Credit Suisse Group reissued their hold rating on shares of CIT Group Inc (DEL) (NYSE:CIT) in a research note issued to investors on Sunday, July 2nd. Credit Suisse Group currently has a $48.00 price objective on the financial services provider’s stock.
CIT has been the topic of a number of other research reports. Bank of America Corporation raised shares of CIT Group Inc (DEL) from a neutral rating to a buy rating in a research note on Wednesday, April 26th. Zacks Investment Research cut shares of CIT Group Inc (DEL) from a hold rating to a sell rating in a research note on Tuesday, June 27th. Morgan Stanley began coverage on shares of CIT Group Inc (DEL) in a research report on Monday, March 27th. They set an equal weight rating and a $45.00 target price on the stock. BidaskClub upgraded shares of CIT Group Inc (DEL) from a buy rating to a strong-buy rating in a report on Tuesday, June 20th. Finally, BMO Capital Markets reiterated a sell rating and issued a $30.00 target price on shares of CIT Group Inc (DEL) in a report on Wednesday, April 26th. Two analysts have rated the stock with a sell rating, eight have issued a hold rating, five have issued a buy rating and one has issued a strong buy rating to the stock. CIT Group Inc (DEL) currently has a consensus rating of Hold and an average target price of $41.00.
CIT Group Inc (NYSE:CIT) traded up 0.10% during trading on Friday, hitting $48.71. The stock had a trading volume of 324,215 shares. The firm’s market cap is $9.88 billion. The stock’s 50 day moving average price is $46.84 and its 200 day moving average price is $44.04. CIT Group Inc has a 12-month low of $32.09 and a 12-month high of $50.40. CIT Group Inc (DEL) also saw unusually large options trading activity on Monday. Traders purchased 6,081 call options on the stock. This represents an increase of approximately 1,535% compared to the average volume of 372 call options.
CIT Group Inc (DEL) (NYSE:CIT) last posted its quarterly earnings data on Tuesday, April 25th. The financial services provider reported $0.54 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.52 by $0.02. CIT Group Inc (DEL) had a negative net margin of 22.39% and a positive return on equity of 5.25%. The company had revenue of $495.70 million for the quarter, compared to the consensus estimate of $499.98 million. During the same quarter in the previous year, the firm posted $0.73 EPS. The business’s revenue was down 5.9% compared to the same quarter last year. On average, analysts anticipate that CIT Group Inc will post $2.76 EPS for the current fiscal year.
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The business also recently announced a quarterly dividend, which was paid on Friday, June 30th. Investors of record on Friday, June 16th were given a dividend of $0.175 per share. This represents a $0.70 dividend on an annualized basis and a dividend yield of 1.44%. The ex-dividend date of this dividend was Wednesday, June 14th. This is an increase from CIT Group Inc (DEL)’s previous quarterly dividend of $0.15. CIT Group Inc (DEL)’s payout ratio is presently -14.60%.
In other news, EVP Robert Rowe sold 9,244 shares of the stock in a transaction dated Tuesday, May 30th. The shares were sold at an average price of $45.58, for a total value of $421,341.52. Following the sale, the executive vice president now directly owns 47,286 shares of the company’s stock, valued at $2,155,295.88. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Edward K. Sperling sold 4,480 shares of the stock in a transaction dated Friday, May 26th. The stock was sold at an average price of $45.76, for a total transaction of $205,004.80. Following the completion of the sale, the executive vice president now directly owns 10,562 shares in the company, valued at $483,317.12. The disclosure for this sale can be found here. Insiders have sold a total of 15,974 shares of company stock valued at $726,471 in the last 90 days. 0.47% of the stock is currently owned by company insiders.
A number of hedge funds have recently made changes to their positions in CIT. SG Americas Securities LLC acquired a new stake in shares of CIT Group Inc (DEL) during the first quarter worth approximately $115,000. Pacer Advisors Inc. raised its position in CIT Group Inc (DEL) by 3.2% in the first quarter. Pacer Advisors Inc. now owns 3,848 shares of the financial services provider’s stock valued at $165,000 after buying an additional 121 shares in the last quarter. Oppenheimer Asset Management Inc. acquired a new stake in CIT Group Inc (DEL) during the first quarter valued at approximately $199,000. Janney Montgomery Scott LLC acquired a new stake in CIT Group Inc (DEL) during the first quarter valued at approximately $209,000. Finally, Clear Harbor Asset Management LLC purchased a new stake in CIT Group Inc (DEL) during the first quarter worth about $215,000. 99.90% of the stock is owned by institutional investors.
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.
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