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CIT Group Inc (DEL) (NYSE:CIT) Trading Volume Significantly Lower

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AUGUST 9, 2017 / BY CLARENCE MARTIN

CIT Group Inc (DEL) shares had a trading volume of 979K by the end of trading on Wednesday. Trading volume was down 78.22% under the stocks average daily volume.

There has been some buying and selling insider activity on CIT Group Inc (DEL) (NYSE:CIT) recently. Director Michael L. Brosnan acquired 24 shares at an average price of $45.68 on June 9th. That brings Brosnan’s holdings to $172,130 as recorded in a recent Form 4 SEC filing. James L. Hudak, President, Commercial Banking reported the sale of 2,250 shares of CIT stock. The shares were sold on June 5th for an average price of $44.50. Hudak now owns $2,653,141 of the stock according to the SEC filing.

Edward K. Sperling, EVP & Controller sold $205,005 worth of shares at an average price of $45.76 on Fri the 26th. The EVP & Controller now owns $483,299 of the stock per an SEC filing yesterday.

Here are a few other firms who have also updated their positions. Mitsubishi Ufj Trust & Banking Corp reduced its stake by shedding 42,262 shares a decrease of 10.5% as of 06/30/2017. Mitsubishi Ufj Trust & Banking Corp now controls 358,722 shares worth $17,470,000. The value of the position overall is up by 1.5%. Zurcher Kantonalbank (zurich Cantonalbank) bolstered its position by buying 89,180 shares an increase of 232.7% from 03/31/2017 to 06/30/2017. Zurcher Kantonalbank (zurich Cantonalbank) currently owns 127,510 shares valued at $6,210,000. The total value of its holdings increased 277.3%.

Fjarde Ap-fonden /fourth Swedish National Pension Fund downsized its investment by shedding 7,705 shares a decrease of 14.3%. Fjarde Ap-fonden /fourth Swedish National Pension Fund owns 46,321 shares with a value of $2,256,000. The value of the position overall is down by 2.7%. Utah Retirement Systems augmented its holdings by buying 700 shares an increase of 1.9% in the quarter. Utah Retirement Systems now holds 37,082 shares with a value of $1,805,000. The total value of its holdings increased 15.6%.

July 26 investment analysts at BMO Capital made no change to the stock rating of “Underperform” and raised the price expectation from $33.00 to $48.60. On July 17, 2017 the stock rating was changed to a “Overweight” in a report from Stephens & Co. which was a boost from the previous “Equal-Weight” rating.

On July 11 Oppenheimer kept the company rating at “Outperform” and raised the price target to $53.00 from $50.00. BMO Capital lowered the price target and downgraded the stock on November 18 changing the price objective from $37.00 to $33.00 and cutting the rating from “Market Perform” to “Underperform”.

On November 18 the company was downgraded from “Market Perform” to “Underperform” with a current price target of $33.00 by BMO Capital. On November 1, 2016 Stephens & Co. released its first research report on the stock setting a rating of “Equal-Weight”.

The company is so far trading down by -0.02 percent from yesterday’s close. The company recently declared a dividend that will be paid on Fri Aug 25, 2017. The dividend payment will be $0.150 per share for the quarter which is $0.60 annualized. The dividend yield will be $1.26. The ex-dividend date will be Wednesday May 10th, 2017.

Company chares are trading at $47.50 which is a tad under the 50 day moving average of $48.59 and a tad above the 200 day moving average of $45.02. The 50 day moving average went down $-1.09 or -2.25% and the 200 day average moved up $2.48.

In the latest earnings report the EPS was $-3.42 and is expected to be $2.77 for the current year with 135,419,000 shares outstanding. Analysts expect next quarter’s EPS to be $0.81 and the next full year EPS is anticipated to be $3.84.

CIT Group Inc. (CIT), launched on March 12, 2001, 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 Business’s segments include Commercial Banking, Consumer Banking, Non-Strategic Portfolios, and Corporate and Other. The Business’s products and services include account receivables collection, acquisition and expansion financing, asset management and servicing, asset-based loans, credit protection, cash management and payment services, debt restructuring, debt underwriting and syndication, deposits, enterprise value and cash flow loans, equipment leases, factoring services, financial risk management, import and export financing, insurance services, letters of credit/trade acceptances, merger and acquisition advisory services, residential mortgage loans and mortgage servicing, secured lines of credit, and small business administration (SBA) loans.

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