NWQ Investment Management Company LLC Cuts Position in CIT Group Inc (DEL) (CIT)

NWQ Investment Management Company LLC trimmed its holdings in shares of CIT Group Inc (DEL) (NYSE:CIT) by 14.0% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 3,585,509 shares of the financial services provider’s stock after selling 581,351 shares during the quarter. CIT Group Inc (DEL) makes up approximately 2.2% of NWQ Investment Management Company LLC’s investment portfolio, making the stock its 3rd biggest holding. NWQ Investment Management Company LLC owned about 2.73% of CIT Group Inc (DEL) worth $175,869,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of the stock. M&T Bank Corp increased its holdings in CIT Group Inc (DEL) by 0.6% during the second quarter. M&T Bank Corp now owns 5,210 shares of the financial services provider’s stock valued at $253,000 after buying an additional 30 shares during the period. Advisor Group Inc. increased its holdings 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 valued at $146,000 after buying an additional 66 shares during the period. Janney Montgomery Scott LLC increased its holdings in CIT Group Inc (DEL) by 4.0% during the second quarter. Janney Montgomery Scott LLC now owns 5,059 shares of the financial services provider’s stock valued at $246,000 after buying an additional 193 shares during the period. Paradigm Asset Management Co. LLC increased its holdings in CIT Group Inc (DEL) by 1.4% during the second quarter. Paradigm Asset Management Co. LLC now owns 14,060 shares of the financial services provider’s stock valued at $685,000 after buying an additional 200 shares during the period. Finally, Pacer Advisors Inc. increased its holdings 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 valued at $203,000 after buying an additional 316 shares during the period.

In other news, EVP Denise M. Menelly sold 8,951 shares of CIT Group Inc (DEL) stock in a transaction on Wednesday, November 1st. The shares were sold at an average price of $46.84, for a total transaction of $419,264.84. Following the completion of 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 legal filing with the Securities & Exchange Commission, which is available at this link. Insiders own 0.47% of the company’s stock.

Shares of CIT Group Inc (NYSE:CIT) opened at $49.70 on Wednesday. The firm has a market cap of $6,637.76, a P/E ratio of 16.58 and a beta of 1.49. CIT Group Inc has a one year low of $39.48 and a one year high of $51.19. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 1.20.

CIT Group Inc (DEL) (NYSE:CIT) last posted its quarterly earnings data 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. CIT Group Inc (DEL) had a negative net margin of 20.05% and a positive return on equity of 6.22%. The business had revenue of $592.90 million during the quarter, compared to the consensus estimate of $488.00 million. During the same period in the previous year, the firm posted $0.65 earnings per share. equities research analysts anticipate that CIT Group Inc will post 3.2 EPS for the current year.

The business also recently disclosed a quarterly dividend, which was paid on Friday, November 24th. Stockholders of record on Friday, November 10th were paid a dividend of $0.16 per share. This is an increase from CIT Group Inc (DEL)’s previous quarterly dividend of $0.15. This represents a $0.64 annualized dividend and a dividend yield of 1.29%. The ex-dividend date was Thursday, November 9th. CIT Group Inc (DEL)’s payout ratio is presently -27.00%.

Several equities analysts recently issued reports on CIT shares. Morgan Stanley lifted their price objective on shares of 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. Oppenheimer restated a “buy” rating on shares of CIT Group Inc (DEL) in a research note on Tuesday, October 24th. Zacks Investment Research downgraded shares of CIT Group Inc (DEL) from a “buy” rating to a “hold” rating in a research note on Friday, November 3rd. BMO Capital Markets raised their target price on shares of CIT Group Inc (DEL) from $31.00 to $35.00 and gave the company an “underperform” rating in a research note on Wednesday, October 25th. Finally, Wells Fargo & Company assumed coverage on shares of CIT Group Inc (DEL) in a research note on Friday, December 1st. They issued a “market perform” rating and a $52.00 target price for the company. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating and eight have issued a buy rating to the company’s stock. The company has an average rating of “Hold” and an average price target of $50.10.

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CIT Group Inc (DEL) 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.

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

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