CIT Group Inc. (CIT) Declares Quarterly Dividend of $0.15
CIT Group Inc. (NYSE:CIT) announced a quarterly dividend on Tuesday, October 18th. Shareholders of record on Friday, November 11th will be paid a dividend of 0.15 per share by the financial services provider on Friday, November 25th. This represents a $0.60 annualized dividend and a yield of 1.64%.
Shares of CIT Group (NYSE:CIT) opened at 36.62 on Wednesday. CIT Group has a 12 month low of $25.19 and a 12 month high of $46.51. The firm has a 50-day moving average price of $35.99 and a 200 day moving average price of $33.96. The firm has a market capitalization of $7.40 billion, a price-to-earnings ratio of 7.31 and a beta of 1.52.
CIT Group (NYSE:CIT) last issued its quarterly earnings data on Thursday, July 28th. The financial services provider reported $0.90 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.77 by $0.13. CIT Group had a return on equity of 5.54% and a net margin of 22.45%. The business had revenue of $645.10 million for the quarter, compared to the consensus estimate of $620.33 million. During the same period last year, the business earned $0.66 EPS. The firm’s revenue was up 58.7% compared to the same quarter last year. On average, analysts anticipate that CIT Group will post $2.33 EPS for the current fiscal year.
A number of research analysts recently weighed in on CIT shares. Zacks Investment Research downgraded CIT Group from a “buy” rating to a “hold” rating in a research note on Monday. Bank of America Corp. raised CIT Group from an “underperform” rating to a “neutral” rating and set a $39.00 price objective on the stock in a research note on Tuesday, October 11th. Stifel Nicolaus downgraded CIT Group from a “buy” rating to a “hold” rating and raised their price objective for the company from $40.00 to $41.00 in a research note on Friday, October 7th. BTIG Research set a $52.00 price target on CIT Group and gave the stock a “buy” rating in a research report on Thursday, July 28th. Finally, Nomura lifted their price target on CIT Group from $33.00 to $35.00 and gave the stock a “neutral” rating in a research report on Friday, July 29th. Twelve research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. CIT Group has a consensus rating of “Hold” and a consensus price target of $42.81.
Hedge funds have recently bought and sold shares of the company. Pine River Capital Management L.P. purchased a new stake in CIT Group during the second quarter worth $703,000. Fiera Capital Corp raised its stake in CIT Group by 12.7% in the second quarter. Fiera Capital Corp now owns 62,338 shares of the financial services provider’s stock worth $1,989,000 after buying an additional 7,038 shares in the last quarter. Caisse DE Depot ET Placement DU Quebec raised its stake in CIT Group by 60.2% in the second quarter. Caisse DE Depot ET Placement DU Quebec now owns 80,100 shares of the financial services provider’s stock worth $2,556,000 after buying an additional 30,100 shares in the last quarter. Toronto Dominion Bank raised its stake in CIT Group by 5.7% in the second quarter. Toronto Dominion Bank now owns 3,130 shares of the financial services provider’s stock worth $100,000 after buying an additional 168 shares in the last quarter. Finally, Capital International Investors raised its stake in CIT Group by 18.8% in the second quarter. Capital International Investors now owns 1,755,800 shares of the financial services provider’s stock worth $56,028,000 after buying an additional 278,000 shares in the last quarter. Institutional investors own 98.51% of the company’s stock.
CIT Group Company Profile
CIT Group Inc (CIT) is a bank holding company. The Company, together with its subsidiaries, provides financing, leasing and advisory services to middle market companies in a range of industries in North America, and equipment financing and leasing solutions to the transportation industry around the world.
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