Public Employees Retirement Association of Colorado boosted its position in CIT Group Inc (DEL) (NYSE:CIT) by 0.1% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 39,259 shares of the financial services provider’s stock after buying an additional 57 shares during the period. Public Employees Retirement Association of Colorado’s holdings in CIT Group Inc (DEL) were worth $1,912,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. SG Americas Securities LLC purchased a new stake in shares of CIT Group Inc (DEL) during the first quarter worth about $115,000. Pacer Advisors Inc. increased its stake 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 period. Oppenheimer Asset Management Inc. purchased a new stake in shares of CIT Group Inc (DEL) during the first quarter worth about $199,000. Janney Montgomery Scott LLC purchased a new stake in shares of CIT Group Inc (DEL) during the first quarter worth about $209,000. Finally, Clear Harbor Asset Management LLC purchased a new stake in shares of CIT Group Inc (DEL) during the first quarter worth about $215,000. 99.77% of the stock is currently owned by hedge funds and other institutional investors.

Shares of CIT Group Inc (NYSE:CIT) opened at 46.41 on Friday. CIT Group Inc has a 12 month low of $34.05 and a 12 month high of $50.40. The stock has a 50 day moving average of $48.46 and a 200-day moving average of $45.17. The firm’s market capitalization is $6.29 billion.

CIT Group Inc (DEL) (NYSE:CIT) last released its quarterly earnings data on Tuesday, July 25th. The financial services provider reported $0.68 EPS 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 5.66%. The business had revenue of $605 million for the quarter, compared to analyst estimates of $500.05 million. During the same period in the previous year, the firm earned $0.07 EPS. The business’s revenue for the quarter was down 6.6% compared to the same quarter last year. On average, equities research analysts anticipate that CIT Group Inc will post $2.77 EPS for the current fiscal year.

CIT Group Inc (DEL) declared that its Board of Directors has authorized a stock repurchase plan on Thursday, April 27th that permits the company to repurchase $2.75 billion in shares. This repurchase authorization permits the financial services provider to buy up to 29.5% of its shares through a dutch auction. Shares repurchase plans are often a sign that the company’s management believes its stock is undervalued.

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 25th. Investors of record on Friday, August 11th will be given a $0.15 dividend. The ex-dividend date is Wednesday, August 9th. This represents a $0.60 annualized dividend and a dividend yield of 1.29%. CIT Group Inc (DEL)’s dividend payout ratio is presently -18.02%.

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A number of brokerages recently issued reports on CIT. Zacks Investment Research downgraded shares of CIT Group Inc (DEL) from a “hold” rating to a “sell” rating in a report on Tuesday, April 18th. JMP Securities increased their price target on shares of CIT Group Inc (DEL) from $49.00 to $54.00 and gave the stock a “market outperform” rating in a report on Thursday, July 13th. Oppenheimer Holdings, Inc. reissued an “outperform” rating on shares of CIT Group Inc (DEL) in a report on Tuesday, July 11th. ValuEngine raised shares of CIT Group Inc (DEL) from a “hold” rating to a “buy” rating in a report on Thursday, July 27th. Finally, Keefe, Bruyette & Woods set a $46.00 price target on shares of CIT Group Inc (DEL) and gave the stock a “hold” rating in a report on Saturday, May 27th. Two 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. The company has an average rating of “Hold” and a consensus price target of $45.96.

In related news, EVP Robert Rowe sold 9,244 shares of the business’s stock in a transaction dated Tuesday, May 30th. The shares were sold at an average price of $45.58, for a total value of $421,341.52. Following the sale, the executive vice president now directly owns 47,286 shares in the company, valued at approximately $2,155,295.88. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Edward K. Sperling sold 4,480 shares of the business’s 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 completion of the sale, 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. Insiders sold a total of 15,974 shares of company stock worth $726,471 over the last quarter. 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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Institutional Ownership by Quarter for CIT Group Inc (DEL) (NYSE:CIT)

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