Shares of CIT Group Inc. (NYSE:CIT) have been given an average recommendation of “Hold” by the sixteen ratings firms that are covering the company, Marketbeat reports. Two investment analysts have rated the stock with a sell recommendation, six have given a hold recommendation and eight have issued a buy recommendation on the company. The average 12 month target price among brokerages that have issued ratings on the stock in the last year is $50.11.
A number of brokerages have issued reports on CIT. Morgan Stanley increased their target price on shares of CIT Group from $51.00 to $54.00 and gave the company an “equal weight” rating in a report on Wednesday, December 13th. Wells Fargo & Company began coverage on shares of CIT Group in a report on Friday, December 1st. They issued a “market perform” rating and a $52.00 target price for the company. Oppenheimer reaffirmed a “buy” rating on shares of CIT Group in a report on Tuesday, October 24th. BMO Capital Markets reaffirmed a “sell” rating and issued a $31.00 target price on shares of CIT Group in a report on Friday, October 6th. Finally, Citigroup began coverage on shares of CIT Group in a report on Monday, October 16th. They issued a “buy” rating and a $60.00 target price for the company.
In other news, EVP Denise M. Menelly sold 8,951 shares of the firm’s stock in a transaction that occurred 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 transaction, the executive vice president now directly owns 41,546 shares of the company’s stock, valued at approximately $1,946,014.64. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Company insiders own 0.47% of the company’s stock.
Shares of CIT Group (NYSE:CIT) traded down $0.24 during trading on Friday, reaching $49.34. 668,575 shares of the company’s stock were exchanged, compared to its average volume of 1,927,001. CIT Group has a 12 month low of $39.48 and a 12 month high of $51.73. The company has a debt-to-equity ratio of 1.20, a quick ratio of 1.05 and a current ratio of 1.05. The stock has a market capitalization of $6,552.44, a PE ratio of 16.37 and a beta of 1.49.
CIT Group (NYSE:CIT) last issued its earnings results on Tuesday, October 24th. The financial services provider reported $1.02 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.82 by $0.20. CIT Group had a negative net margin of 20.05% and a positive return on equity of 6.22%. The company had revenue of $592.90 million during the quarter, compared to analysts’ expectations of $488.00 million. During the same period last year, the company posted $0.65 earnings per share. research analysts predict that CIT Group will post 2.92 earnings per share for the current fiscal year.
The firm 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 represents a $0.64 dividend on an annualized basis and a dividend yield of 1.30%. This is a boost from CIT Group’s previous quarterly dividend of $0.15. The ex-dividend date was Thursday, November 9th. CIT Group’s dividend payout ratio (DPR) is -27.00%.
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About CIT Group
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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