CIT Group’s “Equal Weight” Rating Reaffirmed at Morgan Stanley (CIT)
CIT Group (NYSE:CIT)‘s stock had its “equal weight” rating reaffirmed by Morgan Stanley in a research note issued on Wednesday, Stock Ratings Network.com reports.
The analysts wrote, “CIT announced it had repurchased $143 million shares in 4Q13, for a total of $193 million in repurchases for 2013 ($200 million authorized),” the report noted. “CIT also announced the authorization of $300M in share repurchases (in addition to the $7M remaining under the current authorization) for 2014. Finally, CIT declared a 1Q14 dividend of 10c, flat q/q and in-line with our expectations.”
A number of other analysts have also recently weighed in on CIT. Analysts at Goldman Sachs Group Inc. initiated coverage on shares of CIT Group in a research note to investors on Wednesday. They set a “neutral” rating and a $55.00 price target on the stock. Separately, analysts at Zacks upgraded shares of CIT Group from a “neutral” rating to an “outperform” rating in a research note to investors on Monday, January 13th. They now have a $56.00 price target on the stock. Finally, analysts at Zacks reiterated a “neutral” rating on shares of CIT Group in a research note to investors on Thursday, December 5th. They now have a $53.00 price target on the stock. Nine equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. The company has a consensus rating of “Hold” and an average price target of $53.90.
Shares of CIT Group (NYSE:CIT) traded up 0.34% on Wednesday, hitting $49.81. 1,124,156 shares of the company’s stock traded hands. CIT Group has a 52-week low of $39.46 and a 52-week high of $52.72. The stock’s 50-day moving average is $50.74 and its 200-day moving average is $49.59. The company has a market cap of $9.970 billion and a price-to-earnings ratio of 13.31. CIT Group also saw some unusual options trading activity on Tuesday. Traders purchased 13,381 call options on the company. This represents an increase of 1,414% compared to the typical volume of 884 call options.
The company also recently declared a quarterly dividend, which is scheduled for Friday, February 28th. Shareholders of record on Friday, February 14th will be given a dividend of 0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 0.81%.
CIT Group Inc is a bank holding company (NYSE:CIT) together with its owned subsidiaries (CIT), provides primarily commercial financing and leasing products and other services to small and middle market businesses across a range of industries.
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