Candriam Luxembourg S.C.A. Has $1,208,000 Stake in CIT Group Inc (DEL) (CIT)

Candriam Luxembourg S.C.A. held its position in shares of CIT Group Inc (DEL) (NYSE:CIT) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 24,799 shares of the financial services provider’s stock at the end of the second quarter. Candriam Luxembourg S.C.A.’s holdings in CIT Group Inc (DEL) were worth $1,208,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the stock. SG Americas Securities LLC purchased 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. purchased a new position in shares of CIT Group Inc (DEL) during the first quarter worth $199,000. Janney Montgomery Scott LLC purchased a new position in shares of CIT Group Inc (DEL) during the first quarter worth $209,000. Finally, Clear Harbor Asset Management LLC purchased a new position in shares of CIT Group Inc (DEL) during the first quarter worth $215,000. Institutional investors own 99.77% of the company’s stock.

Shares of CIT Group Inc (NYSE:CIT) opened at 46.30 on Friday. The company has a 50-day moving average of $48.41 and a 200 day moving average of $45.20. The stock’s market capitalization is $6.27 billion. CIT Group Inc has a one year low of $34.38 and a one year high of $50.40.

CIT Group Inc (DEL) (NYSE:CIT) last released its earnings results on Tuesday, July 25th. The financial services provider reported $0.68 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.60 by $0.08. CIT Group Inc (DEL) had a positive return on equity of 5.66% and a negative net margin of 20.50%. The firm had revenue of $605 million for the quarter, compared to the consensus estimate of $500.05 million. During the same period in the prior year, the business posted $0.07 earnings per share. The firm’s revenue for the quarter was down 6.6% compared to the same quarter last year. Equities research analysts forecast that CIT Group Inc will post $2.77 earnings per share for the current fiscal year.

CIT Group Inc (DEL) declared that its board has authorized a stock buyback program on Thursday, April 27th that allows the company to buyback $2.75 billion in outstanding shares. This buyback authorization allows the financial services provider to purchase up to 29.5% of its stock through a dutch auction. Stock buyback programs are usually a sign that the company’s management believes its stock is undervalued.

The firm also recently announced a quarterly dividend, which will be paid on Friday, August 25th. Investors of record on Friday, August 11th will be given a dividend of $0.15 per share. The ex-dividend date is Wednesday, August 9th. This represents a $0.60 annualized dividend and a yield of 1.30%. CIT Group Inc (DEL)’s dividend payout ratio (DPR) is presently -18.02%.

CIT has been the topic of a number of research reports. Bank of America Corporation upgraded CIT Group Inc (DEL) from a “neutral” rating to a “buy” rating in a report on Wednesday, April 26th. BidaskClub lowered CIT Group Inc (DEL) from a “strong-buy” rating to a “buy” rating in a report on Monday, July 24th. BTIG Research restated a “buy” rating and issued a $57.00 price objective on shares of CIT Group Inc (DEL) in a report on Tuesday, July 25th. They noted that the move was a valuation call. ValuEngine upgraded CIT Group Inc (DEL) from a “hold” rating to a “buy” rating in a report on Thursday, July 27th. Finally, Credit Suisse Group restated a “hold” rating and issued a $48.00 price objective on shares of CIT Group Inc (DEL) in a report on Sunday, July 2nd. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and seven have assigned a buy rating to the stock. The company has an average rating of “Hold” and a consensus price target of $45.96.

In related news, EVP Edward K. Sperling sold 4,480 shares of the stock in a transaction dated Friday, May 26th. The stock was sold at an average price of $45.76, for a total transaction of $205,004.80. Following the transaction, the executive vice president now directly owns 10,562 shares in the company, valued at $483,317.12. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, 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 value of $421,341.52. Following the transaction, the executive vice president now owns 47,286 shares in the company, valued at $2,155,295.88. The disclosure for this sale can be found here. Insiders have sold 15,974 shares of company stock worth $726,471 over the last quarter. 0.47% of the stock is currently owned by company 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.

Want to see what other hedge funds are holding CIT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for CIT Group Inc (DEL) (NYSE:CIT).