Fox Run Management L.L.C. Takes Position in CIT Group Inc (DEL) (CIT)

Fox Run Management L.L.C. bought a new position in CIT Group Inc (DEL) (NYSE:CIT) during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 5,700 shares of the financial services provider’s stock, valued at approximately $280,000.

A number of other large investors have also recently made changes to their positions in the business. Capital World Investors boosted its position in CIT Group Inc (DEL) by 0.8% in the second quarter. Capital World Investors now owns 10,063,466 shares of the financial services provider’s stock worth $490,091,000 after purchasing an additional 75,966 shares during the last quarter. LSV Asset Management boosted its position in CIT Group Inc (DEL) by 2.5% in the second quarter. LSV Asset Management now owns 3,430,812 shares of the financial services provider’s stock worth $167,080,000 after purchasing an additional 84,300 shares during the last quarter. Dimensional Fund Advisors LP boosted its position in CIT Group Inc (DEL) by 3.6% in the second quarter. Dimensional Fund Advisors LP now owns 1,534,004 shares of the financial services provider’s stock worth $74,706,000 after purchasing an additional 52,792 shares during the last quarter. New Mountain Vantage Advisers L.L.C. boosted 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 purchasing an additional 240,184 shares during the last quarter. Finally, Janus Henderson Group PLC boosted 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 purchasing an additional 1,170,728 shares during the last quarter.

CIT Group Inc (NYSE CIT) opened at $45.88 on Friday. The company has a quick ratio of 1.10, a current ratio of 1.10 and a debt-to-equity ratio of 1.23. CIT Group Inc has a twelve month low of $35.60 and a twelve month high of $50.40. The company has a market capitalization of $6,027.30, a P/E ratio of 15.04 and a beta of 1.47.

CIT Group Inc (DEL) (NYSE:CIT) last posted its quarterly earnings results on Tuesday, October 24th. The financial services provider reported $1.02 EPS for the quarter, topping the Zacks’ consensus estimate of $0.82 by $0.20. CIT Group Inc (DEL) had a positive return on equity of 5.89% and a negative net margin of 20.05%. The company had revenue of $592.90 million for the quarter, compared to analysts’ expectations of $488.00 million. During the same period in the previous year, the firm earned $0.65 EPS. analysts anticipate that CIT Group Inc will post 2.89 earnings per share for the current year.

The firm also recently declared 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. The ex-dividend date is Thursday, November 9th. This is a boost from CIT Group Inc (DEL)’s previous quarterly dividend of $0.15. This represents a $0.64 dividend on an annualized basis and a yield of 1.39%. CIT Group Inc (DEL)’s payout ratio is currently -25.32%.

In related news, EVP Denise M. Menelly sold 8,951 shares of the business’s stock in a transaction that occurred 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 transaction, the executive vice president now directly owns 41,546 shares of the company’s stock, valued at approximately $1,946,014.64. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider James L. Hudak sold 2,100 shares of the business’s 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 completion of the transaction, the insider now directly owns 57,083 shares in the company, valued at $2,636,092.94. The disclosure for this sale can be found here. Over the last three months, insiders sold 12,511 shares of company stock worth $581,943. 0.47% of the stock is owned by insiders.

Several brokerages have issued reports on CIT. Zacks Investment Research cut CIT Group Inc (DEL) from a “buy” rating to a “hold” rating in a research report on Friday. BMO Capital Markets raised their target price on CIT Group Inc (DEL) from $31.00 to $35.00 and gave the stock an “underperform” rating in a research report on Wednesday, October 25th. Barclays PLC dropped their target price on CIT Group Inc (DEL) from $45.00 to $44.00 and set an “equal weight” rating on the stock in a research report on Wednesday, October 25th. Oppenheimer Holdings, Inc. reaffirmed a “buy” rating on shares of CIT Group Inc (DEL) in a research report on Tuesday, October 24th. Finally, Citigroup Inc. started coverage on CIT Group Inc (DEL) in a research report on Monday, October 16th. They set a “buy” rating and a $60.00 price objective on the stock. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating and eight have issued a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus price target of $49.89.

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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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