CIT Group Inc (DEL) (NYSE: CIT) recently received a number of ratings updates from brokerages and research firms:

  • 7/17/2017 – CIT Group Inc (DEL) was upgraded by analysts at Stephens from an “equal weight” rating to an “overweight” rating.
  • 7/14/2017 – CIT Group Inc (DEL) was upgraded by analysts at Zacks Investment Research from a “sell” rating to a “hold” rating. According to Zacks, “CIT Group’s shares have significantly outperformed the Zacks categorized Miscellaneous Service industry, over the last six months. The company’s efforts in becoming a leading regional commercial banking institution through restructuring and streamlining are commendable. With this aim, in June, the company inked a deal to sell its European Rail business. Also, its enhanced capital deployment activities reflect strong balance sheet position. However, operating expenses and worsening asset quality remain major concerns for the company. Further, sluggish growth in the industries where the company provides finance will likely dent its performance in the near term.”
  • 7/13/2017 – CIT Group Inc (DEL) had its price target raised by analysts at JMP Securities from $49.00 to $54.00. They now have a “market outperform” rating on the stock.
  • 7/11/2017 – CIT Group Inc (DEL) had its “outperform” rating reaffirmed by analysts at Oppenheimer Holdings, Inc..
  • 7/11/2017 – CIT Group Inc (DEL) had its “outperform” rating reaffirmed by analysts at CIBC.
  • 7/2/2017 – CIT Group Inc (DEL) had its “hold” rating reaffirmed by analysts at Credit Suisse Group. They now have a $48.00 price target on the stock.
  • 6/27/2017 – CIT Group Inc (DEL) was downgraded by analysts at Zacks Investment Research from a “hold” rating to a “sell” rating. According to Zacks, “CIT Group’s shares have significantly outperformed the Zacks categorized Miscellaneous Service industry, over the last six months. The company’s efforts to become a leading regional commercial banking institution through restructuring and streamlining are commendable. Moreover, it is expected to continue enhancing shareholder value through efficient capital deployment activities. Nevertheless, operating expenses are expected to continue rising in the quarters ahead owing to strategic initiatives. Also, worsening asset quality remains a matter of concern. Further, sluggish growth in the industries where the company provides finance, along with strict regulations, will likely dent its performance in the near term.”
  • 6/20/2017 – CIT Group Inc (DEL) was upgraded by analysts at BidaskClub from a “buy” rating to a “strong-buy” rating.
  • 6/16/2017 – CIT Group Inc (DEL) had its “sell” rating reaffirmed by analysts at BMO Capital Markets. They now have a $30.00 price target on the stock.
  • 5/27/2017 – CIT Group Inc (DEL) was given a new $46.00 price target on by analysts at Keefe, Bruyette & Woods. They now have a “hold” rating on the stock.

Shares of CIT Group Inc (CIT) opened at 49.57 on Tuesday. The company’s market capitalization is $10.05 billion. CIT Group Inc has a 52-week low of $32.90 and a 52-week high of $50.40. The stock has a 50 day moving average price of $46.84 and a 200 day moving average price of $44.04.

CIT Group Inc (DEL) (NYSE:CIT) last released its quarterly earnings results on Tuesday, April 25th. The financial services provider reported $0.54 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.52 by $0.02. The business had revenue of $495.70 million during the quarter, compared to the consensus estimate of $499.98 million. CIT Group Inc (DEL) had a positive return on equity of 5.25% and a negative net margin of 22.39%. The firm’s quarterly revenue was down 5.9% on a year-over-year basis. During the same period in the previous year, the company posted $0.73 EPS. On average, analysts predict that CIT Group Inc will post $2.76 earnings per share for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Friday, August 25th. Investors of record on Friday, August 11th will be paid a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 1.21%. CIT Group Inc (DEL)’s dividend payout ratio (DPR) is presently -14.60%.

In other news, EVP Robert Rowe sold 9,244 shares of the company’s stock in a transaction on Tuesday, May 30th. The stock was sold at an average price of $45.58, for a total transaction of $421,341.52. Following the completion of the sale, the executive vice president now directly owns 47,286 shares in the company, valued at approximately $2,155,295.88. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, EVP Edward K. Sperling sold 4,480 shares of the company’s stock in a transaction on Friday, May 26th. The shares were sold at an average price of $45.76, for a total value of $205,004.80. Following the sale, the executive vice president now owns 10,562 shares of the company’s stock, valued at $483,317.12. The disclosure for this sale can be found here. Insiders sold a total of 15,974 shares of company stock valued at $726,471 over the last 90 days. 0.47% of the stock is currently owned by corporate insiders.

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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