First Mercantile Trust Co. cut its stake in shares of CIT Group Inc (DEL) (NYSE:CIT) by 15.8% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 53,800 shares of the financial services provider’s stock after selling 10,130 shares during the period. First Mercantile Trust Co.’s holdings in CIT Group Inc (DEL) were worth $2,620,000 as of its most recent filing with the SEC.

Several other large investors have also recently modified their holdings of CIT. Vanguard Group Inc. increased its stake in shares of CIT Group Inc (DEL) by 4.6% in the first 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 increased its stake in shares of CIT Group Inc (DEL) by 9.1% in the first 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. increased its stake in shares of CIT Group Inc (DEL) by 4,285.9% in the first 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 increased its stake in shares of CIT Group Inc (DEL) by 202.8% in the first 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 increased its stake in shares of CIT Group Inc (DEL) by 61.7% in the first 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. Institutional investors own 99.77% of the company’s stock.

CIT Group Inc (CIT) opened at 46.41 on Friday. The firm’s 50-day moving average is $48.46 and its 200-day moving average is $45.17. CIT Group Inc has a 52-week low of $34.05 and a 52-week high of $50.40. The firm’s market capitalization is $6.29 billion.

CIT Group Inc (DEL) (NYSE:CIT) last released its earnings results on Tuesday, July 25th. The financial services provider reported $0.68 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.60 by $0.08. CIT Group Inc (DEL) had a positive return on equity of 5.66% and a negative net margin of 20.50%. The firm had revenue of $605 million for the quarter, compared to analysts’ expectations of $500.05 million. During the same quarter in the previous year, the business posted $0.07 earnings per share. The business’s revenue for the quarter was down 6.6% on a year-over-year basis. On average, equities analysts expect that CIT Group Inc will post $2.77 earnings per share for the current year.

CIT Group Inc (DEL) declared that its board has initiated a share buyback plan on Thursday, April 27th that allows the company to repurchase $2.75 billion in outstanding shares. This repurchase authorization allows the financial services provider to reacquire up to 29.5% of its stock through a dutch auction. Stock repurchase plans are usually an indication that the company’s leadership believes its stock is undervalued.

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

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CIT has been the topic of several recent analyst reports. BidaskClub upgraded shares of CIT Group Inc (DEL) from a “buy” rating to a “strong-buy” rating in a research note on Tuesday, June 20th. BTIG Research reiterated a “buy” rating and set a $57.00 price target on shares of CIT Group Inc (DEL) in a research report on Tuesday, July 25th. They noted that the move was a valuation call. Zacks Investment Research downgraded shares of CIT Group Inc (DEL) from a “hold” rating to a “sell” rating in a research report on Tuesday, June 27th. ValuEngine downgraded shares of CIT Group Inc (DEL) from a “buy” rating to a “hold” rating in a research report on Wednesday, July 19th. Finally, Credit Suisse Group reiterated a “hold” rating and set a $48.00 price target on shares of CIT Group Inc (DEL) in a research report on Sunday, July 2nd. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating and seven have issued a buy rating to the company. CIT Group Inc (DEL) presently has an average rating of “Hold” and a consensus price target of $45.96.

In other CIT Group Inc (DEL) news, EVP Edward K. Sperling sold 4,480 shares of CIT Group Inc (DEL) stock in a transaction dated Friday, May 26th. The stock was sold at an average price of $45.76, for a total value of $205,004.80. Following the transaction, the executive vice president now owns 10,562 shares in the company, valued at $483,317.12. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider James L. Hudak sold 2,250 shares of CIT Group Inc (DEL) stock in a transaction dated Monday, June 5th. The shares were sold at an average price of $44.50, for a total value of $100,125.00. Following the completion of the transaction, the insider now owns 59,621 shares in the company, valued at approximately $2,653,134.50. The disclosure for this sale can be found here. In the last quarter, insiders sold 15,974 shares of company stock worth $726,471. Company 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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