CIT Group Inc. Plans Quarterly Dividend of $0.16 (CIT)

CIT Group Inc. (NYSE:CIT) declared a quarterly dividend on Monday, January 22nd, RTT News reports. Stockholders of record on Friday, February 9th will be given a dividend of 0.16 per share by the financial services provider on Friday, February 23rd. This represents a $0.64 annualized dividend and a dividend yield of 1.22%.

CIT Group has increased its dividend by an average of 6.9% annually over the last three years. CIT Group has a dividend payout ratio of 21.9% meaning its dividend is sufficiently covered by earnings. Research analysts expect CIT Group to earn $3.90 per share next year, which means the company should continue to be able to cover its $0.64 annual dividend with an expected future payout ratio of 16.4%.

CIT Group (NYSE:CIT) traded up $0.19 during trading on Monday, hitting $52.29. 878,940 shares of the stock traded hands, compared to its average volume of 861,446. The stock has a market capitalization of $6,860.00, a P/E ratio of 373.50 and a beta of 1.49. The company has a debt-to-equity ratio of 1.20, a quick ratio of 1.05 and a current ratio of 1.05. CIT Group has a 1-year low of $39.48 and a 1-year high of $53.76.

CIT Group (NYSE:CIT) last released its earnings results on Tuesday, October 24th. The financial services provider reported $1.02 earnings per share for the quarter, topping the consensus estimate of $0.82 by $0.20. The business had revenue of $592.90 million for the quarter, compared to the consensus estimate of $488.00 million. CIT Group had a negative net margin of 20.05% and a positive return on equity of 6.22%. During the same period last year, the firm posted $0.65 earnings per share. research analysts predict that CIT Group will post 2.92 earnings per share for the current fiscal year.

Several research analysts have recently weighed in on CIT shares. Morgan Stanley lifted their target price on shares of CIT Group from $51.00 to $54.00 and gave the stock an “equal weight” rating in a research report on Wednesday, December 13th. Stephens set a $60.00 target price on shares of CIT Group and gave the stock a “buy” rating in a research report on Wednesday, January 3rd. Oppenheimer reissued a “buy” rating on shares of CIT Group in a research report on Tuesday, October 24th. Zacks Investment Research downgraded shares of CIT Group from a “buy” rating to a “hold” rating in a research report on Friday, November 3rd. Finally, BMO Capital Markets lifted their target price on shares of CIT Group from $31.00 to $35.00 and gave the stock an “underperform” rating in a research report on Wednesday, October 25th. Two research analysts have rated the stock with a sell rating, five have given a hold rating and nine have given a buy rating to the company’s stock. CIT Group has an average rating of “Hold” and a consensus target price of $52.82.

In related news, EVP Denise M. Menelly sold 8,951 shares of the business’s stock in a transaction that occurred on Wednesday, November 1st. The shares were sold at an average price of $46.84, for a total transaction of $419,264.84. Following the transaction, the executive vice president now directly owns 41,546 shares of the company’s stock, valued at $1,946,014.64. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.47% of the company’s stock.

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CIT Group 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.

Dividend History for CIT Group (NYSE:CIT)

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