Shares of CIT Group Inc. (NYSE:CIT) reached a new 52-week high on Wednesday . The stock traded as high as $54.71 and last traded at $54.58, with a volume of 651265 shares changing hands. The stock had previously closed at $53.84.
CIT has been the topic of several research reports. Morgan Stanley upped their target price on CIT Group from $51.00 to $54.00 and gave the company an “equal weight” rating in a report on Wednesday, December 13th. BMO Capital Markets raised CIT Group from an “underperform” rating to a “market perform” rating and lowered their target price for the company from $49.00 to $35.00 in a report on Monday, February 5th. Stephens set a $60.00 target price on CIT Group and gave the company a “buy” rating in a report on Wednesday, January 3rd. Oppenheimer reissued a “buy” rating on shares of CIT Group in a report on Tuesday, October 24th. Finally, Zacks Investment Research lowered CIT Group from a “buy” rating to a “hold” rating in a report on Friday, November 3rd. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and nine have assigned a buy rating to the company. The stock presently has an average rating of “Buy” and a consensus target price of $53.73.
The company has a debt-to-equity ratio of 1.20, a quick ratio of 1.05 and a current ratio of 1.05. The firm has a market capitalization of $7,099.63, a P/E ratio of 20.71 and a beta of 1.42.
CIT Group (NYSE:CIT) last posted its quarterly earnings data on Tuesday, January 30th. The financial services provider reported $0.99 EPS for the quarter, beating analysts’ consensus estimates of $0.81 by $0.18. The business had revenue of $537.00 million for the quarter, compared to analyst estimates of $469.24 million. CIT Group had a return on equity of 6.84% and a net margin of 14.60%. The business’s revenue for the quarter was up 15.7% compared to the same quarter last year. During the same quarter last year, the company earned $0.59 earnings per share. equities research analysts expect that CIT Group Inc. will post 4.24 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, February 23rd. Investors of record on Friday, February 9th will be paid a dividend of $0.16 per share. This represents a $0.64 dividend on an annualized basis and a dividend yield of 1.19%. The ex-dividend date of this dividend is Thursday, February 8th. CIT Group’s payout ratio is currently 24.62%.
Several institutional investors and hedge funds have recently bought and sold shares of the stock. Aperio Group LLC boosted its stake in shares of CIT Group by 1.0% during the fourth quarter. Aperio Group LLC now owns 105,723 shares of the financial services provider’s stock valued at $5,205,000 after acquiring an additional 1,062 shares during the last quarter. Amalgamated Bank boosted its stake in CIT Group by 8.0% in the 4th quarter. Amalgamated Bank now owns 14,441 shares of the financial services provider’s stock worth $711,000 after buying an additional 1,075 shares during the last quarter. Raymond James & Associates boosted its stake in CIT Group by 19.0% in the 4th quarter. Raymond James & Associates now owns 8,087 shares of the financial services provider’s stock worth $398,000 after buying an additional 1,293 shares during the last quarter. FDx Advisors Inc. boosted its stake in CIT Group by 10.4% in the 3rd quarter. FDx Advisors Inc. now owns 13,721 shares of the financial services provider’s stock worth $673,000 after buying an additional 1,295 shares during the last quarter. Finally, Schroder Investment Management Group boosted its stake in CIT Group by 82.0% in the 3rd quarter. Schroder Investment Management Group now owns 3,063 shares of the financial services provider’s stock worth $149,000 after buying an additional 1,380 shares during the last quarter.
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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.
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