CIT Group Inc (DEL) (CIT) Shares Bought by Toronto Dominion Bank

Toronto Dominion Bank grew its position in shares of CIT Group Inc (DEL) (NYSE:CIT) by 245.3% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 6,142 shares of the financial services provider’s stock after purchasing an additional 4,363 shares during the period. Toronto Dominion Bank’s holdings in CIT Group Inc (DEL) were worth $301,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of the business. M&T Bank Corp lifted its stake 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 worth $253,000 after purchasing an additional 30 shares during the last quarter. 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. Janney Montgomery Scott LLC lifted its stake 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 worth $246,000 after purchasing an additional 193 shares during the last quarter. Paradigm Asset Management Co. LLC lifted its stake 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 worth $685,000 after purchasing an additional 200 shares during the last quarter. Finally, 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.

In related news, EVP Denise M. Menelly sold 8,951 shares of the business’s stock in a transaction dated 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 in the company, valued at approximately $1,946,014.64. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders own 0.47% of the company’s stock.

Several brokerages have issued reports on CIT. Oppenheimer Holdings, Inc. reaffirmed a “buy” rating on shares of CIT Group Inc (DEL) in a research note on Tuesday, October 24th. BMO Capital Markets reissued a “sell” rating and issued a $31.00 target price on shares of CIT Group Inc (DEL) in a research note on Friday, October 6th. Citigroup Inc. began coverage on CIT Group Inc (DEL) in a research note on Monday, October 16th. They issued a “buy” rating and a $60.00 target price for the company. Keefe, Bruyette & Woods reissued a “hold” rating and issued a $47.00 target price on shares of CIT Group Inc (DEL) in a research note on Tuesday, October 3rd. Finally, BidaskClub lowered CIT Group Inc (DEL) from a “buy” rating to a “hold” rating in a research note on Monday, July 31st. Two research analysts have rated the stock with a sell rating, five have issued a hold rating and eight have assigned a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $49.89.

Shares of CIT Group Inc (NYSE:CIT) opened at $47.77 on Friday. CIT Group Inc has a 52 week low of $39.48 and a 52 week high of $50.40. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 1.20. The firm has a market capitalization of $6,270.24, a PE ratio of 15.66 and a beta of 1.47.

CIT Group Inc (DEL) (NYSE:CIT) last released its earnings results on Tuesday, October 24th. The financial services provider reported $1.02 earnings per share for the quarter, beating analysts’ consensus estimates of $0.82 by $0.20. CIT Group Inc (DEL) had a positive return on equity of 6.22% and a negative net margin of 20.05%. The company had revenue of $592.90 million during the quarter, compared to analyst estimates of $488.00 million. During the same quarter in the previous year, the company posted $0.65 EPS. analysts expect that CIT Group Inc will post 2.92 earnings per share for the current year.

The business also recently announced a quarterly dividend, which was paid on Friday, November 24th. Stockholders of record on Friday, November 10th were paid a $0.16 dividend. This represents a $0.64 dividend on an annualized basis and a dividend yield of 1.34%. The ex-dividend date of this dividend was Thursday, November 9th. This is a positive change from CIT Group Inc (DEL)’s previous quarterly dividend of $0.15. CIT Group Inc (DEL)’s payout ratio is -27.00%.

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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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