Salzhauer Michael reduced its position in shares of CIT Group Inc (DEL) (NYSE:CIT) by 41.1% during the second quarter, according to its most recent Form 13F filing with the SEC. 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 filing with the SEC.
Several other hedge funds have also recently added to or reduced their stakes in CIT. SG Americas Securities LLC bought a new position in shares of CIT Group Inc (DEL) during the first quarter worth $115,000. Pacer Advisors Inc. raised its position in shares of 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 worth $165,000 after buying an additional 121 shares during the last quarter. Oppenheimer Asset Management Inc. bought a new position in shares of CIT Group Inc (DEL) during the first quarter worth $199,000. Janney Montgomery Scott LLC bought a new position in shares of CIT Group Inc (DEL) during the first quarter worth $209,000. Finally, Clear Harbor Asset Management LLC bought a new position in shares of CIT Group Inc (DEL) during the first quarter worth $215,000. Institutional investors and hedge funds own 99.84% of the company’s stock.
Shares of CIT Group Inc (CIT) opened at 47.48 on Friday. The company’s market capitalization is $6.43 billion. CIT Group Inc has a one year low of $33.49 and a one year high of $50.40. The stock has a 50 day moving average of $48.56 and a 200-day moving average of $44.96.
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, topping the consensus estimate of $0.60 by $0.08. CIT Group Inc (DEL) had a negative net margin of 20.50% and a positive return on equity of 5.19%. The business had revenue of $605 million for the quarter, compared to analysts’ expectations of $500.05 million. During the same period in the previous year, the company earned $0.07 earnings per share. The firm’s revenue for the quarter was down 6.6% compared to the same quarter last year. On average, equities analysts forecast that CIT Group Inc will post $2.77 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Friday, August 25th. Investors of record on Friday, August 11th will be issued a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 1.26%. The ex-dividend date is Wednesday, August 9th. CIT Group Inc (DEL)’s dividend payout ratio (DPR) is presently -18.02%.
CIT Group Inc (DEL) declared that its board has authorized a share buyback plan on Thursday, April 27th that authorizes the company to repurchase $2.75 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to repurchase up to 29.5% of its stock through a dutch auction. Stock repurchase plans are usually an indication that the company’s leadership believes its shares are undervalued.
COPYRIGHT VIOLATION NOTICE: This news story was published by StockNewsTimes and is the property of of StockNewsTimes. If you are viewing this news story on another website, it was illegally copied and republished in violation of U.S. & international copyright & trademark laws. The original version of this news story can be read at https://stocknewstimes.com/2017/08/06/salzhauer-michael-reduces-position-in-cit-group-inc-del-cit-updated-updated.html.
CIT has been the subject 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 note on Tuesday, June 20th. BTIG Research reaffirmed a “buy” rating and issued 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. Zacks Investment Research downgraded shares of CIT Group Inc (DEL) from a “hold” rating to a “sell” rating in a research note on Tuesday, June 27th. ValuEngine downgraded 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 restated a “hold” rating and set a $48.00 price objective on shares of CIT Group Inc (DEL) in a research note on Sunday, July 2nd. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and seven have given a buy rating to the company’s stock. CIT Group Inc (DEL) has a consensus rating of “Hold” and an average price target of $45.96.
In other CIT Group Inc (DEL) news, insider James L. Hudak sold 2,250 shares of the business’s 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 directly owns 59,621 shares in the company, valued at $2,653,134.50. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, EVP Edward K. Sperling sold 4,480 shares of the business’s stock in a transaction dated Friday, May 26th. The shares were sold at an average price of $45.76, for a total transaction of $205,004.80. Following the completion of the transaction, the executive vice president now owns 10,562 shares in the company, valued at $483,317.12. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 15,974 shares of company stock worth $726,471. 0.47% of the stock is owned by corporate insiders.
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.
Receive News & Ratings for CIT Group Inc (DEL) Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for CIT Group Inc (DEL) and related companies with MarketBeat.com's FREE daily email newsletter.
