Commonwealth Bank of Australia trimmed its holdings in shares of CIT Group Inc (DEL) (NYSE:CIT) by 20.0% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 24,779 shares of the financial services provider’s stock after selling 6,200 shares during the quarter. Commonwealth Bank of Australia’s holdings in CIT Group Inc (DEL) were worth $1,206,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Vanguard Group Inc. raised its position in shares of CIT Group Inc (DEL) by 4.6% during the 1st quarter. Vanguard Group Inc. now owns 16,193,912 shares of the financial services provider’s stock valued at $695,205,000 after buying an additional 708,221 shares in the last quarter. FMR LLC raised its position in shares of CIT Group Inc (DEL) by 9.1% during the 1st quarter. FMR LLC now owns 12,885,683 shares of the financial services provider’s stock valued at $553,182,000 after buying an additional 1,079,181 shares in the last quarter. BlackRock Inc. raised its position in shares of CIT Group Inc (DEL) by 4,285.9% during the 1st quarter. BlackRock Inc. now owns 9,901,353 shares of the financial services provider’s stock valued at $425,067,000 after buying an additional 9,675,599 shares in the last quarter. Lakewood Capital Management LP raised its position in shares of CIT Group Inc (DEL) by 202.8% during the 1st quarter. Lakewood Capital Management LP now owns 4,177,926 shares of the financial services provider’s stock valued at $179,358,000 after buying an additional 2,798,116 shares in the last quarter. Finally, Hotchkis & Wiley Capital Management LLC raised its position in shares of CIT Group Inc (DEL) by 61.7% during the 1st quarter. Hotchkis & Wiley Capital Management LLC now owns 4,005,621 shares of the financial services provider’s stock valued at $171,961,000 after buying an additional 1,527,750 shares in the last quarter.

CIT has been the topic of several recent research reports. BTIG Research restated a “buy” rating and set a $57.00 target price on shares of CIT Group Inc (DEL) in a research report on Tuesday, July 25th. They noted that the move was a valuation call. BidaskClub cut shares of CIT Group Inc (DEL) from a “strong-buy” rating to a “buy” rating in a research report on Monday, July 24th. ValuEngine upgraded shares of CIT Group Inc (DEL) from a “hold” rating to a “buy” rating in a research report on Thursday, July 27th. Credit Suisse Group restated a “hold” rating and set a $48.00 target price on shares of CIT Group Inc (DEL) in a research report on Sunday, July 2nd. 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 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 given a buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus target price of $45.96.

Shares of CIT Group Inc (NYSE CIT) opened at 45.54 on Friday. The stock’s market capitalization is $6.17 billion. The company has a 50-day moving average of $45.86 and a 200-day moving average of $45.64. CIT Group Inc has a 52-week low of $34.38 and a 52-week high of $50.40.

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

CIT Group Inc (DEL) announced that its Board of Directors has authorized a stock repurchase program on Wednesday, June 28th that allows the company to buyback $225.00 million in outstanding shares. This buyback authorization allows the financial services provider to purchase up to 2.3% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s leadership believes its shares are undervalued.

The firm also recently announced a quarterly dividend, which was paid on Friday, August 25th. Investors of record on Friday, August 11th were paid a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 1.32%. The ex-dividend date of this dividend was Wednesday, August 9th. CIT Group Inc (DEL)’s payout ratio is currently -18.02%.

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In related news, insider Steve Solk sold 1,460 shares of the company’s stock in a transaction that occurred on Friday, August 25th. The shares were sold at an average price of $45.00, for a total transaction of $65,700.00. Following the sale, the insider now directly owns 14,832 shares of the company’s stock, valued at approximately $667,440. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider James L. Hudak sold 2,100 shares of the company’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 directly owns 57,083 shares in the company, valued at $2,636,092.94. The disclosure for this sale can be found here. 0.47% of the stock is 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.

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

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