Flaherty & Crumrine Inc. maintained its position in shares of CIT Group Inc (DEL) (NYSE:CIT) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 87,960 shares of the financial services provider’s stock at the end of the second quarter. CIT Group Inc (DEL) comprises approximately 3.2% of Flaherty & Crumrine Inc.’s portfolio, making the stock its 7th largest position. Flaherty & Crumrine Inc. owned 0.06% of CIT Group Inc (DEL) worth $4,284,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in the stock. Schwab Charles Investment Management Inc. boosted its position in shares of CIT Group Inc (DEL) by 9.9% in the first quarter. Schwab Charles Investment Management Inc. now owns 683,988 shares of the financial services provider’s stock worth $29,364,000 after buying an additional 61,670 shares during the period. OppenheimerFunds Inc. purchased a new position in shares of CIT Group Inc (DEL) during the first quarter worth approximately $21,506,000. Twin Tree Management LP boosted its position in shares of CIT Group Inc (DEL) by 35.8% in the first quarter. Twin Tree Management LP now owns 50,583 shares of the financial services provider’s stock worth $2,172,000 after buying an additional 13,324 shares during the period. Credit Suisse AG boosted its position in shares of CIT Group Inc (DEL) by 5.9% in the first quarter. Credit Suisse AG now owns 528,491 shares of the financial services provider’s stock worth $22,688,000 after buying an additional 29,496 shares during the period. Finally, Oak Associates Ltd. OH boosted its position in shares of CIT Group Inc (DEL) by 4.7% in the first quarter. Oak Associates Ltd. OH now owns 411,072 shares of the financial services provider’s stock worth $17,647,000 after buying an additional 18,575 shares during the period.

CIT Group Inc (CIT) traded down 0.38% during midday trading on Monday, reaching $45.00. The company had a trading volume of 44,161 shares. CIT Group Inc has a 12 month low of $34.38 and a 12 month high of $50.40. The firm’s market capitalization is $6.09 billion. The firm’s 50-day moving average price is $47.44 and its 200 day moving average price is $45.43.

CIT Group Inc (DEL) (NYSE:CIT) last posted its quarterly earnings data on Tuesday, July 25th. The financial services provider reported $0.68 EPS for the quarter, topping analysts’ consensus estimates of $0.60 by $0.08. CIT Group Inc (DEL) had a positive return on equity of 5.66% and a negative net margin of 20.50%. The business had revenue of $605 million for the quarter, compared to analyst estimates of $500.05 million. During the same period in the previous year, the company posted $0.07 earnings per share. The firm’s revenue for the quarter was down 6.6% on a year-over-year basis. Equities analysts anticipate that CIT Group Inc will post $2.77 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which was paid on Friday, August 25th. Investors of record on Friday, August 11th were given a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a yield of 1.33%. The ex-dividend date was Wednesday, August 9th. CIT Group Inc (DEL)’s dividend payout ratio (DPR) is presently -18.02%.

CIT Group Inc (DEL) announced that its board has authorized a share repurchase plan on Wednesday, June 28th that authorizes the company to buyback $225.00 million in outstanding shares. This buyback authorization authorizes the financial services provider to purchase up to 2.3% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s management believes its shares are undervalued.

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A number of equities analysts recently commented on CIT shares. Zacks Investment Research cut CIT Group Inc (DEL) from a “hold” rating to a “sell” rating in a report on Tuesday, June 27th. Credit Suisse Group reiterated a “hold” rating and issued a $48.00 price objective on shares of CIT Group Inc (DEL) in a research note on Sunday, July 2nd. BidaskClub cut CIT Group Inc (DEL) from a “strong-buy” rating to a “buy” rating in a research note on Monday, July 24th. Oppenheimer Holdings, Inc. reiterated an “outperform” rating on shares of CIT Group Inc (DEL) in a research note on Tuesday, July 11th. Finally, Stephens upgraded CIT Group Inc (DEL) from an “equal weight” rating to an “overweight” rating in a research note on Monday, July 17th. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating and seven have given a buy rating to the company. CIT Group Inc (DEL) presently has an average rating of “Hold” and a consensus target price of $45.96.

In related news, insider James L. Hudak sold 2,100 shares of CIT Group Inc (DEL) stock in a transaction dated Friday, August 11th. The stock was sold at an average price of $46.18, for a total transaction of $96,978.00. Following the sale, the insider now directly owns 57,083 shares of the company’s stock, valued at $2,636,092.94. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider James L. Hudak sold 2,250 shares of CIT Group Inc (DEL) stock in a transaction dated Monday, June 5th. The stock was sold at an average price of $44.50, for a total value of $100,125.00. Following the sale, the insider now directly owns 59,621 shares in the company, valued at $2,653,134.50. The disclosure for this sale can be found here. Over the last three months, insiders have sold 13,594 shares of company stock worth $618,445. 0.47% of the stock is owned by company insiders.

CIT Group Inc (DEL) 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.

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

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