CIT Group Inc. (NYSE:CIT) has received an average rating of “Hold” from the fourteen analysts that are covering the firm, Marketbeat Ratings reports. One analyst has rated the stock with a sell rating, nine have issued a hold rating and three have given a buy rating to the company. The average 12 month price target among brokerages that have updated their coverage on the stock in the last year is $41.00.
CIT has been the topic of several recent research reports. Morgan Stanley began coverage on shares of CIT Group in a research note on Monday, March 27th. They issued an “equal weight” rating and a $45.00 price target on the stock. Zacks Investment Research downgraded shares of CIT Group from a “hold” rating to a “sell” rating in a report on Tuesday, April 18th. Bank of America Corp raised shares of CIT Group from a “neutral” rating to a “buy” rating in a report on Wednesday, April 26th. BMO Capital Markets restated a “sell” rating and issued a $30.00 target price on shares of CIT Group in a research report on Wednesday, April 26th. Finally, Keefe, Bruyette & Woods set a $46.00 target price on shares of CIT Group and gave the company a “hold” rating in a research report on Saturday, May 27th.
In other CIT Group news, EVP Robert Rowe sold 9,244 shares of the company’s stock in a transaction on Tuesday, May 30th. The shares were sold at an average price of $45.58, for a total transaction of $421,341.52. Following the transaction, the executive vice president now owns 47,286 shares in the company, valued at $2,155,295.88. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, EVP Edward K. Sperling sold 4,480 shares of the stock in a transaction dated Friday, May 26th. The shares were sold at an average price of $45.76, for a total transaction of $205,004.80. Following the completion of the sale, the executive vice president now owns 10,562 shares of the company’s stock, valued at approximately $483,317.12. The disclosure for this sale can be found here. 1.68% of the stock is owned by corporate insiders. A number of hedge funds have recently bought and sold shares of the company. BlackRock Inc. raised its position in shares of CIT Group by 4,285.9% in the first quarter. BlackRock Inc. now owns 9,901,353 shares of the financial services provider’s stock worth $425,067,000 after buying an additional 9,675,599 shares in the last quarter. FMR LLC raised its position in shares of CIT Group by 64.4% in the fourth quarter. FMR LLC now owns 11,806,502 shares of the financial services provider’s stock worth $503,902,000 after buying an additional 4,623,668 shares in the last quarter. Lakewood Capital Management LP raised its position in shares of CIT Group by 202.8% in the first quarter. Lakewood Capital Management LP now owns 4,177,926 shares of the financial services provider’s stock worth $179,358,000 after buying an additional 2,798,116 shares in the last quarter. The Manufacturers Life Insurance Company acquired a new position in shares of CIT Group during the third quarter worth $96,459,000. Finally, Capital World Investors raised its position in shares of CIT Group by 35.2% in the third quarter. Capital World Investors now owns 8,640,000 shares of the financial services provider’s stock worth $313,632,000 after buying an additional 2,250,000 shares in the last quarter. Institutional investors and hedge funds own 98.54% of the company’s stock.
CIT Group (CIT) opened at 44.89 on Tuesday. CIT Group has a 52-week low of $28.33 and a 52-week high of $47.67. The stock’s market cap is $9.10 billion. The firm’s 50-day moving average price is $45.85 and its 200 day moving average price is $43.32. CIT Group (NYSE:CIT) last issued its quarterly earnings results on Tuesday, April 25th. The financial services provider reported $0.54 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.52 by $0.02. CIT Group had a negative net margin of 21.08% and a positive return on equity of 5.39%. The firm had revenue of $495.70 million for the quarter, compared to analyst estimates of $499.98 million. During the same period in the previous year, the business earned $0.73 EPS. The company’s revenue was down 5.9% compared to the same quarter last year. Equities analysts predict that CIT Group will post $2.74 earnings per share for the current year.
The business also recently announced a quarterly dividend, which was paid on Friday, May 26th. Investors of record on Friday, May 12th were paid a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 1.34%. The ex-dividend date of this dividend was Wednesday, May 10th. CIT Group’s dividend payout ratio is presently -14.08%. CIT Group Company Profile