CIT Group Inc (DEL) (NYSE:CIT) insider Steve Solk sold 1,460 shares of the stock in a transaction dated 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 directly owns 14,832 shares of the company’s stock, valued at $667,440. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Shares of CIT Group Inc (NYSE:CIT) traded down 0.73% during trading on Tuesday, hitting $44.57. 1,723,742 shares of the company traded hands. CIT Group Inc has a 52-week low of $34.38 and a 52-week high of $50.40. The company has a 50-day moving average of $47.44 and a 200-day moving average of $45.43. The stock’s market capitalization is $6.04 billion.

CIT Group Inc (DEL) (NYSE:CIT) last issued its earnings results on Tuesday, July 25th. The financial services provider reported $0.68 EPS for the quarter, topping the consensus estimate of $0.60 by $0.08. The company had revenue of $605 million during the quarter, compared to analyst estimates 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 business’s revenue was down 6.6% on a year-over-year basis. During the same quarter last year, the firm earned $0.07 EPS. Equities analysts expect that CIT Group Inc will post $2.77 EPS for the current year.

The company also recently announced a quarterly dividend, which was paid on Friday, August 25th. Stockholders of record on Friday, August 11th were given a $0.15 dividend. The ex-dividend date was Wednesday, August 9th. This represents a $0.60 annualized dividend and a dividend yield of 1.35%. CIT Group Inc (DEL)’s payout ratio is -18.02%.

CIT Group Inc (DEL) declared that its Board of Directors has approved a stock repurchase program on Wednesday, June 28th that permits the company to repurchase $225.00 million in shares. This repurchase authorization permits the financial services provider to buy up to 2.3% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s management believes its shares are undervalued.

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CIT has been the subject of several analyst reports. BTIG Research reissued 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 lowered shares of CIT Group Inc (DEL) from a “hold” rating to a “sell” rating in a research report on Tuesday, June 27th. Credit Suisse Group reissued 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. BMO Capital Markets reissued a “sell” rating and set a $30.00 price target on shares of CIT Group Inc (DEL) in a research report on Friday, June 16th. Finally, CIBC reissued an “outperform” rating on shares of CIT Group Inc (DEL) in a research report on Tuesday, July 11th. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating and seven have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus target price of $45.96.

Several hedge funds and other institutional investors have recently modified their holdings of CIT. Vanguard Group Inc. raised its position 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 during the last quarter. FMR LLC raised its position 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 during the last quarter. Capital World Investors raised its position in shares of CIT Group Inc (DEL) by 0.8% in the second quarter. Capital World Investors now owns 10,063,466 shares of the financial services provider’s stock valued at $490,091,000 after buying an additional 75,966 shares during the last quarter. BlackRock Inc. raised its position 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 during the last quarter. Finally, Lakewood Capital Management LP raised its position 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 during the last quarter.

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.

Insider Buying and Selling by Quarter for CIT Group Inc (DEL) (NYSE:CIT)

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