CIT Group Inc (DEL) (NYSE:CIT) had its target price boosted by Morgan Stanley from $50.00 to $51.00 in a research note issued to investors on Monday morning. Morgan Stanley currently has an equal weight rating on the financial services provider’s stock.

A number of other research analysts have also recently commented on CIT. BidaskClub cut shares of CIT Group Inc (DEL) from a hold rating to a sell rating in a report on Wednesday, August 9th. Zacks Investment Research upgraded shares of CIT Group Inc (DEL) from a sell rating to a hold rating in a report on Thursday, July 27th. Keefe, Bruyette & Woods set a $46.00 price target on shares of CIT Group Inc (DEL) and gave the stock a hold rating in a report on Saturday, May 27th. ValuEngine upgraded shares of CIT Group Inc (DEL) from a hold rating to a buy rating in a report on Thursday, July 27th. Finally, JMP Securities upped their price target on shares of CIT Group Inc (DEL) from $49.00 to $54.00 and gave the stock a market outperform rating in a report on Thursday, July 13th. Two analysts have rated the stock with a sell rating, seven have given a hold rating and seven have given a buy rating to the stock. CIT Group Inc (DEL) currently has an average rating of Hold and an average price target of $46.56.

Shares of CIT Group Inc (NYSE:CIT) opened at 46.33 on Monday. The stock’s market capitalization is $6.27 billion. CIT Group Inc has a 52-week low of $34.76 and a 52-week high of $50.40. The stock has a 50 day moving average of $45.76 and a 200 day moving average of $45.71.

CIT Group Inc (DEL) (NYSE:CIT) last posted 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 firm had revenue of $605.00 million for the quarter, compared to analysts’ expectations of $500.05 million. CIT Group Inc (DEL) had a negative net margin of 20.50% and a positive return on equity of 5.66%. The business’s revenue for the quarter was down 6.6% on a year-over-year basis. During the same period in the prior year, the business posted $0.07 earnings per share. Analysts forecast that CIT Group Inc will post $2.82 earnings per share for the current year.

WARNING: “CIT Group Inc (DEL) (CIT) Price Target Increased to $51.00 by Analysts at Morgan Stanley” was first reported by Daily Political and is the sole property of of Daily Political. If you are viewing this news story on another site, it was illegally copied and reposted in violation of United States & international copyright legislation. The correct version of this news story can be viewed at https://www.dailypolitical.com/2017/09/19/cit-group-inc-del-cit-price-target-increased-to-51-00-by-analysts-at-morgan-stanley.html.

CIT Group Inc (DEL) announced that its board has authorized a share buyback program on Wednesday, June 28th that allows the company to repurchase $225.00 million in shares. This repurchase authorization allows the financial services provider to repurchase up to 2.3% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s board of directors believes its shares are undervalued.

The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 25th. Investors of record on Friday, August 11th were paid a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 1.30%. The ex-dividend date of this dividend was Wednesday, August 9th. CIT Group Inc (DEL)’s dividend payout ratio (DPR) is presently -18.02%.

In related news, insider Steve Solk sold 1,460 shares of the company’s stock in a transaction dated Friday, August 25th. The shares were sold at an average price of $45.00, for a total value of $65,700.00. Following the completion of the sale, the insider now directly owns 14,832 shares of the company’s stock, valued at $667,440. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider James L. Hudak sold 2,100 shares of the company’s stock in a transaction dated Friday, August 11th. The stock was sold at an average price of $46.18, for a total transaction of $96,978.00. Following the completion of the sale, the insider now directly owns 57,083 shares of the company’s stock, valued at $2,636,092.94. The disclosure for this sale can be found here. 0.47% of the stock is owned by corporate insiders.

A number of large investors have recently added to or reduced their stakes in the stock. WINTON GROUP Ltd purchased a new stake in CIT Group Inc (DEL) in the second quarter worth about $438,000. Colony Group LLC purchased a new stake in CIT Group Inc (DEL) in the second quarter worth about $207,000. Nomura Holdings Inc. lifted its stake in CIT Group Inc (DEL) by 42.5% in the second quarter. Nomura Holdings Inc. now owns 480,229 shares of the financial services provider’s stock worth $23,392,000 after acquiring an additional 143,143 shares during the period. Cubist Systematic Strategies LLC lifted its stake in CIT Group Inc (DEL) by 294.2% in the second quarter. Cubist Systematic Strategies LLC now owns 11,500 shares of the financial services provider’s stock worth $560,000 after acquiring an additional 8,583 shares during the period. Finally, New Mountain Vantage Advisers L.L.C. lifted its stake in CIT Group Inc (DEL) by 22.9% in the second quarter. New Mountain Vantage Advisers L.L.C. now owns 1,290,283 shares of the financial services provider’s stock worth $62,837,000 after acquiring an additional 240,184 shares during the period.

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.