,471. 0.47% of the stock is owned by insiders.
About CIT Group Inc (DEL)
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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