Oaktree Capital Management LP trimmed its position in shares of CIT Group Inc (DEL) (NYSE:CIT) by 70.6% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 100,000 shares of the financial services provider’s stock after selling 240,600 shares during the period. Oaktree Capital Management LP owned 0.08% of CIT Group Inc (DEL) worth $4,905,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Korea Investment CORP purchased a new stake in shares of CIT Group Inc (DEL) in the second quarter worth $122,000. Advisor Group Inc. raised its position in CIT Group Inc (DEL) by 2.2% during the second quarter. Advisor Group Inc. now owns 3,030 shares of the financial services provider’s stock valued at $146,000 after purchasing an additional 66 shares in the last quarter. Schroder Investment Management Group raised its position in CIT Group Inc (DEL) by 82.0% during the third quarter. Schroder Investment Management Group now owns 3,063 shares of the financial services provider’s stock valued at $149,000 after purchasing an additional 1,380 shares in the last quarter. Pacer Advisors Inc. raised its position in CIT Group Inc (DEL) by 8.2% during the second quarter. Pacer Advisors Inc. now owns 4,164 shares of the financial services provider’s stock valued at $203,000 after purchasing an additional 316 shares in the last quarter. Finally, Colony Group LLC purchased a new stake in CIT Group Inc (DEL) during the second quarter valued at about $207,000.
A number of equities research analysts have weighed in on the company. Wells Fargo & Company assumed coverage on CIT Group Inc (DEL) in a research report on Friday, December 1st. They set a “market perform” rating and a $52.00 price target on the stock. Morgan Stanley raised their price target on CIT Group Inc (DEL) from $50.00 to $51.00 and gave the company an “equal weight” rating in a research report on Monday, September 18th. BidaskClub downgraded CIT Group Inc (DEL) from a “hold” rating to a “sell” rating in a research report on Wednesday, August 9th. Citigroup assumed coverage on CIT Group Inc (DEL) in a research report on Monday, October 16th. They set a “buy” rating and a $60.00 price target on the stock. Finally, BMO Capital Markets raised their price target on CIT Group Inc (DEL) from $31.00 to $35.00 and gave the company an “underperform” rating in a research report on Wednesday, October 25th. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating and eight have assigned a buy rating to the company. CIT Group Inc (DEL) currently has an average rating of “Hold” and a consensus price target of $50.10.
Shares of CIT Group Inc (NYSE CIT) opened at $49.15 on Thursday. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 1.20. CIT Group Inc has a 1-year low of $39.48 and a 1-year high of $51.19. The company has a market cap of $6,523.56, a PE ratio of 16.30 and a beta of 1.49.
CIT Group Inc (DEL) (NYSE:CIT) last released its earnings results on Tuesday, October 24th. The financial services provider reported $1.02 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ 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 firm had revenue of $592.90 million during the quarter, compared to analyst estimates of $488.00 million. During the same period last year, the business earned $0.65 earnings per share. equities analysts anticipate that CIT Group Inc will post 2.92 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Friday, November 24th. Shareholders of record on Friday, November 10th were given a $0.16 dividend. This represents a $0.64 dividend on an annualized basis and a yield of 1.30%. The ex-dividend date was Thursday, November 9th. This is an increase from CIT Group Inc (DEL)’s previous quarterly dividend of $0.15. CIT Group Inc (DEL)’s payout ratio is -27.00%.
In other CIT Group Inc (DEL) news, EVP Denise M. Menelly sold 8,951 shares of CIT Group Inc (DEL) stock in a transaction that occurred 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 completion of 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 legal filing with the SEC, which is available at the SEC website. Insiders own 0.47% of the company’s stock.
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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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