The Manufacturers Life Insurance Company Sells 524,766 Shares of CIT Group Inc (DEL) (CIT)

The Manufacturers Life Insurance Company lessened its stake in shares of CIT Group Inc (DEL) (NYSE:CIT) by 33.9% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,023,380 shares of the financial services provider’s stock after selling 524,766 shares during the quarter. The Manufacturers Life Insurance Company owned approximately 0.76% of CIT Group Inc (DEL) worth $49,838,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. M&T Bank Corp boosted 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 valued at $253,000 after acquiring an additional 30 shares in the last quarter. Advisor Group Inc. lifted its holdings 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 valued at $146,000 after purchasing an additional 66 shares during the last quarter. Pacer Advisors Inc. lifted its holdings in shares of CIT Group Inc (DEL) by 3.2% during the 1st quarter. Pacer Advisors Inc. now owns 3,848 shares of the financial services provider’s stock valued at $165,000 after purchasing an additional 121 shares during the last quarter. Janney Montgomery Scott LLC lifted its holdings 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 valued at $246,000 after purchasing an additional 193 shares during the last quarter. Finally, Paradigm Asset Management Co. LLC lifted its holdings 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 valued at $685,000 after purchasing an additional 200 shares during the last quarter.

Shares of CIT Group Inc (NYSE CIT) traded up 0.030% during trading on Thursday, reaching $49.455. The company had a trading volume of 98,271 shares. The firm has a 50-day moving average of $46.61 and a 200 day moving average of $46.48. CIT Group Inc has a 1-year low of $35.14 and a 1-year high of $50.40. The firm’s market capitalization is $6.70 billion.

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

CIT Group Inc (DEL) announced that its Board of Directors has approved a share repurchase plan on Wednesday, June 28th that allows the company to repurchase $225.00 million in shares. This repurchase authorization allows the financial services provider to repurchase up to 2.3% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s board believes its shares are undervalued.

CIT has been the subject of several analyst reports. BTIG Research reiterated a “buy” rating and set a $57.00 price objective on shares of CIT Group Inc (DEL) in a report on Tuesday, July 25th. They noted that the move was a valuation call. BidaskClub lowered CIT Group Inc (DEL) from a “strong-buy” rating to a “buy” rating in a report on Monday, July 24th. ValuEngine upgraded CIT Group Inc (DEL) from a “hold” rating to a “buy” rating in a report on Thursday, July 27th. Zacks Investment Research upgraded CIT Group Inc (DEL) from a “hold” rating to a “buy” rating and set a $53.00 price objective for the company in a report on Monday, September 25th. Finally, Morgan Stanley increased their price objective on CIT Group Inc (DEL) from $50.00 to $51.00 and gave the company an “equal weight” rating in a report on Monday, September 18th. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and eight have assigned a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average target price of $47.75.

In other CIT Group Inc (DEL) news, insider Steve Solk sold 1,460 shares of the company’s stock in a transaction 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 completion of the transaction, the insider now owns 14,832 shares in the company, valued at $667,440. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider James L. Hudak sold 2,100 shares of the company’s stock in a transaction on Friday, August 11th. The shares were 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 owns 57,083 shares of the company’s stock, valued at approximately $2,636,092.94. The disclosure for this sale can be found here. Corporate insiders own 0.47% of the company’s stock.

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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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