CIT Group Inc. (CIT) Trading Up 2.8%
CIT Group Inc. (NYSE:CIT) shot up 2.8% during trading on Wednesday . The company traded as high as $37.12 and last traded at $35.95, with a volume of 1,923,194 shares trading hands. The stock had previously closed at $34.96.
A number of research firms have commented on CIT. Credit Suisse Group AG reiterated a “hold” rating and issued a $42.00 price target on shares of CIT Group in a research report on Friday, April 29th. BTIG Research reiterated a “buy” rating and issued a $52.00 price target on shares of CIT Group in a research report on Wednesday. Zacks Investment Research upgraded CIT Group from a “sell” rating to a “hold” rating in a research report on Tuesday, June 14th. TheStreet upgraded CIT Group from a “hold” rating to a “buy” rating in a research report on Monday, August 8th. Finally, Deutsche Bank AG reiterated a “hold” rating on shares of CIT Group in a research report on Wednesday, June 15th. One research analyst has rated the stock with a sell rating, ten have issued a hold rating and nine have assigned a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average target price of $43.78.
The company’s 50 day moving average price is $34.05 and its 200 day moving average price is $32.32. The firm has a market capitalization of $7.24 billion and a P/E ratio of 7.16.
CIT Group (NYSE:CIT) last announced its quarterly earnings results on Thursday, July 28th. The financial services provider reported $0.90 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.77 by $0.13. The business had revenue of $645.10 million for the quarter, compared to analysts’ expectations of $620.33 million. The firm’s revenue for the quarter was up 58.7% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.66 EPS. On average, analysts anticipate that CIT Group Inc. will post $2.32 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, August 26th. Investors of record on Friday, August 12th will be issued a dividend of $0.15 per share. The ex-dividend date of this dividend is Wednesday, August 10th. This represents a $0.60 dividend on an annualized basis and a yield of 1.67%.
An institutional investor recently raised its position in CIT Group stock. Poplar Forest Capital LLC boosted its stake in shares of CIT Group Inc. (NYSE:CIT) by 1.6% during the fourth quarter, according to its most recent filing with the SEC. The firm owned 45,025 shares of the financial services provider’s stock after buying an additional 700 shares during the period. Poplar Forest Capital LLC’s holdings in CIT Group were worth $1,787,000 as of its most recent filing with the SEC.
CIT Group Inc (CIT) is a bank holding company. The Company, together with its subsidiaries, provides financing, leasing and advisory services to middle market companies in a range of industries in North America, and equipment financing and leasing solutions to the transportation industry around the world.
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