Westpac Banking Corp held its stake in CIT Group Inc (DEL) (NYSE:CIT) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 12,330 shares of the financial services provider’s stock at the close of the second quarter. Westpac Banking Corp’s holdings in CIT Group Inc (DEL) were worth $600,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also modified their holdings of the business. Vanguard Group Inc. boosted its position in CIT Group Inc (DEL) by 4.6% during the first quarter. Vanguard Group Inc. now owns 16,193,912 shares of the financial services provider’s stock worth $695,205,000 after purchasing an additional 708,221 shares in the last quarter. FMR LLC boosted its position in CIT Group Inc (DEL) by 9.1% during the first quarter. FMR LLC now owns 12,885,683 shares of the financial services provider’s stock worth $553,182,000 after purchasing an additional 1,079,181 shares in the last quarter. BlackRock Inc. boosted its position in CIT Group Inc (DEL) by 4,285.9% during the first quarter. BlackRock Inc. now owns 9,901,353 shares of the financial services provider’s stock worth $425,067,000 after purchasing an additional 9,675,599 shares in the last quarter. Lakewood Capital Management LP boosted its position in CIT Group Inc (DEL) by 202.8% during the first quarter. Lakewood Capital Management LP now owns 4,177,926 shares of the financial services provider’s stock worth $179,358,000 after purchasing an additional 2,798,116 shares in the last quarter. Finally, Hotchkis & Wiley Capital Management LLC boosted its position in CIT Group Inc (DEL) by 61.7% during the first quarter. Hotchkis & Wiley Capital Management LLC now owns 4,005,621 shares of the financial services provider’s stock worth $171,961,000 after purchasing an additional 1,527,750 shares in the last quarter.

Shares of CIT Group Inc (NYSE:CIT) opened at 46.34 on Thursday. The firm’s market cap is $6.28 billion. CIT Group Inc has a 12-month low of $34.38 and a 12-month high of $50.40. The company has a 50 day moving average price of $46.00 and a 200 day moving average price of $45.63.

CIT Group Inc (DEL) (NYSE:CIT) last announced its quarterly earnings results on Tuesday, July 25th. The financial services provider reported $0.68 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.60 by $0.08. The business had revenue of $605.00 million for the quarter, compared to analyst estimates of $500.05 million. CIT Group Inc (DEL) had a positive return on equity of 5.66% and a negative net margin of 20.50%. The company’s quarterly revenue was down 6.6% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.07 EPS. On average, analysts forecast that CIT Group Inc will post $2.81 earnings per share for the current fiscal year.

The company also recently declared a quarterly dividend, which was paid on Friday, August 25th. Stockholders of record on Friday, August 11th were paid a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a dividend yield of 1.29%. The ex-dividend date was Wednesday, August 9th. CIT Group Inc (DEL)’s dividend payout ratio (DPR) is -18.02%.

CIT Group Inc (DEL) announced that its Board of Directors has approved a stock buyback program on Wednesday, June 28th that permits the company to buyback $225.00 million in outstanding shares. This buyback authorization permits the financial services provider to buy up to 2.3% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.

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In other news, insider James L. Hudak sold 2,100 shares of the business’s stock in a transaction that occurred on Friday, August 11th. The stock was sold at an average price of $46.18, for a total transaction of $96,978.00. Following the sale, the insider now owns 57,083 shares of the company’s stock, valued at approximately $2,636,092.94. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Steve Solk sold 1,460 shares of the business’s stock in a transaction that occurred on Friday, August 25th. The stock was sold at an average price of $45.00, for a total value of $65,700.00. Following the sale, the insider now directly owns 14,832 shares in the company, valued at approximately $667,440. The disclosure for this sale can be found here. 0.47% of the stock is owned by insiders.

A number of brokerages have issued reports on CIT. BidaskClub downgraded CIT Group Inc (DEL) from a “hold” rating to a “sell” rating in a research report on Wednesday, August 9th. Zacks Investment Research upgraded CIT Group Inc (DEL) from a “sell” rating to a “hold” rating in a research report on Thursday, July 27th. Keefe, Bruyette & Woods set a $46.00 price target on CIT Group Inc (DEL) and gave the stock a “hold” rating in a research report on Saturday, May 27th. ValuEngine upgraded CIT Group Inc (DEL) from a “hold” rating to a “buy” rating in a research report on Thursday, July 27th. Finally, JMP Securities increased their price target on CIT Group Inc (DEL) from $49.00 to $54.00 and gave the stock a “market outperform” rating in a research report on Thursday, July 13th. Two investment 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 presently has an average rating of “Hold” and a consensus price target of $45.96.

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.

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

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