PL Capital Advisors LLC maintained its stake in CIT Group Inc (DEL) (NYSE:CIT) during the second quarter, Holdings Channel reports. The firm owned 100,000 shares of the financial services provider’s stock at the end of the second quarter. CIT Group Inc (DEL) accounts for 1.3% of PL Capital Advisors LLC’s portfolio, making the stock its 21st largest position. PL Capital Advisors LLC’s holdings in CIT Group Inc (DEL) were worth $4,870,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in CIT. IFP Advisors Inc raised its stake in CIT Group Inc (DEL) by 1.3% in the first quarter. IFP Advisors Inc now owns 6,000 shares of the financial services provider’s stock valued at $258,000 after buying an additional 77 shares in the last quarter. Pacer Advisors Inc. raised its stake 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 in the last quarter. World Asset Management Inc raised its stake in CIT Group Inc (DEL) by 2.2% in the first quarter. World Asset Management Inc now owns 8,806 shares of the financial services provider’s stock valued at $378,000 after buying an additional 188 shares in the last quarter. Janney Montgomery Scott LLC raised its stake in CIT Group Inc (DEL) by 4.0% in the second quarter. Janney Montgomery Scott LLC now owns 5,059 shares of the financial services provider’s stock valued at $246,000 after buying an additional 193 shares in the last quarter. Finally, Mn Services Vermogensbeheer B.V. raised its stake in CIT Group Inc (DEL) by 6.1% in the first quarter. Mn Services Vermogensbeheer B.V. now owns 5,389 shares of the financial services provider’s stock valued at $216,000 after buying an additional 311 shares in the last quarter. 99.77% of the stock is owned by institutional investors and hedge funds.

Shares of CIT Group Inc (NYSE CIT) opened at 47.24 on Thursday. CIT Group Inc has a 12 month low of $34.05 and a 12 month high of $50.40. The stock’s market cap is $6.40 billion. The company has a 50 day moving average of $48.50 and a 200 day moving average of $45.16.

CIT Group Inc (DEL) (NYSE:CIT) last issued its quarterly earnings data on Tuesday, July 25th. The financial services provider reported $0.68 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.60 by $0.08. The firm had revenue of $605 million during the quarter, compared to analysts’ expectations of $500.05 million. CIT Group Inc (DEL) had a negative net margin of 20.50% and a positive return on equity of 5.19%. The business’s revenue for the quarter was down 6.6% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.07 earnings per share. Equities research analysts expect that CIT Group Inc will post $2.77 earnings per share for the current fiscal year.

The company also recently disclosed 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 dividend on an annualized basis and a yield of 1.27%. The ex-dividend date of this dividend is Wednesday, August 9th. CIT Group Inc (DEL)’s dividend payout ratio is currently -18.02%.

CIT Group Inc (DEL) declared that its Board of Directors has initiated a share buyback plan on Thursday, April 27th that permits the company to buyback $2.75 billion in shares. This buyback authorization permits the financial services provider to reacquire up to 29.5% of its stock through a dutch auction. Stock buyback plans are typically an indication that the company’s board believes its shares are undervalued.

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Several research firms recently commented on CIT. ValuEngine lowered shares of CIT Group Inc (DEL) from a “buy” rating to a “hold” rating in a research note on Wednesday, July 19th. BidaskClub lowered shares of CIT Group Inc (DEL) from a “hold” rating to a “sell” rating in a research note on Wednesday. JMP Securities increased their target price on shares of CIT Group Inc (DEL) from $49.00 to $54.00 and gave the company a “market outperform” rating in a research note on Thursday, July 13th. BMO Capital Markets reissued a “sell” rating and set a $30.00 target price on shares of CIT Group Inc (DEL) in a research note on Friday, June 16th. Finally, Keefe, Bruyette & Woods set a $46.00 target price on shares of CIT Group Inc (DEL) and gave the company a “hold” rating in a research note on Saturday, May 27th. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and seven have issued a buy rating to the company’s stock. CIT Group Inc (DEL) currently has an average rating of “Hold” and a consensus price target of $45.96.

In related news, insider James L. Hudak sold 2,250 shares of the business’s stock in a transaction that occurred on 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 owns 59,621 shares in the company, valued at $2,653,134.50. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Edward K. Sperling sold 4,480 shares of the business’s stock in a transaction that occurred on Friday, May 26th. The shares were sold at an average price of $45.76, for a total transaction of $205,004.80. Following the transaction, the executive vice president now owns 10,562 shares of the company’s stock, valued at approximately $483,317.12. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 15,974 shares of company stock valued at $726,471. Corporate insiders own 0.47% of the company’s stock.

CIT Group Inc (DEL) Company Profile

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

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