CIT Group Inc (DEL) (NYSE:CIT) to Issue $0.15 Quarterly Dividend
CIT Group Inc (DEL) (NYSE:CIT) declared a quarterly dividend on Monday, July 17th, RTT News reports. Shareholders of record on Friday, August 11th will be paid a dividend of 0.15 per share by the financial services provider on Friday, August 25th. This represents a $0.60 annualized dividend and a yield of 1.21%.
CIT Group Inc (DEL) has raised its dividend by an average of 81.7% annually over the last three years. CIT Group Inc (DEL) has a dividend payout ratio of 22.9% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect CIT Group Inc (DEL) to earn $3.71 per share next year, which means the company should continue to be able to cover its $0.60 annual dividend with an expected future payout ratio of 16.2%.
Shares of CIT Group Inc (NYSE:CIT) traded up 1.83% on Monday, reaching $49.57. The company’s stock had a trading volume of 1,967,889 shares. CIT Group Inc has a 12-month low of $32.90 and a 12-month high of $50.40. The firm has a 50 day moving average price of $46.84 and a 200-day moving average price of $44.04. The stock’s market cap is $10.05 billion.
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 for the quarter, beating analysts’ consensus estimates of $0.52 by $0.02. The business had revenue of $495.70 million for the quarter, compared to analyst estimates 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 was down 5.9% on a year-over-year basis. During the same period in the prior year, the company earned $0.73 earnings per share. Equities research analysts expect that CIT Group Inc will post $2.76 EPS for the current year.
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In related news, insider James L. Hudak sold 2,250 shares of CIT Group Inc (DEL) stock in a transaction on Monday, June 5th. The stock was sold at an average price of $44.50, for a total value of $100,125.00. Following the completion of the transaction, the insider now directly owns 59,621 shares in the company, valued at $2,653,134.50. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP Edward K. Sperling sold 4,480 shares of CIT Group Inc (DEL) stock in a transaction on Friday, May 26th. The shares were sold at an average price of $45.76, for a total value of $205,004.80. Following the completion of the transaction, the executive vice president now owns 10,562 shares of the company’s stock, valued at $483,317.12. The disclosure for this sale can be found here. In the last three months, insiders have sold 15,974 shares of company stock valued at $726,471. 0.47% of the stock is owned by insiders.
CIT Group Inc (DEL) declared that its Board of Directors has authorized a share repurchase plan on Thursday, April 27th that permits the company to repurchase $2.75 billion in outstanding shares. This repurchase authorization permits the financial services provider to repurchase up to 29.5% of its shares through a dutch auction. Shares repurchase plans are usually a sign that the company’s board believes its shares are undervalued.
A number of analysts have recently commented on CIT shares. Bank of America Corporation upgraded CIT Group Inc (DEL) from a “neutral” rating to a “buy” rating in a research note on Wednesday, April 26th. Zacks Investment Research downgraded CIT Group Inc (DEL) from a “hold” rating to a “sell” rating in a research note on Tuesday, June 27th. Morgan Stanley started coverage on CIT Group Inc (DEL) in a research note on Monday, March 27th. They issued an “equal weight” rating and a $45.00 target price on the stock. Credit Suisse Group restated a “hold” rating and issued a $48.00 target price on shares of CIT Group Inc (DEL) in a research note on Sunday, July 2nd. Finally, BidaskClub upgraded CIT Group Inc (DEL) from a “buy” rating to a “strong-buy” rating in a research note on Tuesday, June 20th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company. CIT Group Inc (DEL) currently has an average rating of “Hold” and an average price target of $42.18.
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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