Sei Investments Co. Sells 30,630 Shares of CIT Group Inc (DEL) (CIT)

Sei Investments Co. lessened its stake in CIT Group Inc (DEL) (NYSE:CIT) by 45.0% in the 3rd quarter, according to its most recent filing with the SEC. The firm owned 37,473 shares of the financial services provider’s stock after selling 30,630 shares during the quarter. Sei Investments Co.’s holdings in CIT Group Inc (DEL) were worth $1,838,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently made changes to their positions in CIT. Korea Investment CORP purchased a new stake in CIT Group Inc (DEL) during the second quarter worth approximately $122,000. Advisor Group Inc. lifted 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 worth $146,000 after purchasing an additional 66 shares during the last quarter. Pacer Advisors Inc. lifted its stake 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 worth $203,000 after purchasing an additional 316 shares during the last quarter. Colony Group LLC purchased a new stake in CIT Group Inc (DEL) during the second quarter worth approximately $207,000. Finally, Seven Eight Capital LP purchased a new stake in CIT Group Inc (DEL) during the second quarter worth approximately $236,000.

CIT has been the subject of several recent analyst reports. Oppenheimer restated a “buy” rating on shares of CIT Group Inc (DEL) in a research note on Tuesday, October 24th. Citigroup initiated coverage on CIT Group Inc (DEL) in a research note on Monday, October 16th. They set a “buy” rating and a $60.00 target price for the company. Zacks Investment Research upgraded CIT Group Inc (DEL) from a “hold” rating to a “buy” rating and set a $53.00 target price for the company in a research note on Monday, September 25th. Morgan Stanley boosted their target price on CIT Group Inc (DEL) from $50.00 to $51.00 and gave the stock an “equal weight” rating in a research note on Monday, September 18th. Finally, Barclays decreased their target price on CIT Group Inc (DEL) from $45.00 to $44.00 and set an “equal weight” rating for the company in a research note on Wednesday, October 25th. Two research analysts have rated the stock with a sell rating, six have issued a hold rating and eight have given a buy rating to the company. The company currently has a consensus rating of “Hold” and an average target price of $50.10.

CIT Group Inc (NYSE:CIT) opened at $49.52 on Monday. The company has a market capitalization of $6,499.94, a P/E ratio of 16.24 and a beta of 1.49. CIT Group Inc has a 12-month low of $39.48 and a 12-month high of $50.51. 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 released its quarterly earnings results on Tuesday, October 24th. The financial services provider reported $1.02 EPS for the quarter, topping the consensus estimate of $0.82 by $0.20. The company had revenue of $592.90 million for the quarter, compared to analyst estimates of $488.00 million. CIT Group Inc (DEL) had a positive return on equity of 6.22% and a negative net margin of 20.05%. During the same quarter in the previous year, the company posted $0.65 earnings per share. equities analysts expect that CIT Group Inc will post 2.92 EPS for the current year.

The company also recently declared a quarterly dividend, which was paid on Friday, November 24th. Shareholders of record on Friday, November 10th were given a dividend of $0.16 per share. This is a positive change from CIT Group Inc (DEL)’s previous quarterly dividend of $0.15. The ex-dividend date was Thursday, November 9th. This represents a $0.64 annualized dividend and a yield of 1.29%. 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 stock was sold at an average price of $46.84, for a total transaction of $419,264.84. Following the transaction, the executive vice president now owns 41,546 shares of the company’s stock, valued at $1,946,014.64. The transaction was disclosed in a filing with the SEC, which is available at this link. 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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