Wedge Capital Management L L P NC lowered its position in CIT Group Inc (DEL) (NYSE:CIT) by 25.5% during the second quarter, Holdings Channel reports. The firm owned 1,541,587 shares of the financial services provider’s stock after selling 527,789 shares during the period. Wedge Capital Management L L P NC’s holdings in CIT Group Inc (DEL) were worth $75,075,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in the company. Vanguard Group Inc. boosted its position in 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 worth $695,205,000 after buying an additional 708,221 shares in the last quarter. FMR LLC boosted 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 worth $553,182,000 after buying an additional 1,079,181 shares during the period. BlackRock Inc. boosted 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 worth $425,067,000 after buying an additional 9,675,599 shares during the period. Lakewood Capital Management LP boosted 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 worth $179,358,000 after buying an additional 2,798,116 shares during the period. Finally, Hotchkis & Wiley Capital Management LLC boosted 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 worth $171,961,000 after buying an additional 1,527,750 shares during the period. 99.77% of the stock is currently owned by hedge funds and other institutional investors.

CIT Group Inc (NYSE:CIT) opened at 46.41 on Friday. The stock’s market capitalization is $6.29 billion. CIT Group Inc has a 1-year low of $34.05 and a 1-year high of $50.40. The stock’s 50 day moving average price is $48.46 and its 200 day moving average price is $45.17.

CIT Group Inc (DEL) (NYSE:CIT) last issued 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 company had revenue of $605 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 company’s revenue for the quarter was down 6.6% on a year-over-year basis. During the same period in the previous year, the business posted $0.07 EPS. Equities research analysts forecast that CIT Group Inc will post $2.77 earnings per share for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 25th. Stockholders of record on Friday, August 11th will be issued 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 is Wednesday, August 9th. CIT Group Inc (DEL)’s payout ratio is presently -18.02%.

CIT Group Inc (DEL) announced that its Board of Directors has approved a stock buyback plan on Thursday, April 27th that authorizes the company to repurchase $2.75 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to reacquire up to 29.5% of its shares through a dutch auction. Shares repurchase plans are often an indication that the company’s board of directors believes its shares are undervalued.

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Several equities research analysts recently issued reports on CIT shares. ValuEngine cut shares of CIT Group Inc (DEL) from a “buy” rating to a “hold” rating in a research report on Wednesday, July 19th. JMP Securities increased their target price on shares of CIT Group Inc (DEL) from $49.00 to $54.00 and gave the stock a “market outperform” rating in a research note on Thursday, July 13th. BMO Capital Markets reaffirmed a “sell” rating and set a $30.00 target price on shares of CIT Group Inc (DEL) in a research note on Friday, June 16th. Keefe, Bruyette & Woods set a $46.00 price objective on shares of CIT Group Inc (DEL) and gave the company a “hold” rating in a research note on Saturday, May 27th. Finally, Zacks Investment Research raised shares of CIT Group Inc (DEL) from a “sell” rating to a “hold” rating in a research note on Friday, July 14th. Two 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. CIT Group Inc (DEL) currently has a consensus rating of “Hold” and an average price target of $45.96.

In other news, insider James L. Hudak sold 2,250 shares of CIT Group Inc (DEL) stock in a transaction that occurred on Monday, June 5th. The stock was 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 approximately $2,653,134.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Edward K. Sperling sold 4,480 shares of CIT Group Inc (DEL) stock in a transaction that occurred on Friday, May 26th. The stock was sold at an average price of $45.76, for a total value 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 a total of 15,974 shares of company stock worth $726,471 in the last three months. 0.47% of the stock is owned by 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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