CIT Group Inc (DEL) (CIT) Shares Sold by Legal & General Group Plc

Legal & General Group Plc reduced its stake in CIT Group Inc (DEL) (NYSE:CIT) by 6.2% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 761,040 shares of the financial services provider’s stock after selling 50,199 shares during the quarter. Legal & General Group Plc owned about 0.58% of CIT Group Inc (DEL) worth $37,331,000 as of its most recent SEC filing.

Several other institutional investors also recently made changes to their positions in CIT. M&T Bank Corp raised its position in 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 buying an additional 30 shares during the last quarter. Advisor Group Inc. raised its position in 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 buying an additional 66 shares during the last quarter. Janney Montgomery Scott LLC raised its position in 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 buying an additional 193 shares during the last quarter. Paradigm Asset Management Co. LLC raised its position in 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 buying an additional 200 shares during the last quarter. Finally, Pacer Advisors Inc. raised its position in 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 buying an additional 316 shares during the last quarter.

In related news, EVP Denise M. Menelly sold 8,951 shares of CIT Group Inc (DEL) stock in a transaction on Wednesday, November 1st. The shares were sold at an average price of $46.84, for a total value of $419,264.84. Following the sale, the executive vice president now owns 41,546 shares of the company’s stock, valued at approximately $1,946,014.64. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.47% of the stock is currently owned by company insiders.

CIT has been the subject of a number of recent research reports. Morgan Stanley raised their price target on shares of CIT Group Inc (DEL) from $50.00 to $51.00 and gave the stock an “equal weight” rating in a research report on Monday, September 18th. Zacks Investment Research raised shares of CIT Group Inc (DEL) from a “hold” rating to a “buy” rating and set a $53.00 price target for the company in a research report on Monday, September 25th. Keefe, Bruyette & Woods reaffirmed 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. BMO Capital Markets reaffirmed a “sell” rating and set a $31.00 price objective on shares of CIT Group Inc (DEL) in a research note on Friday, October 6th. Finally, Citigroup started 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 on the stock. Two research analysts have rated the stock with a sell rating, six have given a hold rating and eight have issued a buy rating to the company’s stock. CIT Group Inc (DEL) has an average rating of “Hold” and an average target price of $50.10.

Shares of CIT Group Inc (NYSE CIT) opened at $49.30 on Friday. The company has a market cap of $6,451.37, a P/E ratio of 16.11 and a beta of 1.49. CIT Group Inc has a one year low of $39.48 and a one year high of $51.19. 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 (DEL) (NYSE:CIT) last issued its quarterly earnings data 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. The business had revenue of $592.90 million for the quarter, compared to analysts’ expectations of $488.00 million. CIT Group Inc (DEL) had a negative net margin of 20.05% and a positive return on equity of 6.22%. During the same quarter last year, the company earned $0.65 EPS. research analysts forecast 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. Investors of record on Friday, November 10th were paid a $0.16 dividend. 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 1.30%. This is a boost from CIT Group Inc (DEL)’s previous quarterly dividend of $0.15. CIT Group Inc (DEL)’s dividend payout ratio (DPR) is currently -27.00%.

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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.

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

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