CIT Group Inc (DEL) (CIT) Shares Bought by Prudential Financial Inc.

Prudential Financial Inc. raised its position in shares of CIT Group Inc (DEL) (NYSE:CIT) by 16.7% during the first quarter, Holdings Channel reports. The institutional investor owned 137,281 shares of the financial services provider’s stock after buying an additional 19,688 shares during the period. Prudential Financial Inc.’s holdings in CIT Group Inc (DEL) were worth $5,893,000 at the end of the most recent quarter.

Other large investors have also bought and sold shares of the company. State Board of Administration of Florida Retirement System boosted its stake in CIT Group Inc (DEL) by 0.3% in the fourth quarter. State Board of Administration of Florida Retirement System now owns 269,679 shares of the financial services provider’s stock worth $11,510,000 after buying an additional 924 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake in CIT Group Inc (DEL) by 4.0% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,416,428 shares of the financial services provider’s stock worth $60,455,000 after buying an additional 55,042 shares in the last quarter. Menta Capital LLC acquired a new stake in CIT Group Inc (DEL) during the fourth quarter worth approximately $1,737,000. Cadence Capital Management LLC boosted its stake in CIT Group Inc (DEL) by 8.1% in the fourth quarter. Cadence Capital Management LLC now owns 7,518 shares of the financial services provider’s stock worth $321,000 after buying an additional 564 shares in the last quarter. Finally, Gulf International Bank UK Ltd boosted its stake in CIT Group Inc (DEL) by 0.7% in the first quarter. Gulf International Bank UK Ltd now owns 117,500 shares of the financial services provider’s stock worth $5,044,000 after buying an additional 800 shares in the last quarter. 99.90% of the stock is currently owned by institutional investors and hedge funds.

Institutional Ownership by Quarter for CIT Group Inc (DEL) (NYSE:CIT)

Shares of CIT Group Inc (NYSE:CIT) opened at 48.72 on Tuesday. CIT Group Inc has a one year low of $28.33 and a one year high of $49.20. The stock has a 50 day moving average price of $46.49 and a 200 day moving average price of $43.72. The company’s market capitalization is $9.88 billion.

CIT Group Inc (DEL) (NYSE:CIT) last issued its quarterly earnings results on Tuesday, April 25th. The financial services provider reported $0.54 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.52 by $0.02. The firm had revenue of $495.70 million for the quarter, compared to analyst estimates of $499.98 million. CIT Group Inc (DEL) had a negative net margin of 22.39% and a positive return on equity of 5.25%. CIT Group Inc (DEL)’s quarterly revenue was down 5.9% compared to the same quarter last year. During the same period last year, the company posted $0.73 EPS. On average, equities research analysts predict that CIT Group Inc will post $2.78 earnings per share for the current year.

The business also recently declared a quarterly dividend, which will be paid on Friday, June 30th. Investors of record on Friday, June 16th will be paid a $0.175 dividend. The ex-dividend date is Wednesday, June 14th. This is a positive change from CIT Group Inc (DEL)’s previous quarterly dividend of $0.15. This represents a $0.70 dividend on an annualized basis and a yield of 1.44%. CIT Group Inc (DEL)’s dividend payout ratio (DPR) is currently -14.60%.

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A number of equities research analysts have commented on CIT shares. Bank of America Corporation raised CIT Group Inc (DEL) from a “neutral” rating to a “buy” rating in a report on Wednesday, April 26th. Zacks Investment Research cut CIT Group Inc (DEL) from a “hold” rating to a “sell” rating in a report on Tuesday, April 18th. Morgan Stanley started coverage on CIT Group Inc (DEL) in a report on Monday, March 27th. They set an “equal weight” rating and a $45.00 price target on the stock. BMO Capital Markets reissued a “sell” rating and set a $30.00 price target on shares of CIT Group Inc (DEL) in a report on Wednesday, April 26th. Finally, Keefe, Bruyette & Woods set a $46.00 price target on CIT Group Inc (DEL) and gave the company a “hold” rating in a report on Saturday, May 27th. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating and three have given a buy rating to the company. The company has an average rating of “Hold” and an average target price of $40.70.

In related news, EVP Edward K. Sperling sold 4,480 shares of the firm’s stock in a transaction dated Friday, May 26th. The shares were sold at an average price of $45.76, for a total value of $205,004.80. Following the transaction, the executive vice president now directly owns 10,562 shares of the company’s stock, valued at approximately $483,317.12. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider James L. Hudak sold 2,250 shares of the firm’s stock in a transaction dated Monday, June 5th. The shares were sold at an average price of $44.50, for a total transaction of $100,125.00. Following the completion of the transaction, the insider now directly owns 59,621 shares in the company, valued at $2,653,134.50. The disclosure for this sale can be found here. Insiders sold a total of 15,974 shares of company stock worth $726,471 over the last ninety days. 0.47% of the stock is currently 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.new TradingView.widget({ “height”: 400, “width”: 625, “symbol”: “CIT”, “interval”: “D”, “timezone”: “Etc/UTC”, “theme”: “White”, “style”: “1”, “locale”: “en”, “toolbar_bg”: “#f1f3f6”, “enable_publishing”: false, “hideideas”: true, “referral_id”: “2588”});

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