Barclays PLC Trims CIT Group Inc (DEL) (NYSE:CIT) Target Price to $44.00

CIT Group Inc (DEL) (NYSE:CIT) had its price objective trimmed by Barclays PLC from $45.00 to $44.00 in a research note issued to investors on Wednesday, October 25th. The firm currently has an equal weight rating on the financial services provider’s stock.

CIT has been the topic of several other reports. BTIG Research reissued a buy rating and issued a $57.00 price target on shares of CIT Group Inc (DEL) in a research note on Tuesday, July 25th. They noted that the move was a valuation call. BMO Capital Markets reissued a sell rating and issued a $31.00 price target on shares of CIT Group Inc (DEL) in a research note on Friday, October 6th. Credit Suisse Group reissued a hold rating and issued a $48.00 price target on shares of CIT Group Inc (DEL) in a research note on Sunday, July 2nd. CIBC reissued an outperform rating on shares of CIT Group Inc (DEL) in a research note on Tuesday, July 11th. Finally, ValuEngine lowered CIT Group Inc (DEL) from a buy rating to a hold rating in a research note on Wednesday, July 19th. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating and eight have assigned a buy rating to the stock. CIT Group Inc (DEL) has a consensus rating of Hold and an average price target of $49.89.

Shares of CIT Group Inc (CIT) traded down $0.39 during mid-day trading on Wednesday, reaching $44.69. The company had a trading volume of 525,500 shares, compared to its average volume of 2,018,170. CIT Group Inc has a 1-year low of $37.87 and a 1-year high of $50.40. The company has a market capitalization of $5,917.15, a PE ratio of 14.78 and a beta of 1.47. The company has a debt-to-equity ratio of 1.20, a current ratio of 1.05 and a quick ratio of 1.10.

CIT Group Inc (DEL) (NYSE:CIT) last announced its earnings results on Tuesday, October 24th. The financial services provider reported $1.02 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.82 by $0.20. CIT Group Inc (DEL) had a positive return on equity of 6.22% and a negative net margin of 20.05%. The business had revenue of $592.90 million for the quarter, compared to analysts’ expectations of $488.00 million. During the same period in the prior year, the business posted $0.65 earnings per share. sell-side analysts predict that CIT Group Inc will post 2.89 earnings per share for the current year.

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The business also recently declared a quarterly dividend, which will be paid on Friday, November 24th. Investors of record on Friday, November 10th will be given a $0.16 dividend. This is a positive change from CIT Group Inc (DEL)’s previous quarterly dividend of $0.15. This represents a $0.64 dividend on an annualized basis and a yield of 1.43%. The ex-dividend date of this dividend is Thursday, November 9th. CIT Group Inc (DEL)’s dividend payout ratio is presently -27.00%.

In other CIT Group Inc (DEL) news, insider Steve Solk sold 1,460 shares of the company’s stock in a transaction on Friday, August 25th. The stock was sold at an average price of $45.00, for a total value of $65,700.00. Following the completion of the transaction, the insider now owns 14,832 shares in the company, valued at approximately $667,440. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Denise M. Menelly sold 8,951 shares of the company’s stock in a transaction on Wednesday, November 1st. The shares were sold at an average price of $46.84, for a total value of $419,264.84. Following the completion of the transaction, the executive vice president now owns 41,546 shares of the company’s stock, valued at approximately $1,946,014.64. The disclosure for this sale can be found here. Corporate insiders own 0.47% of the company’s stock.

A number of large investors have recently made changes to their positions in the business. Wells Fargo & Company MN grew its stake in CIT Group Inc (DEL) by 7.1% in the 3rd quarter. Wells Fargo & Company MN now owns 2,132,765 shares of the financial services provider’s stock valued at $104,611,000 after purchasing an additional 141,552 shares during the period. Twin Capital Management Inc. bought a new position in CIT Group Inc (DEL) in the 3rd quarter valued at $953,000. Schroder Investment Management Group grew its stake in CIT Group Inc (DEL) by 82.0% in the 3rd quarter. Schroder Investment Management Group now owns 3,063 shares of the financial services provider’s stock valued at $149,000 after purchasing an additional 1,380 shares during the period. Trexquant Investment LP bought a new position in CIT Group Inc (DEL) in the 3rd quarter valued at $701,000. Finally, JPMorgan Chase & Co. grew its stake in CIT Group Inc (DEL) by 209.7% in the 3rd quarter. JPMorgan Chase & Co. now owns 485,271 shares of the financial services provider’s stock valued at $23,661,000 after purchasing an additional 328,586 shares during the period.

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.

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

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