CIT Group Inc (DEL) (CIT) Position Lifted by Vident Investment Advisory LLC

Vident Investment Advisory LLC increased its position in shares of CIT Group Inc (DEL) (NYSE:CIT) by 587.1% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 61,320 shares of the financial services provider’s stock after acquiring an additional 52,395 shares during the quarter. Vident Investment Advisory LLC’s holdings in CIT Group Inc (DEL) were worth $3,008,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. M&T Bank Corp raised its stake in shares of CIT Group Inc (DEL) by 0.6% during the 2nd quarter. M&T Bank Corp now owns 5,210 shares of the financial services provider’s stock worth $253,000 after acquiring an additional 30 shares in the last quarter. Advisor Group Inc. raised its stake in shares of CIT Group Inc (DEL) by 2.2% during the 2nd quarter. Advisor Group Inc. now owns 3,030 shares of the financial services provider’s stock worth $146,000 after acquiring an additional 66 shares in the last quarter. Janney Montgomery Scott LLC raised its stake in shares of CIT Group Inc (DEL) by 4.0% during the 2nd quarter. Janney Montgomery Scott LLC now owns 5,059 shares of the financial services provider’s stock worth $246,000 after acquiring an additional 193 shares in the last quarter. Paradigm Asset Management Co. LLC raised its stake in shares of CIT Group Inc (DEL) by 1.4% during the 2nd quarter. Paradigm Asset Management Co. LLC now owns 14,060 shares of the financial services provider’s stock worth $685,000 after acquiring an additional 200 shares in the last quarter. Finally, Pacer Advisors Inc. raised its stake in shares of CIT Group Inc (DEL) by 8.2% during the 2nd quarter. Pacer Advisors Inc. now owns 4,164 shares of the financial services provider’s stock worth $203,000 after acquiring an additional 316 shares in the last quarter.

CIT Group Inc (CIT) opened at $49.84 on Friday. The company has a debt-to-equity ratio of 1.20, a quick ratio of 1.05 and a current ratio of 1.05. CIT Group Inc has a 52 week low of $39.48 and a 52 week high of $51.19. The stock has a market cap of $6,541.95, a P/E ratio of 16.34 and a beta of 1.49.

CIT Group Inc (DEL) (NYSE:CIT) last issued its quarterly earnings results on Tuesday, October 24th. The financial services provider reported $1.02 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate 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 6.22%. The business had revenue of $592.90 million for the quarter, compared to analyst estimates of $488.00 million. During the same quarter in the prior year, the business posted $0.65 EPS. equities research analysts expect that CIT Group Inc will post 2.92 earnings per share for the current fiscal year.

The business also recently declared a quarterly dividend, which was paid on Friday, November 24th. Shareholders of record on Friday, November 10th were paid a dividend of $0.16 per share. This is a positive change from CIT Group Inc (DEL)’s previous quarterly dividend of $0.15. The ex-dividend date of this dividend was Thursday, November 9th. This represents a $0.64 dividend on an annualized basis and a yield of 1.28%. CIT Group Inc (DEL)’s dividend payout ratio is presently -27.00%.

In other CIT Group Inc (DEL) news, EVP Denise M. Menelly sold 8,951 shares of the company’s stock in a transaction that occurred on Wednesday, November 1st. The shares were sold at an average price of $46.84, for a total transaction of $419,264.84. Following the transaction, the executive vice president now owns 41,546 shares in the company, valued at approximately $1,946,014.64. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 0.47% of the company’s stock.

Several research firms recently commented on CIT. Keefe, Bruyette & Woods reiterated 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 upgraded shares of CIT Group Inc (DEL) from a “hold” rating to a “buy” rating and set a $53.00 price objective for the company in a research note on Monday, September 25th. Citigroup began coverage on shares of CIT Group Inc (DEL) in a research note on Monday, October 16th. They set a “buy” rating and a $60.00 price objective for the company. Wells Fargo & Company began coverage on shares of CIT Group Inc (DEL) in a research note on Friday, December 1st. They set a “market perform” rating and a $52.00 price objective for the company. Finally, Barclays reduced their price objective on shares of CIT Group Inc (DEL) from $45.00 to $44.00 and set an “equal weight” rating for the company in a research note on Wednesday, October 25th. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and eight have issued a buy rating to the company. CIT Group Inc (DEL) has an average rating of “Hold” and a consensus price target of $50.10.

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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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