CIT Group Inc (DEL) (NYSE:CIT) had its target price boosted by JMP Securities from $49.00 to $54.00 in a research note issued to investors on Thursday. The brokerage currently has a “market outperform” rating on the financial services provider’s stock. JMP Securities’ price objective would indicate a potential upside of 10.93% from the company’s previous close.
A number of other equities analysts have also issued reports on CIT. BidaskClub raised CIT Group Inc (DEL) from a “buy” rating to a “strong-buy” rating in a report on Tuesday, June 20th. Morgan Stanley began coverage on CIT Group Inc (DEL) in a report on Monday, March 27th. They set an “equal weight” rating and a $45.00 price target on the stock. Zacks Investment Research lowered CIT Group Inc (DEL) from a “hold” rating to a “sell” rating in a report on Tuesday, June 27th. Credit Suisse Group reissued a “hold” rating and set a $48.00 price target on shares of CIT Group Inc (DEL) in a report on Sunday, July 2nd. Finally, BMO Capital Markets reissued a “sell” rating and set a $30.00 price target on shares of CIT Group Inc (DEL) in a report on Wednesday, April 26th. One research analyst has rated the stock with a sell rating, eight have given a hold rating, six have given a buy rating and one has given a strong buy rating to the company. The stock has a consensus rating of “Hold” and an average target price of $42.18.
CIT Group Inc (CIT) opened at 48.68 on Thursday. CIT Group Inc has a 52-week low of $32.90 and a 52-week high of $50.40. The stock has a 50 day moving average price of $46.84 and a 200 day moving average price of $44.04. The company’s market capitalization is $9.87 billion.
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CIT Group Inc (DEL) (NYSE:CIT) last announced its quarterly earnings data on Tuesday, April 25th. The financial services provider reported $0.54 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.52 by $0.02. The business had revenue of $495.70 million for the quarter, compared to analysts’ expectations of $499.98 million. CIT Group Inc (DEL) had a positive return on equity of 5.25% and a negative net margin of 22.39%. The company’s revenue for the quarter was down 5.9% compared to the same quarter last year. During the same period last year, the firm earned $0.73 earnings per share. On average, equities analysts expect that CIT Group Inc will post $2.76 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Friday, June 30th. Stockholders of record on Friday, June 16th were paid a dividend of $0.175 per share. The ex-dividend date of this dividend was Wednesday, June 14th. This is a boost from CIT Group Inc (DEL)’s previous quarterly dividend of $0.15. This represents a $0.70 annualized dividend and a dividend yield of 1.44%. CIT Group Inc (DEL)’s payout ratio is currently -14.60%.
In other news, EVP Edward K. Sperling sold 4,480 shares of the business’s stock in a transaction on Friday, May 26th. The shares were 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 of the company’s stock, valued at approximately $483,317.12. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider James L. Hudak sold 2,250 shares of the business’s stock in a transaction on Monday, June 5th. The shares were sold at an average price of $44.50, for a total transaction of $100,125.00. Following the sale, the insider now directly owns 59,621 shares of the company’s stock, valued at $2,653,134.50. 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 over the last three months. Corporate insiders own 0.47% of the company’s stock.
Several 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 $115,000. Pacer Advisors Inc. boosted its stake in shares of 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 worth $165,000 after buying an additional 121 shares during the period. Oppenheimer Asset Management Inc. acquired a new stake in shares of CIT Group Inc (DEL) during the first quarter worth $199,000. Janney Montgomery Scott LLC acquired a new stake in shares of CIT Group Inc (DEL) during the first quarter worth $209,000. Finally, Clear Harbor Asset Management LLC acquired a new stake in shares of CIT Group Inc (DEL) during the first quarter worth $215,000. 99.93% of the stock is owned by institutional investors.
About CIT Group Inc (DEL)
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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