Parametric Portfolio Associates LLC lowered its stake in CIT Group Inc (DEL) (NYSE:CIT) by 0.8% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 428,480 shares of the financial services provider’s stock after selling 3,478 shares during the period. Parametric Portfolio Associates LLC owned approximately 0.32% of CIT Group Inc (DEL) worth $20,867,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the company. M&T Bank Corp boosted its stake in shares of CIT Group Inc (DEL) by 0.6% during the 2nd quarter. M&T Bank Corp now owns 5,210 shares of the financial services provider’s stock worth $253,000 after acquiring an additional 30 shares in the last quarter. Advisor Group Inc. raised its stake in shares of CIT Group Inc (DEL) by 2.2% in the 2nd quarter. Advisor Group Inc. now owns 3,030 shares of the financial services provider’s stock valued at $146,000 after acquiring an additional 66 shares in the last quarter. Pacer Advisors Inc. raised its stake in shares of CIT Group Inc (DEL) by 3.2% in the 1st quarter. Pacer Advisors Inc. now owns 3,848 shares of the financial services provider’s stock valued at $165,000 after acquiring an additional 121 shares in the last quarter. Janney Montgomery Scott LLC raised its stake in shares of CIT Group Inc (DEL) by 4.0% in the 2nd quarter. Janney Montgomery Scott LLC now owns 5,059 shares of the financial services provider’s stock valued at $246,000 after acquiring an additional 193 shares in the last quarter. Finally, Paradigm Asset Management Co. LLC raised its stake in shares of CIT Group Inc (DEL) by 1.4% in the 2nd quarter. Paradigm Asset Management Co. LLC now owns 14,060 shares of the financial services provider’s stock valued at $685,000 after acquiring an additional 200 shares in the last quarter.

In other news, insider Steve Solk sold 1,460 shares of the company’s stock in a transaction that occurred on Friday, August 25th. The stock was sold at an average price of $45.00, for a total value of $65,700.00. Following the transaction, the insider now owns 14,832 shares of the company’s stock, valued at $667,440. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider James L. Hudak sold 2,100 shares of the stock in a transaction that occurred on Friday, August 11th. The stock was sold at an average price of $46.18, for a total value of $96,978.00. Following 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. Company insiders own 0.47% of the company’s stock.

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CIT Group Inc (NYSE CIT) opened at 48.85 on Wednesday. CIT Group Inc has a 12 month low of $35.14 and a 12 month high of $50.40. The company’s 50-day moving average is $45.95 and its 200-day moving average is $46.17. The company’s market cap is $6.62 billion.

CIT Group Inc (DEL) (NYSE:CIT) last issued its earnings results on Tuesday, July 25th. The financial services provider reported $0.68 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.60 by $0.08. The company had revenue of $605.00 million during the quarter, compared to the consensus estimate of $500.05 million. CIT Group Inc (DEL) had a positive return on equity of 5.66% and a negative net margin of 20.50%. The firm’s revenue for the quarter was down 6.6% compared to the same quarter last year. During the same period in the previous year, the company posted $0.07 EPS. On average, equities research analysts anticipate that CIT Group Inc will post $2.82 earnings per share for the current year.

CIT Group Inc (DEL) declared that its board has authorized a stock repurchase program on Wednesday, June 28th that permits the company to buyback $225.00 million in outstanding shares. This buyback authorization permits the financial services provider to reacquire up to 2.3% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.

CIT has been the subject of several analyst reports. ValuEngine lowered CIT Group Inc (DEL) from a “buy” rating to a “hold” rating in a report on Wednesday, July 19th. CIBC reiterated an “outperform” rating on shares of CIT Group Inc (DEL) in a report on Tuesday, July 11th. Oppenheimer Holdings, Inc. reiterated an “outperform” rating on shares of CIT Group Inc (DEL) in a report on Tuesday, July 11th. BTIG Research reiterated a “buy” rating and set a $57.00 price target on shares of CIT Group Inc (DEL) in a report on Tuesday, July 25th. They noted that the move was a valuation call. Finally, BidaskClub lowered shares of CIT Group Inc (DEL) from a “strong-buy” rating to a “buy” rating in a research report on Monday, July 24th. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and eight have assigned a buy rating to the company. The company has a consensus rating of “Hold” and an average price target of $47.96.

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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