CIT Group Inc. (CIT) Shares Sold by Philadelphia Trust Co.
Philadelphia Trust Co. reduced its stake in shares of CIT Group Inc. (NYSE:CIT) by 9.4% during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 390,128 shares of the financial services provider’s stock after selling 40,631 shares during the period. CIT Group accounts for 1.8% of Philadelphia Trust Co.’s investment portfolio, making the stock its 19th biggest holding. Philadelphia Trust Co.’s holdings in CIT Group were worth $19,666,000 as of its most recent filing with the Securities & Exchange Commission.
Other institutional investors also recently bought and sold shares of the company. Assetmark Inc. purchased a new position in shares of CIT Group during the 1st quarter valued at $155,000. Virtu Financial LLC purchased a new position in shares of CIT Group during the 2nd quarter valued at $231,000. Edge Wealth Management LLC purchased a new position in shares of CIT Group during the 2nd quarter valued at $252,000. Seven Eight Capital LP purchased a new position in shares of CIT Group during the 1st quarter valued at $271,000. Finally, First Republic Investment Management Inc. purchased a new position in shares of CIT Group during the 1st quarter valued at $373,000.
CIT has been the topic of several research analyst reports. ValuEngine cut shares of CIT Group from a “buy” rating to a “hold” rating in a report on Thursday, May 3rd. TheStreet cut shares of CIT Group from a “b-” rating to a “c+” rating in a report on Thursday, June 14th. Compass Point assumed coverage on shares of CIT Group in a report on Friday, June 29th. They issued a “buy” rating and a $49.64 price objective for the company. Credit Suisse Group upped their price objective on shares of CIT Group from $54.00 to $56.00 and gave the stock a “neutral” rating in a report on Friday, June 29th. Finally, BMO Capital Markets decreased their price objective on shares of CIT Group from $46.00 to $44.00 and set a “market perform” rating for the company in a report on Wednesday, July 25th. Ten equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average price target of $54.55.
CIT Group (NYSE:CIT) last issued its quarterly earnings data on Tuesday, July 24th. The financial services provider reported $1.00 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.97 by $0.03. The firm had revenue of $524.00 million during the quarter, compared to analysts’ expectations of $473.70 million. CIT Group had a net margin of 10.81% and a return on equity of 7.38%. CIT Group’s revenue for the quarter was up 10.5% on a year-over-year basis. During the same period in the prior year, the company posted $0.68 earnings per share. equities analysts anticipate that CIT Group Inc. will post 4.07 EPS for the current year.
The company also recently announced a quarterly dividend, which was paid on Friday, August 24th. Shareholders of record on Friday, August 10th were given a dividend of $0.25 per share. This is a positive change from CIT Group’s previous quarterly dividend of $0.16. The ex-dividend date was Thursday, August 9th. This represents a $1.00 dividend on an annualized basis and a yield of 1.87%. CIT Group’s payout ratio is currently 32.57%.
In other CIT Group news, Director Sheila A. Stamps sold 3,350 shares of the business’s stock in a transaction on Thursday, June 7th. The shares were sold at an average price of $52.12, for a total transaction of $174,602.00. Following the completion of the transaction, the director now owns 4,666 shares of the company’s stock, valued at approximately $243,191.92. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Edward K. Sperling sold 1,765 shares of the business’s stock in a transaction on Thursday, June 14th. The stock was sold at an average price of $51.44, for a total transaction of $90,791.60. Following the transaction, the executive vice president now directly owns 10,491 shares of the company’s stock, valued at approximately $539,657.04. The disclosure for this sale can be found here. 0.27% of the stock is owned by insiders.
CIT Group Company Profile
CIT Group Inc operates as the bank holding company for CIT Bank, National Association that provides banking and related services to commercial and individual customers. The company operates through three segments: Commercial Banking, Consumer Banking, and Non-Strategic Portfolios (NSP). The Commercial Banking segment offers lending, leasing, and other financial and advisory services primarily to small and middle-market companies; factoring, receivables management products, and secured supply chain financing; and equipment leasing and secured financing to railroads and non-rail companies.
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