Ameriprise Financial Inc. decreased its stake in shares of CIT Group Inc (DEL) (NYSE:CIT) by 0.8% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 65,023 shares of the financial services provider’s stock after selling 541 shares during the period. Ameriprise Financial Inc.’s holdings in CIT Group Inc (DEL) were worth $2,792,000 as of its most recent SEC filing.

Other hedge funds have also bought and sold shares of the company. Janus Capital Management LLC raised its stake in CIT Group Inc (DEL) by 7.9% in the fourth quarter. Janus Capital Management LLC now owns 10,576 shares of the financial services provider’s stock worth $451,000 after buying an additional 776 shares in the last quarter. Guggenheim Capital LLC raised its stake in CIT Group Inc (DEL) by 214.9% in the fourth quarter. Guggenheim Capital LLC now owns 70,911 shares of the financial services provider’s stock worth $3,026,000 after buying an additional 48,389 shares in the last quarter. Norges Bank purchased a new stake in CIT Group Inc (DEL) during the fourth quarter worth $74,220,000. UBS Asset Management Americas Inc. raised its stake in CIT Group Inc (DEL) by 0.6% in the fourth quarter. UBS Asset Management Americas Inc. now owns 496,999 shares of the financial services provider’s stock worth $21,213,000 after buying an additional 2,991 shares in the last quarter. Finally, Philadelphia Trust Co. raised its stake in CIT Group Inc (DEL) by 7.8% in the fourth quarter. Philadelphia Trust Co. now owns 560,220 shares of the financial services provider’s stock worth $23,910,000 after buying an additional 40,384 shares in the last quarter. Institutional investors and hedge funds own 99.84% of the company’s stock.

CIT Group Inc (NYSE:CIT) traded down 0.04% during trading on Friday, hitting $47.48. 925,165 shares of the company were exchanged. The company’s market capitalization is $6.43 billion. CIT Group Inc has a 12 month low of $33.49 and a 12 month high of $50.40. The stock’s 50-day moving average is $48.56 and its 200-day moving average is $44.96.

CIT Group Inc (DEL) (NYSE:CIT) last announced its quarterly earnings results on Tuesday, July 25th. The financial services provider reported $0.68 earnings per share for the quarter, beating analysts’ consensus estimates of $0.60 by $0.08. CIT Group Inc (DEL) had a negative net margin of 20.50% and a positive return on equity of 5.19%. The business had revenue of $605 million during the quarter, compared to analysts’ expectations of $500.05 million. During the same period last year, the business earned $0.07 earnings per share. The business’s revenue for the quarter was down 6.6% on a year-over-year basis. Equities research analysts anticipate that CIT Group Inc will post $2.77 earnings per share for the current year.

CIT Group Inc (DEL) declared that its board has approved a stock buyback plan on Thursday, April 27th that allows the company to repurchase $2.75 billion in shares. This repurchase authorization allows the financial services provider to buy up to 29.5% of its shares through a dutch auction. Shares repurchase plans are usually an indication that the company’s board believes its stock is undervalued.

The business also recently declared a quarterly dividend, which will be paid on Friday, August 25th. Shareholders of record on Friday, August 11th will be given a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.26%. The ex-dividend date is Wednesday, August 9th. CIT Group Inc (DEL)’s dividend payout ratio is presently -18.02%.

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A number of equities analysts recently issued reports on CIT shares. ValuEngine downgraded shares of CIT Group Inc (DEL) from a “buy” rating to a “hold” rating in a research note on Wednesday, July 19th. CIBC reaffirmed an “outperform” rating on shares of CIT Group Inc (DEL) in a research note on Tuesday, July 11th. Oppenheimer Holdings, Inc. reissued an “outperform” rating on shares of CIT Group Inc (DEL) in a research report on Tuesday, July 11th. BidaskClub downgraded shares of CIT Group Inc (DEL) from a “strong-buy” rating to a “buy” rating in a research report on Monday, July 24th. Finally, BTIG Research reiterated a “buy” rating and set a $57.00 price target on shares of CIT Group Inc (DEL) in a research note on Tuesday, July 25th. They noted that the move was a valuation call. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and seven have issued a buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus price target of $45.96.

In other CIT Group Inc (DEL) news, EVP Edward K. Sperling sold 4,480 shares of CIT Group Inc (DEL) stock in a transaction dated Friday, May 26th. The shares were sold at an average price of $45.76, for a total transaction of $205,004.80. Following the completion of the sale, the executive vice president now directly owns 10,562 shares in the company, valued at $483,317.12. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Robert Rowe sold 9,244 shares of CIT Group Inc (DEL) stock in a transaction dated Tuesday, May 30th. The shares were sold at an average price of $45.58, for a total transaction of $421,341.52. Following the sale, the executive vice president now owns 47,286 shares of the company’s stock, valued at $2,155,295.88. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 15,974 shares of company stock valued at $726,471. Company insiders own 0.47% of the company’s stock.

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.

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

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