CIT Group Inc (DEL) (NYSE:CIT) has received an average rating of “Hold” from the sixteen ratings firms that are covering the company, MarketBeat.com reports. Two investment analysts have rated the stock with a sell recommendation, six have given a hold recommendation and seven have given a buy recommendation to the company. The average 1-year price target among brokerages that have updated their coverage on the stock in the last year is $47.58.

CIT has been the topic of several research reports. BidaskClub lowered CIT Group Inc (DEL) from a “hold” rating to a “sell” rating in a research note on Wednesday. Zacks Investment Research upgraded CIT Group Inc (DEL) from a “sell” rating to a “hold” rating in a research note on Thursday, July 27th. Keefe, Bruyette & Woods set a $46.00 target price on CIT Group Inc (DEL) and gave the company a “hold” rating in a research note on Saturday, May 27th. ValuEngine upgraded CIT Group Inc (DEL) from a “hold” rating to a “buy” rating in a research note on Thursday, July 27th. Finally, BMO Capital Markets boosted their target price on CIT Group Inc (DEL) from $31.00 to $48.60 and gave the company an “underperform” rating in a research note on Wednesday, July 26th.

Shares of CIT Group Inc (NYSE:CIT) traded down 0.24% during midday trading on Friday, hitting $46.30. The stock had a trading volume of 2,611,145 shares. CIT Group Inc has a 52 week low of $34.38 and a 52 week high of $50.40. The firm’s market cap is $6.27 billion. The company’s 50 day moving average is $48.41 and its 200 day moving average is $45.20.

CIT Group Inc (DEL) (NYSE:CIT) last issued its quarterly earnings results on Tuesday, July 25th. The financial services provider reported $0.68 EPS for the quarter, topping the Zacks’ consensus estimate of $0.60 by $0.08. The business had revenue of $605 million for the quarter, compared to analyst estimates of $500.05 million. CIT Group Inc (DEL) had a positive return on equity of 5.66% and a negative net margin of 20.50%. CIT Group Inc (DEL)’s quarterly revenue was down 6.6% compared to the same quarter last year. During the same period last year, the company posted $0.07 earnings per share. On average, equities analysts predict that CIT Group Inc will post $2.77 earnings per share for the current fiscal year.

CIT Group Inc (DEL) declared that its board has approved a stock buyback program on Thursday, April 27th that allows the company to buyback $2.75 billion in shares. This buyback authorization allows the financial services provider to purchase up to 29.5% of its stock through a dutch auction. Stock buyback programs are typically an indication that the company’s leadership believes its shares are undervalued.

The firm also recently announced a quarterly dividend, which will be paid on Friday, August 25th. Investors of record on Friday, August 11th will be given a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 1.30%. The ex-dividend date of this dividend is Wednesday, August 9th. CIT Group Inc (DEL)’s payout ratio is -18.02%.

In related news, insider James L. Hudak sold 2,250 shares of the business’s stock in a transaction dated Monday, June 5th. The stock was sold at an average price of $44.50, for a total transaction of $100,125.00. Following the completion of the transaction, the insider now directly owns 59,621 shares in the company, valued at $2,653,134.50. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, EVP Edward K. Sperling sold 4,480 shares of the business’s stock in a transaction dated Friday, May 26th. The stock was sold at an average price of $45.76, for a total value of $205,004.80. Following the transaction, 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. Over the last 90 days, insiders have sold 15,974 shares of company stock valued at $726,471. 0.47% of the stock is owned by company insiders.

Institutional investors have recently bought and sold shares of the company. M&T Bank Corp boosted its position in CIT Group Inc (DEL) by 0.6% in the second quarter. M&T Bank Corp now owns 5,210 shares of the financial services provider’s stock valued at $253,000 after buying an additional 30 shares during the last quarter. Advisor Group Inc. boosted its position in CIT Group Inc (DEL) by 2.2% in the second quarter. Advisor Group Inc. now owns 3,030 shares of the financial services provider’s stock valued at $146,000 after buying an additional 66 shares during the last quarter. IFP Advisors Inc boosted its position in CIT Group Inc (DEL) by 1.3% in the first quarter. IFP Advisors Inc now owns 6,000 shares of the financial services provider’s stock valued at $258,000 after buying an additional 77 shares during the last quarter. Pacer Advisors Inc. boosted its position in CIT Group Inc (DEL) by 3.2% in the first quarter. Pacer Advisors Inc. now owns 3,848 shares of the financial services provider’s stock valued at $165,000 after buying an additional 121 shares during the last quarter. Finally, World Asset Management Inc boosted its position in CIT Group Inc (DEL) by 2.2% in the first quarter. World Asset Management Inc now owns 8,806 shares of the financial services provider’s stock valued at $378,000 after buying an additional 188 shares during the last quarter. Institutional investors and hedge funds own 99.77% of the company’s stock.

COPYRIGHT VIOLATION WARNING: This report was first reported by Daily Political and is owned by of Daily Political. If you are viewing this report on another domain, it was copied illegally and reposted in violation of United States & international trademark and copyright laws. The legal version of this report can be accessed at https://www.dailypolitical.com/2017/08/12/cit-group-inc-del-nysecit-given-consensus-rating-of-hold-by-analysts.html.

CIT Group Inc (DEL) 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.

Analyst Recommendations for CIT Group Inc (DEL) (NYSE:CIT)

Receive News & Ratings for CIT Group Inc (DEL) Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for CIT Group Inc (DEL) and related companies with MarketBeat.com's FREE daily email newsletter.