CIT Group Inc. (CIT) Shares Up 2.8%
CIT Group Inc. (NYSE:CIT)’s share price shot up 2.8% during trading on Wednesday . The stock traded as high as $37.12 and last traded at $35.95, with a volume of 1,923,194 shares traded. The stock had previously closed at $34.96.
Several research firms have commented on CIT. Zacks Investment Research raised shares of CIT Group from a “sell” rating to a “hold” rating in a research report on Friday, July 8th. BTIG Research reissued a “buy” rating and set a $52.00 target price on shares of CIT Group in a research report on Tuesday, July 19th. Nomura upped their price target on shares of CIT Group to $33.00 and gave the company a “neutral” rating in a report on Tuesday, May 3rd. Credit Suisse Group AG decreased their price target on shares of CIT Group from $42.00 to $34.55 and set a “neutral” rating for the company in a report on Monday. Finally, Barclays PLC decreased their price target on shares of CIT Group from $37.00 to $35.00 and set an “equal weight” rating for the company in a report on Friday, July 29th. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating and nine have given a buy rating to the stock. CIT Group currently has a consensus rating of “Hold” and an average price target of $43.78.
The firm has a 50 day moving average of $33.72 and a 200-day moving average of $32.27. The stock has a market capitalization of $7.23 billion and a P/E ratio of 7.14.
CIT Group (NYSE:CIT) last posted its earnings results on Thursday, July 28th. The financial services provider reported $0.90 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.77 by $0.13. During the same quarter in the prior year, the company posted $0.66 EPS. The company had revenue of $645.10 million for the quarter, compared to the consensus estimate of $620.33 million. CIT Group’s revenue was up 58.7% on a year-over-year basis. On average, equities research analysts forecast that CIT Group Inc. will post $2.32 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Friday, August 26th. Shareholders of record on Friday, August 12th will be paid a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 1.68%. The ex-dividend date of this dividend is Wednesday, August 10th.
An institutional investor recently raised its position in CIT Group stock. Poplar Forest Capital LLC increased 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 institutional investor 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 at the end of the most recent quarter.
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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