Salzhauer Michael cut its stake in CIT Group Inc (DEL) (NYSE:CIT) by 41.1% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 14,340 shares of the financial services provider’s stock after selling 10,000 shares during the period. Salzhauer Michael’s holdings in CIT Group Inc (DEL) were worth $699,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. SG Americas Securities LLC purchased a new position in CIT Group Inc (DEL) during the first quarter valued at $115,000. Pacer Advisors Inc. increased its position in CIT Group Inc (DEL) by 3.2% in the first quarter. Pacer Advisors Inc. now owns 3,848 shares of the financial services provider’s stock valued at $165,000 after buying an additional 121 shares during the period. Oppenheimer Asset Management Inc. bought a new position in shares of CIT Group Inc (DEL) during the first quarter worth approximately $199,000. Janney Montgomery Scott LLC bought a new position in shares of CIT Group Inc (DEL) during the first quarter worth approximately $209,000. Finally, Clear Harbor Asset Management LLC bought a new position in shares of CIT Group Inc (DEL) during the first quarter worth approximately $215,000. 99.99% of the stock is currently owned by institutional investors and hedge funds.
Shares of CIT Group Inc (NYSE CIT) traded down 0.13% during midday trading on Friday, reaching $47.84. 1,257,118 shares of the company’s stock traded hands. CIT Group Inc has a 52-week low of $33.37 and a 52-week high of $50.40. The stock’s market cap is $6.48 billion. The stock has a 50 day moving average of $48.47 and a 200-day moving average of $44.86.
CIT Group Inc (DEL) (NYSE:CIT) last released its quarterly earnings results on Tuesday, July 25th. The financial services provider reported $0.68 earnings per share for the quarter, beating the consensus estimate of $0.60 by $0.08. CIT Group Inc (DEL) had a positive return on equity of 5.19% and a negative net margin of 20.50%. The firm had revenue of $605 million for the quarter, compared to analysts’ expectations of $500.05 million. During the same quarter last year, the firm posted $0.07 EPS. The company’s revenue was down 6.6% compared to the same quarter last year. On average, equities research analysts expect that CIT Group Inc will post $2.80 EPS for the current year.
CIT Group Inc (DEL) declared that its board has initiated a stock repurchase program on Thursday, April 27th that authorizes the company to buyback $2.75 billion in outstanding shares. This buyback authorization authorizes the financial services provider to purchase up to 29.5% of its stock through a dutch auction. Stock buyback programs are generally an indication that the company’s board of directors believes its shares are undervalued.
The firm also recently declared a quarterly dividend, which will be paid on Friday, August 25th. Shareholders of record on Friday, August 11th will be issued a $0.15 dividend. The ex-dividend date of this dividend is Wednesday, August 9th. This represents a $0.60 annualized dividend and a dividend yield of 1.25%. CIT Group Inc (DEL)’s payout ratio is currently -18.02%.
CIT has been the topic of a number of research analyst reports. BidaskClub raised shares of CIT Group Inc (DEL) from a “buy” rating to a “strong-buy” rating in a research report on Tuesday, June 20th. BTIG Research reaffirmed a “buy” rating and set a $57.00 price objective on shares of CIT Group Inc (DEL) in a research report on Tuesday. They noted that the move was a valuation call. Zacks Investment Research downgraded shares of CIT Group Inc (DEL) from a “hold” rating to a “sell” rating in a research report on Tuesday, June 27th. ValuEngine cut shares of CIT Group Inc (DEL) from a “buy” rating to a “hold” rating in a research note on Wednesday, July 19th. Finally, Credit Suisse Group reiterated a “hold” rating and issued a $48.00 target price on shares of CIT Group Inc (DEL) in a research note on Sunday, July 2nd. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and eight have given a buy rating to the stock. CIT Group Inc (DEL) presently has an average rating of “Hold” and a consensus target price of $44.96.
In other news, EVP Robert Rowe sold 9,244 shares of the stock in a transaction dated Tuesday, May 30th. The stock was sold at an average price of $45.58, for a total transaction of $421,341.52. Following the transaction, the executive vice president now directly owns 47,286 shares in the company, valued at approximately $2,155,295.88. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider James L. Hudak sold 2,250 shares of the stock in a transaction dated 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 disclosure for this sale can be found here. In the last ninety days, insiders sold 15,974 shares of company stock worth $726,471. Insiders own 0.47% of the company’s stock.
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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