Mitsubishi UFJ Trust & Banking Corp reduced its stake in CIT Group Inc (DEL) (NYSE:CIT) by 9.6% during the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 324,319 shares of the financial services provider’s stock after selling 34,403 shares during the period. Mitsubishi UFJ Trust & Banking Corp owned approximately 0.25% of CIT Group Inc (DEL) worth $15,908,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in CIT. Korea Investment CORP bought a new stake in CIT Group Inc (DEL) in the 2nd quarter valued at $122,000. Advisor Group Inc. increased its holdings in CIT Group Inc (DEL) by 2.2% in the 2nd quarter. Advisor Group Inc. now owns 3,030 shares of the financial services provider’s stock valued at $146,000 after acquiring an additional 66 shares during the last quarter. Schroder Investment Management Group increased its holdings in CIT Group Inc (DEL) by 82.0% in the 3rd quarter. Schroder Investment Management Group now owns 3,063 shares of the financial services provider’s stock valued at $149,000 after acquiring an additional 1,380 shares during the last quarter. Pacer Advisors Inc. increased its holdings in CIT Group Inc (DEL) by 8.2% in the 2nd quarter. Pacer Advisors Inc. now owns 4,164 shares of the financial services provider’s stock valued at $203,000 after acquiring an additional 316 shares during the last quarter. Finally, Colony Group LLC bought a new stake in CIT Group Inc (DEL) in the 2nd quarter valued at $207,000.

In other CIT Group Inc (DEL) news, EVP Denise M. Menelly sold 8,951 shares of CIT Group Inc (DEL) stock in a transaction on Wednesday, November 1st. The shares were sold at an average price of $46.84, for a total value of $419,264.84. Following the completion of the transaction, the executive vice president now directly owns 41,546 shares of the company’s stock, valued at approximately $1,946,014.64. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.47% of the company’s stock.

CIT Group Inc (NYSE:CIT) opened at $49.84 on Friday. CIT Group Inc has a 52 week low of $39.48 and a 52 week high of $51.19. The company has a market cap of $6,541.95, a price-to-earnings ratio of 16.34 and a beta of 1.49. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 1.20.

CIT Group Inc (DEL) (NYSE:CIT) last issued its quarterly earnings data on Tuesday, October 24th. The financial services provider reported $1.02 EPS for the quarter, topping analysts’ consensus estimates of $0.82 by $0.20. CIT Group Inc (DEL) had a negative net margin of 20.05% and a positive return on equity of 6.22%. The business had revenue of $592.90 million during the quarter, compared to analysts’ expectations of $488.00 million. During the same period last year, the company posted $0.65 EPS. sell-side analysts anticipate that CIT Group Inc will post 2.92 earnings per share for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which was paid on Friday, November 24th. Shareholders of record on Friday, November 10th were paid a $0.16 dividend. This is a boost from CIT Group Inc (DEL)’s previous quarterly dividend of $0.15. This represents a $0.64 dividend on an annualized basis and a dividend yield of 1.28%. The ex-dividend date of this dividend was Thursday, November 9th. CIT Group Inc (DEL)’s dividend payout ratio (DPR) is presently -27.00%.

CIT has been the topic of a number of research reports. Morgan Stanley lifted their price target on shares of CIT Group Inc (DEL) from $50.00 to $51.00 and gave the company an “equal weight” rating in a report on Monday, September 18th. Zacks Investment Research upgraded shares of CIT Group Inc (DEL) from a “hold” rating to a “buy” rating and set a $53.00 price target on the stock in a report on Monday, September 25th. Keefe, Bruyette & Woods reiterated a “hold” rating and issued a $47.00 price target on shares of CIT Group Inc (DEL) in a report on Tuesday, October 3rd. BMO Capital Markets reissued a “sell” rating and issued a $31.00 price objective on shares of CIT Group Inc (DEL) in a research note on Friday, October 6th. Finally, Citigroup began coverage on shares of CIT Group Inc (DEL) in a research note on Monday, October 16th. They issued a “buy” rating and a $60.00 price objective for the company. Two analysts have rated the stock with a sell rating, six have issued a hold rating and eight have given a buy rating to the stock. CIT Group Inc (DEL) has an average rating of “Hold” and an average target price of $50.10.

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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.

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

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