CIT Group Inc (DEL) (NYSE:CIT) was upgraded by equities researchers at Stephens from an “equal weight” rating to an “overweight” rating in a research report issued on Monday, The Fly reports.

Several other equities analysts also recently issued reports on the company. Morgan Stanley initiated coverage on CIT Group Inc (DEL) in a research report on Monday, March 27th. They issued an “equal weight” rating and a $45.00 price objective for the company. Zacks Investment Research downgraded CIT Group Inc (DEL) from a “hold” rating to a “sell” rating in a research report on Tuesday, April 18th. Bank of America Corporation upgraded CIT Group Inc (DEL) from a “neutral” rating to a “buy” rating in a research report on Wednesday, April 26th. BMO Capital Markets reiterated a “sell” rating and issued a $30.00 price objective on shares of CIT Group Inc (DEL) in a research report on Friday, June 16th. Finally, Credit Suisse Group reiterated a “hold” rating and issued a $48.00 price objective on shares of CIT Group Inc (DEL) in a research report on Sunday, July 2nd. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average target price of $42.18.

CIT Group Inc (CIT) opened at 48.68 on Monday. The firm’s market capitalization is $9.87 billion. CIT Group Inc has a one year low of $32.90 and a one year high of $50.40. The stock’s 50 day moving average price is $46.84 and its 200-day moving average price is $44.04.

CIT Group Inc (DEL) (NYSE:CIT) last issued its quarterly earnings data on Tuesday, April 25th. The financial services provider reported $0.54 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.52 by $0.02. CIT Group Inc (DEL) had a positive return on equity of 5.25% and a negative net margin of 22.39%. The firm had revenue of $495.70 million during the quarter, compared to the consensus estimate of $499.98 million. During the same quarter in the previous year, the company posted $0.73 EPS. The business’s revenue for the quarter was down 5.9% compared to the same quarter last year. On average, equities research analysts anticipate that CIT Group Inc will post $2.76 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which was paid on Friday, June 30th. Investors of record on Friday, June 16th were issued a $0.175 dividend. This represents a $0.70 dividend on an annualized basis and a yield of 1.44%. The ex-dividend date of this dividend was Wednesday, June 14th. This is an increase from CIT Group Inc (DEL)’s previous quarterly dividend of $0.15. CIT Group Inc (DEL)’s dividend payout ratio is currently -14.60%.

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In related news, EVP Edward K. Sperling sold 4,480 shares of the company’s stock in a transaction dated Friday, May 26th. The stock was sold at an average price of $45.76, for a total value of $205,004.80. Following the completion of the sale, the executive vice president now owns 10,562 shares in the company, valued at $483,317.12. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Robert Rowe sold 9,244 shares of the company’s stock in a transaction dated Tuesday, May 30th. The shares were sold at an average price of $45.58, for a total value of $421,341.52. Following the completion of the sale, the executive vice president now owns 47,286 shares of the company’s stock, valued at approximately $2,155,295.88. The disclosure for this sale can be found here. Insiders sold 15,974 shares of company stock valued at $726,471 in the last quarter. 0.47% of the stock is currently owned by corporate insiders.

Large investors have recently added to or reduced their stakes in the stock. Clear Harbor Asset Management LLC bought a new stake in CIT Group Inc (DEL) during the first quarter worth approximately $215,000. ProShare Advisors LLC increased its stake in CIT Group Inc (DEL) by 1.2% in the first quarter. ProShare Advisors LLC now owns 35,286 shares of the financial services provider’s stock worth $1,515,000 after buying an additional 405 shares in the last quarter. Mn Services Vermogensbeheer B.V. increased its stake in CIT Group Inc (DEL) by 6.1% in the first quarter. Mn Services Vermogensbeheer B.V. now owns 5,389 shares of the financial services provider’s stock worth $216,000 after buying an additional 311 shares in the last quarter. Candriam Luxembourg S.C.A. increased its stake in CIT Group Inc (DEL) by 43.3% in the first quarter. Candriam Luxembourg S.C.A. now owns 24,799 shares of the financial services provider’s stock worth $1,065,000 after buying an additional 7,488 shares in the last quarter. Finally, State of Alaska Department of Revenue bought a new stake in CIT Group Inc (DEL) during the first quarter worth approximately $491,000. Institutional investors and hedge funds own 99.93% of the company’s stock.

CIT Group Inc (DEL) Company Profile

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.

The Fly

Analyst Recommendations for CIT Group Inc (DEL) (NYSE:CIT)

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