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.
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.
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.
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