CIT Group Inc. to Issue Quarterly Dividend of $0.15 (CIT)
CIT Group Inc. (NYSE:CIT) declared a quarterly dividend on Tuesday, October 18th. Shareholders of record on Friday, November 11th will be given a dividend of 0.15 per share by the financial services provider on Friday, November 25th. This represents a $0.60 dividend on an annualized basis and a yield of 1.64%.
CIT Group (NYSE:CIT) traded up 1.47% during trading on Tuesday, reaching $36.62. The company’s stock had a trading volume of 2,044,575 shares. The stock’s 50-day moving average is $35.98 and its 200 day moving average is $33.92. The firm has a market capitalization of $7.40 billion, a price-to-earnings ratio of 7.31 and a beta of 1.52. CIT Group has a 52-week low of $25.19 and a 52-week high of $46.51.
CIT Group (NYSE:CIT) last released its quarterly earnings results on Thursday, July 28th. The financial services provider reported $0.90 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.77 by $0.13. CIT Group had a return on equity of 5.54% and a net margin of 22.45%. The business earned $645.10 million during the quarter, compared to analyst estimates of $620.33 million. During the same quarter last year, the company posted $0.66 EPS. CIT Group’s revenue for the quarter was up 58.7% on a year-over-year basis. On average, analysts predict that CIT Group will post $2.33 EPS for the current fiscal year.
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A number of hedge funds have recently added to or reduced their stakes in CIT. Fifth Third Bancorp raised its stake in shares of CIT Group by 11.6% in the second quarter. Fifth Third Bancorp now owns 9,320 shares of the financial services provider’s stock valued at $297,000 after buying an additional 971 shares during the last quarter. Comerica Bank raised its stake in shares of CIT Group by 55.5% in the second quarter. Comerica Bank now owns 188,166 shares of the financial services provider’s stock valued at $6,606,000 after buying an additional 67,131 shares during the last quarter. Alliancebernstein L.P. raised its stake in shares of CIT Group by 7.5% in the second quarter. Alliancebernstein L.P. now owns 149,946 shares of the financial services provider’s stock valued at $4,785,000 after buying an additional 10,481 shares during the last quarter. Commonwealth Bank of Australia raised its stake in shares of CIT Group by 4.5% in the second quarter. Commonwealth Bank of Australia now owns 43,679 shares of the financial services provider’s stock valued at $1,394,000 after buying an additional 1,900 shares during the last quarter. Finally, Tredje AP fonden raised its stake in shares of CIT Group by 43.0% in the second quarter. Tredje AP fonden now owns 23,850 shares of the financial services provider’s stock valued at $761,000 after buying an additional 7,170 shares during the last quarter. 98.51% of the stock is currently owned by hedge funds and other institutional investors.
A number of research firms recently weighed in on CIT. BMO Capital Markets reiterated a “hold” rating on shares of CIT Group in a research report on Monday, October 10th. BTIG Research set a $52.00 price objective on CIT Group and gave the stock a “buy” rating in a research report on Saturday, October 8th. JMP Securities restated a “buy” rating on shares of CIT Group in a research report on Monday, October 10th. Bank of America Corp. upgraded CIT Group from an “underperform” rating to a “neutral” rating and set a $39.00 price objective for the company in a research report on Tuesday, October 11th. Finally, Stifel Nicolaus lowered CIT Group from a “buy” rating to a “hold” rating and raised their price objective for the stock from $40.00 to $41.00 in a research report on Friday, October 7th. Twelve analysts have rated the stock with a hold rating and eight have given a buy rating to the company. CIT Group presently has a consensus rating of “Hold” and a consensus price target of $42.81.
CIT Group Company Profile
CIT Group Inc (CIT) is a bank holding company. The Company, together with its subsidiaries, provides financing, leasing and advisory services to middle market companies in a range of industries in North America, and equipment financing and leasing solutions to the transportation industry around the world.
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