Shares of CIT Group Inc. (NYSE:CIT) have been assigned an average recommendation of “Hold” from the thirteen ratings firms that are currently covering the company, Marketbeat.com reports. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating and two have issued a buy rating on the company. The average 12-month price target among brokerages that have covered the stock in the last year is $54.21.
CIT has been the topic of several recent research reports. ValuEngine downgraded CIT Group from a “hold” rating to a “sell” rating in a research note on Monday, October 22nd. Morgan Stanley upped their price target on CIT Group from $57.00 to $58.00 and gave the stock an “equal weight” rating in a research note on Tuesday, July 31st. Stephens downgraded CIT Group from an “overweight” rating to an “equal weight” rating and set a $60.00 price target on the stock. in a research note on Monday, August 27th. BMO Capital Markets upped their price target on CIT Group from $44.00 to $47.00 and gave the stock a “market perform” rating in a research note on Thursday, October 25th. Finally, Zacks Investment Research downgraded CIT Group from a “hold” rating to a “sell” rating in a research note on Wednesday, October 10th.
Shares of CIT Group stock traded down $0.03 during midday trading on Monday, hitting $47.04. The company had a trading volume of 446,190 shares, compared to its average volume of 1,332,097. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 1.43. The company has a market capitalization of $5.33 billion, a P/E ratio of 15.32, a PEG ratio of 1.17 and a beta of 1.30. CIT Group has a 52-week low of $43.80 and a 52-week high of $56.14.
CIT Group (NYSE:CIT) last posted its quarterly earnings results on Tuesday, October 23rd. The financial services provider reported $1.15 earnings per share for the quarter, topping the consensus estimate of $1.14 by $0.01. The company had revenue of $476.00 million for the quarter, compared to the consensus estimate of $475.48 million. CIT Group had a return on equity of 7.39% and a net margin of 8.00%. The firm’s quarterly revenue was up 2.6% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.42 EPS. As a group, equities analysts expect that CIT Group will post 4.01 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, November 27th. Shareholders of record on Tuesday, November 13th will be paid a dividend of $0.25 per share. The ex-dividend date is Friday, November 9th. This represents a $1.00 annualized dividend and a yield of 2.13%. CIT Group’s dividend payout ratio is 32.57%.
A number of institutional investors and hedge funds have recently modified their holdings of CIT. State Board of Administration of Florida Retirement System lifted its holdings in shares of CIT Group by 2.1% during the 2nd quarter. State Board of Administration of Florida Retirement System now owns 237,103 shares of the financial services provider’s stock valued at $11,952,000 after buying an additional 4,781 shares during the period. BlackRock Inc. lifted its holdings in shares of CIT Group by 2.9% during the 2nd quarter. BlackRock Inc. now owns 7,146,945 shares of the financial services provider’s stock valued at $360,277,000 after buying an additional 202,373 shares during the period. Putnam Investments LLC lifted its holdings in shares of CIT Group by 201.6% during the 2nd quarter. Putnam Investments LLC now owns 388,316 shares of the financial services provider’s stock valued at $19,575,000 after buying an additional 259,581 shares during the period. Marshall Wace LLP bought a new position in shares of CIT Group during the 2nd quarter valued at $734,000. Finally, California Public Employees Retirement System lifted its holdings in shares of CIT Group by 3.6% during the 2nd quarter. California Public Employees Retirement System now owns 440,023 shares of the financial services provider’s stock valued at $22,182,000 after buying an additional 15,189 shares during the period.
CIT Group Company Profile
CIT Group Inc operates as the bank holding company for CIT Bank, National Association that provides banking and related services to commercial and individual customers. The company operates through three segments: Commercial Banking, Consumer Banking, and Non-Strategic Portfolios (NSP). The Commercial Banking segment offers lending, leasing, and other financial and advisory services primarily to small and middle-market companies; factoring, receivables management products, and secured supply chain financing; and equipment leasing and secured financing to railroads and non-rail companies.
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