CIT Group Inc (DEL) (CIT) Shares Bought by LSV Asset Management
LSV Asset Management increased its stake in shares of CIT Group Inc (DEL) (NYSE:CIT) by 2.5% in the 2nd quarter, according to its most recent 13F filing with the SEC. The firm owned 3,430,812 shares of the financial services provider’s stock after buying an additional 84,300 shares during the period. LSV Asset Management owned 2.53% of CIT Group Inc (DEL) worth $167,080,000 as of its most recent filing with the SEC.
Other hedge funds also recently made changes to their positions in the company. Korea Investment CORP bought a new stake in shares of CIT Group Inc (DEL) during the 2nd quarter worth about $122,000. SG Americas Securities LLC bought a new stake in shares of CIT Group Inc (DEL) during the 1st quarter worth about $115,000. Pacer Advisors Inc. boosted its holdings in shares of CIT Group Inc (DEL) by 3.2% during the 1st quarter. Pacer Advisors Inc. now owns 3,848 shares of the financial services provider’s stock worth $165,000 after buying an additional 121 shares during the period. Oppenheimer Asset Management Inc. bought a new stake in shares of CIT Group Inc (DEL) during the 1st quarter worth about $199,000. Finally, Janney Montgomery Scott LLC bought a new stake in shares of CIT Group Inc (DEL) during the 1st quarter worth about $209,000.
Several analysts recently commented on CIT shares. BTIG Research reaffirmed a “buy” rating and set a $57.00 target price on shares of CIT Group Inc (DEL) in a report on Tuesday, July 25th. They noted that the move was a valuation call. BidaskClub raised shares of CIT Group Inc (DEL) from a “buy” rating to a “strong-buy” rating in a report on Tuesday, June 20th. Zacks Investment Research downgraded shares of CIT Group Inc (DEL) from a “hold” rating to a “sell” rating in a report on Tuesday, June 27th. ValuEngine downgraded shares of CIT Group Inc (DEL) from a “buy” rating to a “hold” rating in a report on Wednesday, July 19th. Finally, Credit Suisse Group reaffirmed a “hold” rating and set a $48.00 target price on shares of CIT Group Inc (DEL) in a report on Sunday, July 2nd. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating and seven have assigned a buy rating to the company. The company presently has a consensus rating of “Hold” and an average price target of $45.96.
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In other news, insider James L. Hudak sold 2,100 shares of the stock in a transaction dated Friday, August 11th. The shares were sold at an average price of $46.18, for a total value 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 sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Steve Solk sold 1,460 shares of the stock in a transaction dated Friday, August 25th. The stock was sold at an average price of $45.00, for a total transaction of $65,700.00. Following the completion of the sale, the insider now directly owns 14,832 shares in the company, valued at $667,440. The disclosure for this sale can be found here. 0.47% of the stock is owned by company insiders.
Shares of CIT Group Inc (NYSE:CIT) opened at 44.58 on Thursday. The firm has a 50-day moving average of $46.55 and a 200 day moving average of $45.60. CIT Group Inc has a 52 week low of $34.38 and a 52 week high of $50.40. The firm’s market cap is $6.04 billion.
CIT Group Inc (DEL) (NYSE:CIT) last issued its earnings results on Tuesday, July 25th. The financial services provider reported $0.68 earnings per share for the quarter, topping analysts’ consensus estimates of $0.60 by $0.08. The firm had revenue of $605 million during 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%. The company’s quarterly revenue was down 6.6% on a year-over-year basis. During the same quarter last year, the business earned $0.07 earnings per share. Equities research analysts predict that CIT Group Inc will post $2.77 EPS for the current fiscal year.
CIT Group Inc (DEL) announced that its Board of Directors has initiated a share repurchase program 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 purchase up to 2.3% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s management believes its stock is undervalued.
The firm also recently announced a quarterly dividend, which was paid on Friday, August 25th. Shareholders of record on Friday, August 11th were given a dividend of $0.15 per share. The ex-dividend date was Wednesday, August 9th. This represents a $0.60 dividend on an annualized basis and a yield of 1.35%. CIT Group Inc (DEL)’s dividend payout ratio is presently -18.02%.
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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