Sumitomo Mitsui Asset Management Company LTD Lowers Stake in CIT Group Inc (DEL) (NYSE:CIT)
Sumitomo Mitsui Asset Management Company LTD lowered its stake in CIT Group Inc (DEL) (NYSE:CIT) by 33.3% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 10,574 shares of the financial services provider’s stock after selling 5,270 shares during the period. Sumitomo Mitsui Asset Management Company LTD’s holdings in CIT Group Inc (DEL) were worth $514,000 at the end of the most recent reporting period.
Other large investors also recently modified their holdings of the company. SG Americas Securities LLC bought a new stake in shares of CIT Group Inc (DEL) during the first quarter valued at about $115,000. Pacer Advisors Inc. increased 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. bought a new stake in shares of CIT Group Inc (DEL) during the first quarter valued at about $199,000. Janney Montgomery Scott LLC bought a new stake in shares of CIT Group Inc (DEL) during the first quarter valued at about $209,000. Finally, Clear Harbor Asset Management LLC acquired a new position in shares of CIT Group Inc (DEL) during the first quarter valued at approximately $215,000. Hedge funds and other institutional investors own 99.77% of the company’s stock.
CIT Group Inc (NYSE:CIT) opened at 46.41 on Friday. The company has a 50-day moving average of $48.46 and a 200-day moving average of $45.17. The company’s market capitalization is $6.29 billion. CIT Group Inc has a 52 week low of $34.05 and a 52 week high of $50.40.
CIT Group Inc (DEL) (NYSE:CIT) last announced its quarterly earnings results on Tuesday, July 25th. The financial services provider reported $0.68 EPS for the quarter, beating the Zacks’ consensus estimate of $0.60 by $0.08. The company had revenue of $605 million for the quarter, compared to analysts’ expectations of $500.05 million. CIT Group Inc (DEL) had a negative net margin of 20.50% and a positive return on equity of 5.66%. CIT Group Inc (DEL)’s revenue was down 6.6% compared to the same quarter last year. During the same period in the prior year, the company posted $0.07 EPS. On average, equities research analysts anticipate that CIT Group Inc will post $2.77 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, August 25th. Investors of record on Friday, August 11th will be paid a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.29%. The ex-dividend date of this dividend is Wednesday, August 9th. CIT Group Inc (DEL)’s payout ratio is currently -18.02%.
CIT Group Inc (DEL) announced that its board has authorized a share buyback program 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 reacquire up to 29.5% of its shares through a dutch auction. Shares buyback programs are often a sign that the company’s management believes its stock is undervalued.
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Several brokerages have recently commented on CIT. BidaskClub cut shares of CIT Group Inc (DEL) from a “hold” rating to a “sell” rating in a report on Wednesday. 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. Keefe, Bruyette & Woods set a $46.00 target price on shares of CIT Group Inc (DEL) and gave the stock a “hold” rating in a report on Saturday, May 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 raised their target price on shares of CIT Group Inc (DEL) from $31.00 to $48.60 and gave the stock an “underperform” rating in a report on Wednesday, July 26th. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating and seven have assigned a buy rating to the stock. CIT Group Inc (DEL) presently has a consensus rating of “Hold” and a consensus target price of $45.96.
In related news, 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 transaction of $205,004.80. Following the sale, the executive vice president now owns 10,562 shares of the company’s stock, valued at approximately $483,317.12. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider James L. Hudak sold 2,250 shares of the company’s 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 directly owns 59,621 shares in the company, valued at approximately $2,653,134.50. The disclosure for this sale can be found here. Insiders have sold a total of 15,974 shares of company stock worth $726,471 over the last 90 days. 0.47% of the stock is currently owned by corporate 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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