Hotchkis & Wiley Capital Management LLC reduced its stake in CIT Group Inc (DEL) (NYSE:CIT) by 15.9% in the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 3,368,197 shares of the financial services provider’s stock after selling 637,424 shares during the quarter. Hotchkis & Wiley Capital Management LLC owned approximately 2.49% of CIT Group Inc (DEL) worth $164,031,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently bought and sold shares of CIT. SG Americas Securities LLC acquired a new stake in CIT Group Inc (DEL) in the 1st quarter worth approximately $115,000. Korea Investment CORP acquired a new stake in CIT Group Inc (DEL) in the 2nd quarter worth approximately $122,000. Pacer Advisors Inc. lifted its holdings in CIT Group Inc (DEL) by 3.2% in the 1st quarter. Pacer Advisors Inc. now owns 3,848 shares of the financial services provider’s stock worth $165,000 after purchasing an additional 121 shares during the last quarter. Oppenheimer Asset Management Inc. acquired a new stake in CIT Group Inc (DEL) in the 1st quarter worth approximately $199,000. Finally, Janney Montgomery Scott LLC acquired a new stake in CIT Group Inc (DEL) in the 1st quarter worth approximately $209,000.

Several research firms recently weighed in on CIT. JMP Securities boosted their target price on 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. Zacks Investment Research upgraded CIT Group Inc (DEL) from a “sell” rating to a “hold” rating in a report on Friday, July 14th. Oppenheimer Holdings, Inc. restated an “outperform” rating on shares of CIT Group Inc (DEL) in a report on Tuesday, July 11th. ValuEngine upgraded 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 target price on CIT Group Inc (DEL) and gave the stock a “hold” rating in a report on Saturday, May 27th. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating and seven have assigned a buy rating to the stock. CIT Group Inc (DEL) currently has a consensus rating of “Hold” and a consensus price target of $45.96.

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 value of $96,978.00. Following the transaction, the insider now owns 57,083 shares in the company, valued at approximately $2,636,092.94. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 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 completion of the transaction, the insider now owns 14,832 shares in the company, valued at approximately $667,440. The disclosure for this sale can be found here. Insiders own 0.47% of the company’s stock.

Shares of CIT Group Inc (CIT) traded up 0.64% during midday trading on Friday, hitting $45.82. The company’s stock had a trading volume of 4,782,828 shares. The company has a 50-day moving average price of $45.80 and a 200 day moving average price of $45.66. The company’s market cap is $6.21 billion. CIT Group Inc has a 1-year low of $34.67 and a 1-year high of $50.40.

CIT Group Inc (DEL) (NYSE:CIT) last announced its quarterly earnings data 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 company had revenue of $605.00 million for the quarter, compared to the consensus estimate 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 firm’s revenue was down 6.6% compared to the same quarter last year. During the same period in the previous year, the business earned $0.07 EPS. On average, equities research analysts predict that CIT Group Inc will post $2.81 EPS for the current year.

CIT Group Inc (DEL) declared that its board has approved a stock repurchase plan on Wednesday, June 28th that permits the company to repurchase $225.00 million in outstanding shares. This repurchase authorization permits the financial services provider to buy up to 2.3% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s management believes its shares are undervalued.

The company also recently announced a quarterly dividend, which was paid on Friday, August 25th. Investors of record on Friday, August 11th were given a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 1.31%. The ex-dividend date of this dividend was Wednesday, August 9th. CIT Group Inc (DEL)’s payout ratio is -18.02%.

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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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