Zurcher Kantonalbank Zurich Cantonalbank increased its position in CIT Group Inc (DEL) (NYSE:CIT) by 232.7% during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 127,510 shares of the financial services provider’s stock after buying an additional 89,180 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank owned about 0.09% of CIT Group Inc (DEL) worth $6,210,000 at the end of the most recent quarter.

A number of other institutional investors also recently made changes to their positions in the company. BlackRock Inc. boosted 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 worth $425,067,000 after buying an additional 9,675,599 shares during the period. Lakewood Capital Management LP boosted its position 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 buying an additional 2,798,116 shares during the period. Sachem Head Capital Management LP acquired a new position in CIT Group Inc (DEL) during the first quarter valued at about $69,547,000. Hotchkis & Wiley Capital Management LLC boosted its position in CIT Group Inc (DEL) by 61.7% in the first quarter. Hotchkis & Wiley Capital Management LLC now owns 4,005,621 shares of the financial services provider’s stock valued at $171,961,000 after buying an additional 1,527,750 shares during the period. Finally, RidgeWorth Capital Management LLC acquired a new position in CIT Group Inc (DEL) during the first quarter valued at about $57,554,000.

CIT Group Inc (CIT) opened at 44.85 on Friday. The company’s market capitalization is $6.07 billion. CIT Group Inc has a one year low of $34.38 and a one year high of $50.40. The stock’s 50 day moving average price is $46.99 and its 200-day moving average price is $45.53.

CIT Group Inc (DEL) (NYSE:CIT) last posted its quarterly earnings data 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. The firm had revenue of $605 million during the quarter, compared to analysts’ expectations 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 quarterly 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 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 approved a share buyback program on Wednesday, June 28th that permits the company to buyback $225.00 million in shares. This buyback authorization permits the financial services provider to reacquire up to 2.3% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s board believes its stock is undervalued.

The company also recently declared a quarterly dividend, which was paid on Friday, August 25th. Shareholders of record on Friday, August 11th were given a dividend of $0.15 per share. The ex-dividend date was Wednesday, August 9th. This represents a $0.60 dividend on an annualized basis and a yield of 1.34%. CIT Group Inc (DEL)’s dividend payout ratio is currently -18.02%.

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Several equities analysts have recently issued reports on CIT shares. BTIG Research reissued a “buy” rating and set a $57.00 target price on shares of CIT Group Inc (DEL) in a research note on Tuesday, July 25th. They noted that the move was a valuation call. Zacks Investment Research lowered CIT Group Inc (DEL) from a “hold” rating to a “sell” rating in a research report on Tuesday, June 27th. Credit Suisse Group restated 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 restated 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 restated an “outperform” rating on shares of CIT Group Inc (DEL) in a research report on Tuesday, July 11th. Two research analysts have rated the stock with a sell rating, seven have given a hold rating and seven have given a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus target price of $45.96.

In other CIT Group Inc (DEL) news, insider James L. Hudak sold 2,100 shares of CIT Group Inc (DEL) stock in a transaction dated Friday, August 11th. The stock was sold at an average price of $46.18, for a total transaction of $96,978.00. Following the completion of the sale, the insider now owns 57,083 shares of the company’s stock, valued at approximately $2,636,092.94. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Steve Solk sold 1,460 shares of CIT Group Inc (DEL) stock in a transaction dated Friday, August 25th. The stock was sold at an average price of $45.00, for a total value of $65,700.00. Following the sale, the insider now directly owns 14,832 shares of the company’s stock, valued at approximately $667,440. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 5,810 shares of company stock valued at $262,803. 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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Institutional Ownership by Quarter for CIT Group Inc (DEL) (NYSE:CIT)

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