Virtu KCG Holdings LLC Purchases Shares of 10,272 CIT Group Inc (DEL) (CIT)

Virtu KCG Holdings LLC purchased a new stake in shares of CIT Group Inc (DEL) (NYSE:CIT) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 10,272 shares of the financial services provider’s stock, valued at approximately $500,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. Advisor Group Inc. increased its stake 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 acquiring an additional 66 shares during the period. M&T Bank Corp increased its stake in CIT Group Inc (DEL) by 0.6% during the second quarter. M&T Bank Corp now owns 5,210 shares of the financial services provider’s stock valued at $253,000 after acquiring an additional 30 shares during the period. Amalgamated Bank increased its stake in CIT Group Inc (DEL) by 82.2% during the second quarter. Amalgamated Bank now owns 19,711 shares of the financial services provider’s stock valued at $960,000 after acquiring an additional 8,895 shares during the period. Ameriprise Financial Inc. increased its stake in CIT Group Inc (DEL) by 25.8% during the second quarter. Ameriprise Financial Inc. now owns 81,821 shares of the financial services provider’s stock valued at $3,984,000 after acquiring an additional 16,798 shares during the period. Finally, Teachers Advisors LLC increased its stake in CIT Group Inc (DEL) by 12.8% during the second quarter. Teachers Advisors LLC now owns 771,599 shares of the financial services provider’s stock valued at $37,577,000 after acquiring an additional 87,746 shares during the period.

In other CIT Group Inc (DEL) news, insider Steve Solk sold 1,460 shares of the business’s stock in a transaction on Friday, August 25th. The shares were sold at an average price of $45.00, for a total transaction of $65,700.00. Following the sale, the insider now 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 link. Also, insider James L. Hudak sold 2,100 shares of the business’s stock in a transaction 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 sale, the insider now directly owns 57,083 shares in the company, valued at approximately $2,636,092.94. The disclosure for this sale can be found here. Insiders own 0.47% of the company’s stock.

Several equities analysts recently issued reports on CIT shares. BTIG Research restated a “buy” rating and set a $57.00 price target on shares of CIT Group Inc (DEL) in a research note on Tuesday, July 25th. They noted that the move was a valuation call. BidaskClub upgraded CIT Group Inc (DEL) from a “buy” rating to a “strong-buy” rating in a research note on Tuesday, June 20th. Morgan Stanley boosted 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 note on Monday, September 18th. ValuEngine lowered CIT Group Inc (DEL) from a “buy” rating to a “hold” rating in a research note on Wednesday, July 19th. Finally, Credit Suisse Group reiterated a “hold” rating and issued a $48.00 price objective on shares of CIT Group Inc (DEL) in a research note on Sunday, July 2nd. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating and eight have given a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average price target of $46.78.

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CIT Group Inc (NYSE:CIT) opened at 49.35 on Wednesday. The firm’s market cap is $6.68 billion. CIT Group Inc has a 12-month low of $35.14 and a 12-month high of $50.40. The firm’s 50-day moving average price is $46.47 and its 200 day moving average price is $46.46.

CIT Group Inc (DEL) (NYSE:CIT) last posted its earnings results on Tuesday, July 25th. The financial services provider reported $0.68 earnings per share for the quarter, topping analysts’ consensus estimates of $0.60 by $0.08. The firm had revenue of $605.00 million for the quarter, compared to analysts’ expectations of $500.05 million. CIT Group Inc (DEL) had a negative net margin of 20.50% and a positive return on equity of 5.66%. The company’s revenue was down 6.6% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.07 earnings per share. Analysts forecast that CIT Group Inc will post $2.82 earnings per share for the current fiscal year.

CIT Group Inc (DEL) announced that its Board of Directors has authorized a stock repurchase program on Wednesday, June 28th that allows the company to repurchase $225.00 million in outstanding shares. This repurchase authorization allows the financial services provider to reacquire up to 2.3% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s leadership believes its stock is undervalued.

CIT Group Inc (DEL) Company 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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