CIT Group Inc. (NYSE:CIT) EVP John J. Fawcett bought 7,000 shares of CIT Group stock in a transaction dated Tuesday, August 13th. The stock was purchased at an average price of $43.96 per share, with a total value of $307,720.00. Following the purchase, the executive vice president now owns 15,802 shares in the company, valued at $694,655.92. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink.
Shares of NYSE:CIT traded up $1.14 during midday trading on Thursday, reaching $41.96. The company had a trading volume of 28,165 shares, compared to its average volume of 613,954. The stock has a 50 day simple moving average of $49.64. The company has a debt-to-equity ratio of 1.13, a quick ratio of 0.94 and a current ratio of 0.94. The stock has a market capitalization of $4.22 billion, a PE ratio of 10.37, a P/E/G ratio of 0.89 and a beta of 1.53. CIT Group Inc. has a 52-week low of $35.50 and a 52-week high of $55.48.
CIT Group (NYSE:CIT) last issued its quarterly earnings results on Tuesday, July 23rd. The financial services provider reported $1.32 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.13 by $0.19. The company had revenue of $466.80 million for the quarter, compared to the consensus estimate of $463.21 million. CIT Group had a net margin of 14.72% and a return on equity of 9.02%. The firm’s quarterly revenue was down 11.0% on a year-over-year basis. During the same period in the previous year, the firm earned $1.00 EPS. On average, equities research analysts forecast that CIT Group Inc. will post 4.99 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Friday, August 23rd. Investors of record on Friday, August 9th will be issued a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a dividend yield of 3.34%. The ex-dividend date of this dividend is Thursday, August 8th. CIT Group’s dividend payout ratio (DPR) is currently 34.65%.
Several research firms have recently issued reports on CIT. BMO Capital Markets upped their target price on shares of CIT Group from $49.00 to $50.00 and gave the stock a “market perform” rating in a research note on Wednesday, July 24th. UBS Group upped their target price on shares of CIT Group from $55.00 to $60.00 and gave the stock a “buy” rating in a research note on Wednesday, April 24th. Oppenheimer upped their target price on shares of CIT Group from $63.00 to $71.00 and gave the stock an “outperform” rating in a research note on Wednesday, April 24th. Citigroup upped their target price on shares of CIT Group from $55.00 to $62.00 and gave the stock a “buy” rating in a research note on Wednesday, April 24th. Finally, Zacks Investment Research upgraded shares of CIT Group from a “sell” rating to a “hold” rating in a research note on Monday, April 22nd. One research analyst has rated the stock with a sell rating, five have issued a hold rating and three have issued a buy rating to the company. The stock currently has an average rating of “Hold” and an average target price of $56.25.
Large investors have recently modified their holdings of the stock. C M Bidwell & Associates Ltd. purchased a new position in shares of CIT Group in the 2nd quarter worth about $31,000. Icon Wealth Partners LLC purchased a new stake in CIT Group during the first quarter valued at about $32,000. Harel Insurance Investments & Financial Services Ltd. purchased a new stake in CIT Group during the second quarter valued at about $50,000. SRS Capital Advisors Inc. purchased a new stake in CIT Group during the second quarter valued at about $51,000. Finally, NumerixS Investment Technologies Inc purchased a new stake in CIT Group during the second quarter valued at about $53,000.
CIT Group Company Profile
CIT Group Inc operates as the holding company for CIT Bank, N.A. that provides banking and related services to commercial and individual customers. The company operates through Commercial Banking and Consumer Banking segments. The Commercial Banking segment offers lending, leasing, and other financial and advisory services primarily to small and middle-market companies; factoring, receivables management products, and secured supply chain financing; equipment leasing and secured financing to railroads and non-rail companies; equipment financing to small businesses.
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