Public Employees Retirement System of Ohio Has $10.91 Million Stake in CIT Group Inc (DEL) (NYSE:CIT)

Public Employees Retirement System of Ohio trimmed its holdings in CIT Group Inc (DEL) (NYSE:CIT) by 22.1% during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 223,991 shares of the financial services provider’s stock after selling 63,458 shares during the period. Public Employees Retirement System of Ohio owned about 0.17% of CIT Group Inc (DEL) worth $10,908,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also made changes to their positions in CIT. BlackRock Inc. lifted 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 in the last quarter. Janus Henderson Group PLC lifted its position in shares of CIT Group Inc (DEL) by 4,090.9% in the second quarter. Janus Henderson Group PLC now owns 1,199,346 shares of the financial services provider’s stock worth $58,408,000 after buying an additional 1,170,728 shares in the last quarter. Janus Capital Management LLC lifted its position in shares of 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 worth $22,056,000 after buying an additional 503,200 shares in the last quarter. Point72 Asset Management L.P. lifted its position in shares of CIT Group Inc (DEL) by 178.2% in the first quarter. Point72 Asset Management L.P. now owns 768,705 shares of the financial services provider’s stock worth $33,001,000 after buying an additional 492,421 shares in the last quarter. Finally, Redwood Capital Management LLC lifted its position in shares of CIT Group Inc (DEL) by 296.4% in the second quarter. Redwood Capital Management LLC now owns 396,400 shares of the financial services provider’s stock worth $19,305,000 after buying an additional 296,400 shares in the last quarter.

Shares of CIT Group Inc (CIT) traded up 1.38% during mid-day trading on Friday, hitting $47.84. The stock had a trading volume of 736,199 shares. The firm’s market cap is $6.48 billion. CIT Group Inc has a 12 month low of $35.14 and a 12 month high of $50.40. The stock’s 50-day moving average is $47.68 and its 200 day moving average is $46.92.

CIT Group Inc (DEL) (NYSE:CIT) last released its quarterly earnings results 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 5.89%. The company had revenue of $592.90 million for the quarter, compared to the consensus estimate of $488.00 million. During the same period in the previous year, the firm earned $0.65 EPS. Equities research analysts predict that CIT Group Inc will post $2.81 earnings per share for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 24th. Stockholders of record on Friday, November 10th will be paid a $0.16 dividend. The ex-dividend date of this dividend is Thursday, November 9th. This represents a $0.64 annualized dividend and a dividend yield of 1.34%. This is a boost from CIT Group Inc (DEL)’s previous quarterly dividend of $0.15. CIT Group Inc (DEL)’s payout ratio is currently -25.32%.

Several equities research analysts have weighed in on the company. Barclays PLC reduced their price objective on CIT Group Inc (DEL) from $45.00 to $44.00 and set an “equal weight” rating on the stock in a research note on Wednesday. JMP Securities boosted their price objective on CIT Group Inc (DEL) from $49.00 to $54.00 and gave the stock a “market outperform” rating in a research note on Thursday, July 13th. Keefe, Bruyette & Woods reissued a “hold” rating and set a $47.00 price objective on shares of CIT Group Inc (DEL) in a research note on Tuesday, October 3rd. Zacks Investment Research raised CIT Group Inc (DEL) from a “sell” rating to a “hold” rating in a research note on Friday, July 14th. Finally, Oppenheimer Holdings, Inc. reaffirmed an “outperform” rating on shares of CIT Group Inc (DEL) in a research note on Tuesday, July 11th. Two research analysts have rated the stock with a sell rating, four have issued a hold rating and nine have issued a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus target price of $49.89.

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In other news, insider Steve Solk sold 1,460 shares of CIT Group Inc (DEL) stock in a transaction that occurred on Friday, August 25th. The shares were sold at an average price of $45.00, for a total value of $65,700.00. Following the transaction, the insider now directly owns 14,832 shares of the company’s stock, valued at $667,440. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider James L. Hudak sold 2,100 shares of CIT Group Inc (DEL) stock in a transaction that occurred 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 completion of the transaction, the insider now directly owns 57,083 shares in the company, valued at $2,636,092.94. The disclosure for this sale can be found here. Insiders own 0.47% of the company’s stock.

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.

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

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