State Board of Administration of Florida Retirement System raised its stake in shares of CIT Group Inc (DEL) (NYSE:CIT) by 2.9% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 276,483 shares of the financial services provider’s stock after buying an additional 7,819 shares during the period. State Board of Administration of Florida Retirement System owned about 0.20% of CIT Group Inc (DEL) worth $13,465,000 as of its most recent filing with the SEC.

A number of other hedge funds have also made changes to their positions in the stock. Bar Harbor Trust Services increased its stake in shares of CIT Group Inc (DEL) by 0.5% in the second quarter. Bar Harbor Trust Services now owns 148,067 shares of the financial services provider’s stock valued at $7,211,000 after buying an additional 740 shares during the last quarter. SG Americas Securities LLC increased its stake in shares of CIT Group Inc (DEL) by 103.5% in the second quarter. SG Americas Securities LLC now owns 5,437 shares of the financial services provider’s stock valued at $265,000 after buying an additional 2,765 shares during the last quarter. Canada Pension Plan Investment Board increased its stake in shares of CIT Group Inc (DEL) by 35.5% in the second quarter. Canada Pension Plan Investment Board now owns 243,220 shares of the financial services provider’s stock valued at $11,845,000 after buying an additional 63,677 shares during the last quarter. Korea Investment CORP acquired a new stake in shares of CIT Group Inc (DEL) during the second quarter valued at $122,000. Finally, Barnett & Company Inc. increased its stake in shares of CIT Group Inc (DEL) by 11.1% in the second quarter. Barnett & Company Inc. now owns 61,450 shares of the financial services provider’s stock valued at $2,993,000 after buying an additional 6,150 shares during the last quarter.

CIT Group Inc (CIT) opened at 44.90 on Tuesday. CIT Group Inc has a 12 month low of $34.38 and a 12 month high of $50.40. The stock’s 50 day moving average price is $47.44 and its 200 day moving average price is $45.43. The firm’s market capitalization is $6.08 billion.

CIT Group Inc (DEL) (NYSE:CIT) last issued its quarterly earnings results 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. The company had revenue of $605 million for the quarter, compared to analyst estimates of $500.05 million. CIT Group Inc (DEL) had a negative net margin of 20.50% and a positive return on equity of 5.66%. CIT Group Inc (DEL)’s revenue was down 6.6% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.07 earnings per share. Equities research analysts expect 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 issued a $0.15 dividend. The ex-dividend date of this dividend was Wednesday, August 9th. This represents a $0.60 annualized dividend and a yield of 1.34%. CIT Group Inc (DEL)’s payout ratio is -18.02%.

CIT Group Inc (DEL) declared that its board has initiated a stock repurchase plan on Wednesday, June 28th that permits the company to repurchase $225.00 million in outstanding shares. This repurchase authorization permits the financial services provider to buy up to 2.3% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s leadership believes its shares are undervalued.

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Several analysts have weighed in on the company. BidaskClub downgraded CIT Group Inc (DEL) from a “hold” rating to a “sell” rating in a research note on Wednesday, August 9th. Zacks Investment Research raised CIT Group Inc (DEL) from a “sell” rating to a “hold” rating in a research note on Thursday, July 27th. ValuEngine raised CIT Group Inc (DEL) from a “hold” rating to a “buy” rating in a research note on Thursday, July 27th. BMO Capital Markets lifted their target price on CIT Group Inc (DEL) from $31.00 to $48.60 and gave the company an “underperform” rating in a research note on Wednesday, July 26th. Finally, BTIG Research reaffirmed a “buy” rating and set a $57.00 target price on shares of CIT Group Inc (DEL) in a research note on Tuesday, July 25th. They noted that the move was a valuation call. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and seven have issued a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus target price of $45.96.

In related news, insider James L. Hudak sold 2,250 shares of the business’s stock in a transaction on Monday, June 5th. The shares were sold at an average price of $44.50, for a total value of $100,125.00. Following the transaction, the insider now owns 59,621 shares in the company, valued at $2,653,134.50. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, insider James L. Hudak sold 2,100 shares of the business’s stock in a transaction on Friday, August 11th. The shares were sold at an average price of $46.18, for a total transaction of $96,978.00. Following the completion of the transaction, the insider now owns 57,083 shares in the company, valued at approximately $2,636,092.94. The disclosure for this sale can be found here. 0.47% of the stock is owned by 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.

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

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