CIT Group Inc (DEL) (NYSE:CIT) EVP Denise M. Menelly sold 8,951 shares of the stock in a transaction on Wednesday, November 1st. The stock was sold at an average price of $46.84, for a total value of $419,264.84. Following the sale, the executive vice president now directly owns 41,546 shares in the company, valued at $1,946,014.64. The transaction was disclosed in a filing with the SEC, which is accessible through this link.

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 Thomson Reuters’ consensus estimate of $0.82 by $0.20. The company had revenue of $592.90 million during the quarter, compared to analyst estimates of $488.00 million. CIT Group Inc (DEL) had a positive return on equity of 5.89% and a negative net margin of 20.05%. During the same quarter last year, the business posted $0.65 earnings per share.

The business also recently declared a quarterly dividend, which will be paid on Friday, November 24th. Investors of record on Friday, November 10th will be given a $0.16 dividend. The ex-dividend date is Thursday, November 9th. This represents a $0.64 annualized dividend and a yield of 1.37%. This is a positive change from CIT Group Inc (DEL)’s previous quarterly dividend of $0.15. CIT Group Inc (DEL)’s dividend payout ratio (DPR) is currently -25.32%.

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Several analysts have recently issued reports on the company. ValuEngine raised CIT Group Inc (DEL) from a “hold” rating to a “buy” rating in a report on Thursday, July 27th. JMP Securities raised their target price on CIT Group Inc (DEL) from $49.00 to $54.00 and gave the company a “market outperform” rating in a report on Thursday, July 13th. BMO Capital Markets raised their target price on CIT Group Inc (DEL) from $31.00 to $48.60 and gave the company an “underperform” rating in a report on Wednesday, July 26th. BTIG Research restated a “buy” rating and issued a $57.00 target price on shares of CIT Group Inc (DEL) in a report on Tuesday, July 25th. They noted that the move was a valuation call. Finally, BidaskClub lowered CIT Group Inc (DEL) from a “buy” rating to a “hold” rating in a report on Monday, July 31st. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating and nine have given a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average target price of $49.89.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in CIT. Janus Henderson Group PLC grew its position in CIT Group Inc (DEL) by 4,090.9% in the second quarter. Janus Henderson Group PLC now owns 1,199,346 shares of the financial services provider’s stock worth $58,408,000 after acquiring an additional 1,170,728 shares in the last quarter. Janus Capital Management LLC grew its position in CIT Group Inc (DEL) by 4,757.9% in the first quarter. Janus Capital Management LLC now owns 513,776 shares of the financial services provider’s stock worth $22,056,000 after acquiring an additional 503,200 shares in the last quarter. Redwood Capital Management LLC grew its position in CIT Group Inc (DEL) by 296.4% in the second quarter. Redwood Capital Management LLC now owns 396,400 shares of the financial services provider’s stock worth $19,305,000 after acquiring an additional 296,400 shares in the last quarter. New Mountain Vantage Advisers L.L.C. grew its position in CIT Group Inc (DEL) by 22.9% in the second quarter. New Mountain Vantage Advisers L.L.C. now owns 1,290,283 shares of the financial services provider’s stock worth $62,837,000 after acquiring an additional 240,184 shares in the last quarter. Finally, Kirr Marbach & Co. LLC IN purchased a new position in CIT Group Inc (DEL) in the second quarter worth about $9,979,000.

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.

Insider Buying and Selling by Quarter for CIT Group Inc (DEL) (NYSE:CIT)

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