Prudential Financial Inc. cut its position in CIT Group Inc (DEL) (NYSE:CIT) by 88.6% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 15,702 shares of the financial services provider’s stock after selling 121,579 shares during the quarter. Prudential Financial Inc.’s holdings in CIT Group Inc (DEL) were worth $765,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently made changes to their positions in the company. BlackRock Inc. raised its holdings in 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 acquiring an additional 9,675,599 shares in the last quarter. Lakewood Capital Management LP raised its holdings in 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 acquiring an additional 2,798,116 shares in the last quarter. Sachem Head Capital Management LP acquired a new stake in CIT Group Inc (DEL) in the first quarter valued at $69,547,000. Vanguard Group Inc. raised its holdings 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 valued at $695,205,000 after acquiring an additional 708,221 shares in the last quarter. Finally, Janus Capital Management LLC raised its holdings in CIT Group Inc (DEL) by 4,757.9% in the first quarter. Janus Capital Management LLC now owns 513,776 shares of the financial services provider’s stock valued at $22,056,000 after acquiring an additional 503,200 shares in the last quarter.

Several research firms recently issued reports on CIT. BidaskClub cut shares of CIT Group Inc (DEL) from a “hold” rating to a “sell” rating in a report on Wednesday, August 9th. Keefe, Bruyette & Woods reaffirmed a “hold” rating and issued a $47.00 price target on shares of CIT Group Inc (DEL) in a report on Tuesday, October 3rd. Zacks Investment Research raised shares of CIT Group Inc (DEL) from a “sell” rating to a “hold” rating in a report on Thursday, July 27th. ValuEngine raised shares of CIT Group Inc (DEL) from a “hold” rating to a “buy” rating in a report on Thursday, July 27th. Finally, BMO Capital Markets reaffirmed a “sell” rating and issued a $31.00 price target on shares of CIT Group Inc (DEL) in a report on Friday. Two investment analysts have rated the stock with a sell rating, five have given a hold rating and eight have given a buy rating to the company. The company presently has a consensus rating of “Hold” and an average price target of $46.78.

In other CIT Group Inc (DEL) news, insider Steve Solk sold 1,460 shares of CIT Group Inc (DEL) stock in a transaction on Friday, August 25th. The shares were sold at an average price of $45.00, for a total transaction of $65,700.00. Following the sale, the insider now owns 14,832 shares in the company, valued at $667,440. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider James L. Hudak sold 2,100 shares of CIT Group Inc (DEL) stock in a transaction 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 approximately $2,636,092.94. The disclosure for this sale can be found here. 0.47% of the stock is owned by insiders.

Shares of CIT Group Inc (NYSE CIT) opened at 49.37 on Friday. CIT Group Inc has a one year low of $35.14 and a one year high of $50.40. The firm’s 50 day moving average is $46.23 and its 200-day moving average is $46.26. The firm’s market capitalization is $6.69 billion.

CIT Group Inc (DEL) (NYSE:CIT) last posted its quarterly earnings results on Tuesday, July 25th. The financial services provider reported $0.68 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.60 by $0.08. CIT Group Inc (DEL) had a negative net margin of 20.50% and a positive return on equity of 5.66%. The firm had revenue of $605.00 million for the quarter, compared to the consensus estimate of $500.05 million. During the same quarter in the previous year, the company earned $0.07 earnings per share. The business’s revenue was down 6.6% compared to the same quarter last year. On average, equities research analysts predict that CIT Group Inc will post $2.79 earnings per share for the current fiscal year.

CIT Group Inc (DEL) announced that its board has authorized a share buyback program on Wednesday, June 28th that allows the company to buyback $225.00 million in outstanding shares. This buyback authorization allows the financial services provider to reacquire up to 2.3% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board of directors believes its shares are undervalued.

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CIT Group Inc (DEL) 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.

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

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