CIT Group Inc. (NYSE:CIT) has earned a consensus rating of “Hold” from the fifteen ratings firms that are presently covering the stock, Marketbeat.com reports. Ten research analysts have rated the stock with a hold rating and four have issued a buy rating on the company. The average 1 year target price among brokers that have issued a report on the stock in the last year is $54.47.

CIT has been the topic of a number of recent analyst reports. Credit Suisse Group boosted their price objective on shares of CIT Group from $54.00 to $56.00 and gave the stock a “neutral” rating in a report on Friday, June 29th. BMO Capital Markets cut their price objective on shares of CIT Group from $46.00 to $44.00 and set a “market perform” rating on the stock in a report on Wednesday, July 25th. Compass Point initiated coverage on shares of CIT Group in a report on Friday, June 29th. They issued a “buy” rating and a $49.64 price objective on the stock. Morgan Stanley cut their price objective on shares of CIT Group from $58.00 to $57.50 and set an “equal weight” rating on the stock in a report on Tuesday. Finally, TheStreet upgraded shares of CIT Group from a “c+” rating to a “b-” rating in a report on Wednesday, July 18th.

Shares of CIT stock opened at $52.89 on Friday. CIT Group has a 12 month low of $44.29 and a 12 month high of $56.14. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 1.43. The firm has a market capitalization of $6.04 billion, a price-to-earnings ratio of 17.23, a PEG ratio of 1.31 and a beta of 1.27.

CIT Group (NYSE:CIT) last issued its quarterly earnings data on Tuesday, July 24th. The financial services provider reported $1.00 EPS for the quarter, topping analysts’ consensus estimates of $0.97 by $0.03. CIT Group had a net margin of 10.81% and a return on equity of 7.38%. The firm had revenue of $524.00 million for the quarter, compared to analyst estimates of $473.70 million. During the same quarter in the previous year, the business posted $0.68 EPS. The firm’s revenue was up 10.5% compared to the same quarter last year. sell-side analysts forecast that CIT Group will post 4.07 EPS for the current fiscal year.

The business also recently announced a quarterly dividend, which was paid on Friday, August 24th. Stockholders of record on Friday, August 10th were paid a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.89%. The ex-dividend date of this dividend was Thursday, August 9th. This is a positive change from CIT Group’s previous quarterly dividend of $0.16. CIT Group’s dividend payout ratio is 32.57%.

Institutional investors have recently modified their holdings of the company. State Board of Administration of Florida Retirement System raised its stake in shares of CIT Group by 2.1% in the 2nd quarter. State Board of Administration of Florida Retirement System now owns 237,103 shares of the financial services provider’s stock valued at $11,952,000 after purchasing an additional 4,781 shares in the last quarter. CIBC World Markets Inc. acquired a new stake in shares of CIT Group in the 1st quarter valued at about $472,000. Prudential Financial Inc. raised its stake in shares of CIT Group by 496.6% in the 1st quarter. Prudential Financial Inc. now owns 308,179 shares of the financial services provider’s stock valued at $15,871,000 after purchasing an additional 256,526 shares in the last quarter. Unigestion Holding SA acquired a new stake in shares of CIT Group in the 2nd quarter valued at about $697,000. Finally, Toronto Dominion Bank raised its stake in shares of CIT Group by 12.6% in the 1st quarter. Toronto Dominion Bank now owns 8,986 shares of the financial services provider’s stock valued at $463,000 after purchasing an additional 1,004 shares in the last quarter.

CIT Group Company Profile

CIT Group Inc operates as the bank holding company for CIT Bank, National Association that provides banking and related services to commercial and individual customers. The company operates through three segments: Commercial Banking, Consumer Banking, and Non-Strategic Portfolios (NSP). The Commercial Banking segment offers lending, leasing, and other financial and advisory services primarily to small and middle-market companies; factoring, receivables management products, and secured supply chain financing; and equipment leasing and secured financing to railroads and non-rail companies.

Further Reading: Dividend

Analyst Recommendations for CIT Group (NYSE:CIT)

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