Shares of CIT Group (NYSE:CIT) have been assigned a consensus recommendation of “Hold” from the eighteen analysts that are presently covering the stock, Marketbeat reports. One analyst has rated the stock with a sell recommendation, eight have assigned a hold recommendation and eight have given a buy recommendation to the company. The average 12 month target price among brokers that have issued ratings on the stock in the last year is $53.82.
Several research firms recently issued reports on CIT. BTIG Research reissued a “buy” rating and set a $57.00 price target on shares of CIT Group in a research report on Wednesday, April 18th. Zacks Investment Research lowered CIT Group from a “buy” rating to a “hold” rating in a research report on Tuesday, March 6th. Credit Suisse Group upped their price target on CIT Group from $50.00 to $54.00 and gave the company a “neutral” rating in a research report on Monday, February 5th. TheStreet raised CIT Group from a “c+” rating to a “b-” rating in a research report on Tuesday, March 20th. Finally, UBS began coverage on CIT Group in a research note on Tuesday, March 27th. They set a “neutral” rating and a $56.00 price objective for the company.
In related news, insider James L. Hudak sold 2,000 shares of the company’s stock in a transaction on Thursday, March 1st. The stock was sold at an average price of $53.63, for a total transaction of $107,260.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.27% of the stock is owned by corporate insiders.
Shares of CIT stock traded down $0.21 on Thursday, hitting $52.95. 494,568 shares of the stock traded hands, compared to its average volume of 905,446. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 1.28. The firm has a market cap of $6,926.89, a P/E ratio of 17.10 and a beta of 1.30. CIT Group has a 1-year low of $43.25 and a 1-year high of $56.14.
CIT Group (NYSE:CIT) last posted its quarterly earnings results on Tuesday, April 24th. The financial services provider reported $0.74 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.96 by ($0.22). CIT Group had a net margin of 14.60% and a return on equity of 7.08%. During the same period last year, the business earned $0.54 EPS. research analysts forecast that CIT Group will post 4.2 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, May 25th. Investors of record on Friday, May 11th will be paid a dividend of $0.16 per share. The ex-dividend date of this dividend is Thursday, May 10th. This represents a $0.64 dividend on an annualized basis and a yield of 1.21%. CIT Group’s payout ratio is currently 20.85%.
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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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