CIT Group Inc (DEL) (NYSE:CIT) Shares Sold by World Asset Management Inc
World Asset Management Inc decreased its stake in CIT Group Inc (DEL) (NYSE:CIT) by 20.6% during the second quarter, Holdings Channel reports. The firm owned 6,993 shares of the financial services provider’s stock after selling 1,813 shares during the period. World Asset Management Inc’s holdings in CIT Group Inc (DEL) were worth $341,000 as of its most recent SEC filing.
Other large investors have also modified their holdings of the company. SG Americas Securities LLC acquired a new stake in shares of CIT Group Inc (DEL) during the first quarter valued at $115,000. Pacer Advisors Inc. raised its stake in shares of CIT Group Inc (DEL) by 3.2% in the first quarter. Pacer Advisors Inc. now owns 3,848 shares of the financial services provider’s stock valued at $165,000 after buying an additional 121 shares during the period. Oppenheimer Asset Management Inc. acquired a new stake in shares of CIT Group Inc (DEL) during the first quarter valued at $199,000. Janney Montgomery Scott LLC acquired a new stake in shares of CIT Group Inc (DEL) during the first quarter valued at $209,000. Finally, Clear Harbor Asset Management LLC acquired a new stake in shares of CIT Group Inc (DEL) during the first quarter valued at $215,000.
CIT Group Inc (NYSE CIT) opened at 46.70 on Tuesday. The firm’s market cap is $6.32 billion. CIT Group Inc has a 52-week low of $34.05 and a 52-week high of $50.40. The firm’s 50-day moving average price is $48.38 and its 200 day moving average price is $45.26.
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 the Thomson Reuters’ 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 prior year, the firm posted $0.07 earnings per share. CIT Group Inc (DEL)’s revenue for the quarter was down 6.6% compared to the same quarter last year. On average, equities research analysts forecast that CIT Group Inc will post $2.77 EPS for the current year.
CIT Group Inc (DEL) announced that its Board of Directors has initiated a stock buyback plan on Thursday, April 27th that permits the company to buyback $2.75 billion in outstanding shares. This buyback authorization permits the financial services provider to buy up to 29.5% of its stock through a dutch auction. Stock buyback plans are typically a sign that the company’s leadership believes its stock is undervalued.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 25th. Shareholders of record on Friday, August 11th will be paid a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 1.28%. The ex-dividend date is Wednesday, August 9th. CIT Group Inc (DEL)’s payout ratio is currently -18.02%.
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Several equities research analysts have recently weighed in on the company. Zacks Investment Research lowered CIT Group Inc (DEL) from a “hold” rating to a “sell” rating in a research report on Tuesday, April 18th. JMP Securities raised their target price on CIT Group Inc (DEL) from $49.00 to $54.00 and gave the stock a “market outperform” rating in a research report on Thursday, July 13th. Oppenheimer Holdings, Inc. reissued an “outperform” rating on shares of CIT Group Inc (DEL) in a research report on Tuesday, July 11th. ValuEngine raised CIT Group Inc (DEL) from a “hold” rating to a “buy” rating in a research 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 research report on Saturday, May 27th. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and seven have assigned a buy rating to the company. CIT Group Inc (DEL) has an average rating of “Hold” and a consensus price target of $45.96.
In other CIT Group Inc (DEL) news, 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 owns 57,083 shares in the company, valued at $2,636,092.94. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Edward K. Sperling sold 4,480 shares of the company’s stock in a transaction that occurred on Friday, May 26th. The shares were sold at an average price of $45.76, for a total value of $205,004.80. Following the sale, the executive vice president now 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 90 days. 0.47% of the stock is currently 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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