Brandywine Global Investment Management LLC Grows Stake in CIT Group Inc (DEL) (CIT)

Brandywine Global Investment Management LLC increased its stake in CIT Group Inc (DEL) (NYSE:CIT) by 53,158.5% in the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 28,227 shares of the financial services provider’s stock after purchasing an additional 28,174 shares during the quarter. Brandywine Global Investment Management LLC’s holdings in CIT Group Inc (DEL) were worth $1,375,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently bought and sold shares of the company. UBS Asset Management Americas Inc. increased its position in CIT Group Inc (DEL) by 11.1% in the 1st quarter. UBS Asset Management Americas Inc. now owns 551,998 shares of the financial services provider’s stock worth $23,697,000 after buying an additional 54,999 shares during the period. TD Asset Management Inc. increased its position in CIT Group Inc (DEL) by 5.1% in the 1st quarter. TD Asset Management Inc. now owns 12,389 shares of the financial services provider’s stock worth $532,000 after buying an additional 600 shares during the period. Pacer Advisors Inc. increased its position in CIT Group Inc (DEL) by 3.2% in the 1st quarter. Pacer Advisors Inc. now owns 3,848 shares of the financial services provider’s stock worth $165,000 after buying an additional 121 shares during the period. Prudential Financial Inc. increased its position in CIT Group Inc (DEL) by 16.7% in the 1st quarter. Prudential Financial Inc. now owns 137,281 shares of the financial services provider’s stock worth $5,893,000 after buying an additional 19,688 shares during the period. Finally, SG Americas Securities LLC bought a new position in CIT Group Inc (DEL) in the 1st quarter worth approximately $115,000. Hedge funds and other institutional investors own 99.89% of the company’s stock.

In other CIT Group Inc (DEL) news, insider James L. Hudak sold 2,100 shares of CIT Group Inc (DEL) stock in a transaction that occurred on Friday, August 11th. The stock was sold at an average price of $46.18, for a total value of $96,978.00. Following the transaction, the insider now directly owns 57,083 shares of the company’s stock, valued at approximately $2,636,092.94. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Steve Solk sold 1,460 shares of CIT Group Inc (DEL) stock in a transaction that occurred on Friday, August 25th. The stock was 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 directly owns 14,832 shares in the company, valued at $667,440. The disclosure for this sale can be found here. 0.47% of the stock is currently owned by insiders.

CIT Group Inc (NYSE:CIT) opened at 49.03 on Wednesday. The firm has a 50-day moving average price of $46.92 and a 200 day moving average price of $46.63. The firm’s market cap is $6.64 billion. CIT Group Inc has a 1-year low of $35.14 and a 1-year high of $50.40.

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 the Thomson Reuters’ consensus estimate of $0.60 by $0.08. CIT Group Inc (DEL) had a positive return on equity of 5.66% and a negative net margin of 20.50%. The firm had revenue of $605.00 million during the quarter, compared to analyst estimates of $500.05 million. During the same period in the previous year, the company earned $0.07 EPS. The company’s revenue for the quarter was down 6.6% on a year-over-year basis. Equities analysts predict that CIT Group Inc will post $2.82 earnings per share for the current year.

The business also recently announced a quarterly dividend, which will be paid on Friday, November 24th. Investors of record on Friday, November 10th will be issued a $0.16 dividend. This is a positive change from CIT Group Inc (DEL)’s previous quarterly dividend of $0.15. This represents a $0.64 annualized dividend and a yield of 1.31%. The ex-dividend date of this dividend is Thursday, November 9th. CIT Group Inc (DEL)’s payout ratio is -18.02%.

CIT Group Inc (DEL) declared that its Board of Directors has approved a stock buyback 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 repurchase up to 2.3% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s leadership believes its stock is undervalued.

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A number of analysts have recently issued reports on the company. Citigroup Inc. assumed coverage on CIT Group Inc (DEL) in a research report on Monday. They set a “buy” rating and a $60.00 price objective on the stock. BidaskClub cut CIT Group Inc (DEL) from a “hold” rating to a “sell” rating in a research report on Wednesday, August 9th. Zacks Investment Research upgraded CIT Group Inc (DEL) from a “sell” rating to a “hold” rating in a research report on Thursday, July 27th. Keefe, Bruyette & Woods reiterated a “hold” rating and issued a $47.00 price target on shares of CIT Group Inc (DEL) in a research report on Tuesday, October 3rd. Finally, ValuEngine upgraded CIT Group Inc (DEL) from a “hold” rating to a “buy” rating in a research report on Thursday, July 27th. Two investment analysts have rated the stock with a sell rating, five have given a hold rating and nine have assigned a buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus price target of $49.11.

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.

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

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