Bessemer Group Inc. cut its stake in CIT Group Inc (DEL) (NYSE:CIT) by 77.3% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 19,445 shares of the financial services provider’s stock after selling 66,146 shares during the period. Bessemer Group Inc.’s holdings in CIT Group Inc (DEL) were worth $947,000 as of its most recent filing with the SEC.

Several other large investors have also recently added to or reduced their stakes in CIT. Commerzbank Aktiengesellschaft FI raised its stake in CIT Group Inc (DEL) by 5.6% in the first quarter. Commerzbank Aktiengesellschaft FI now owns 8,857 shares of the financial services provider’s stock valued at $380,000 after buying an additional 471 shares during the period. Great West Life Assurance Co. Can increased its position in CIT Group Inc (DEL) by 1.5% in the first quarter. Great West Life Assurance Co. Can now owns 127,194 shares of the financial services provider’s stock valued at $5,452,000 after buying an additional 1,886 shares in the last quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. increased its position in CIT Group Inc (DEL) by 1.3% in the first quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 30,132 shares of the financial services provider’s stock valued at $1,294,000 after buying an additional 390 shares in the last quarter. Canada Pension Plan Investment Board increased its position in CIT Group Inc (DEL) by 889.6% in the first quarter. Canada Pension Plan Investment Board now owns 179,543 shares of the financial services provider’s stock valued at $7,708,000 after buying an additional 161,400 shares in the last quarter. Finally, Sumitomo Mitsui Asset Management Company LTD increased its position in CIT Group Inc (DEL) by 7.1% in the first quarter. Sumitomo Mitsui Asset Management Company LTD now owns 15,844 shares of the financial services provider’s stock valued at $680,000 after buying an additional 1,054 shares in the last quarter.

CIT Group Inc (NYSE:CIT) opened at 46.62 on Wednesday. The stock’s market cap is $6.31 billion. The firm’s 50-day moving average is $48.33 and its 200-day moving average is $45.29. CIT Group Inc has a 52-week low of $34.05 and a 52-week high of $50.40.

CIT Group Inc (DEL) (NYSE:CIT) last issued its quarterly earnings results on Tuesday, July 25th. The financial services provider reported $0.68 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.60 by $0.08. The business had revenue of $605 million for 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 5.66%. The business’s quarterly revenue was down 6.6% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.07 earnings per share. Equities research analysts predict that CIT Group Inc will post $2.77 earnings per share for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 25th. Stockholders of record on Friday, August 11th will be given a dividend of $0.15 per share. The ex-dividend date of this dividend 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%.

CIT Group Inc (DEL) announced that its Board of Directors has initiated a stock buyback program on Thursday, April 27th that allows the company to buyback $2.75 billion in outstanding shares. This buyback authorization allows the financial services provider to buy up to 29.5% of its shares through a dutch auction. Shares buyback programs are typically a sign that the company’s board believes its shares are undervalued.

COPYRIGHT VIOLATION NOTICE: This report was originally reported by Watch List News and is owned by of Watch List News. If you are accessing this report on another publication, it was illegally copied and republished in violation of U.S. & international copyright law. The original version of this report can be read at https://www.watchlistnews.com/bessemer-group-inc-has-947000-stake-in-cit-group-inc-del-cit/1493189.html.

Several research analysts recently commented on the stock. BidaskClub downgraded shares of CIT Group Inc (DEL) from a “hold” rating to a “sell” rating in a research note on Wednesday, August 9th. Zacks Investment Research raised shares of CIT Group Inc (DEL) from a “sell” rating to a “hold” rating in a research note on Thursday, July 27th. ValuEngine raised shares of CIT Group Inc (DEL) from a “hold” rating to a “buy” rating in a research note on Thursday, July 27th. BMO Capital Markets raised their price target on shares of CIT Group Inc (DEL) from $31.00 to $48.60 and gave the stock an “underperform” rating in a research note on Wednesday, July 26th. Finally, BTIG Research reaffirmed a “buy” rating and issued a $57.00 price target on shares of CIT Group Inc (DEL) in a research note on Tuesday, July 25th. They noted that the move was a valuation call. Two analysts have rated the stock with a sell rating, seven have issued a hold rating and seven have assigned a buy rating to the stock. CIT Group Inc (DEL) has a consensus rating of “Hold” and a consensus price target of $45.96.

In other news, insider James L. Hudak sold 2,250 shares of the stock in a transaction dated Monday, June 5th. The shares were sold at an average price of $44.50, for a total transaction of $100,125.00. Following the sale, the insider now owns 59,621 shares of the company’s stock, valued at $2,653,134.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Edward K. Sperling sold 4,480 shares of the 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 sale, the executive vice president now directly owns 10,562 shares in the company, valued at approximately $483,317.12. The disclosure for this sale can be found here. Insiders have sold 18,074 shares of company stock worth $823,449 in the last three months. 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.

Want to see what other hedge funds are holding CIT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for CIT Group Inc (DEL) (NYSE:CIT).

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

Receive News & Ratings for CIT Group Inc (DEL) Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for CIT Group Inc (DEL) and related companies with Analyst Ratings Network's FREE daily email newsletter.