CIT Group Inc (DEL) Sees Unusually High Options Volume (CIT)
CIT Group Inc (DEL) (NYSE:CIT) was the recipient of some unusual options trading activity on Tuesday. Stock traders bought 1,298 put options on the company. This represents an increase of Infinity compared to the average volume of 0 put options.
Several equities analysts recently weighed in on CIT shares. BTIG Research restated a “buy” rating and issued a $57.00 price objective on shares of CIT Group Inc (DEL) in a report on Tuesday, July 25th. They noted that the move was a valuation call. BMO Capital Markets restated a “sell” rating and issued a $31.00 price objective on shares of CIT Group Inc (DEL) in a report on Friday, October 6th. Morgan Stanley increased their price objective on shares of CIT Group Inc (DEL) from $50.00 to $51.00 and gave the company an “equal weight” rating in a report on Monday, September 18th. BidaskClub lowered shares of CIT Group Inc (DEL) from a “strong-buy” rating to a “buy” rating in a report on Monday, July 24th. Finally, Zacks Investment Research lowered shares of CIT Group Inc (DEL) from a “buy” rating to a “hold” rating in a report on Friday, November 3rd. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating and eight have given a buy rating to the company. CIT Group Inc (DEL) currently has a consensus rating of “Hold” and an average target price of $49.89.
In other news, EVP Denise M. Menelly sold 8,951 shares of the company’s stock in a transaction that occurred on Wednesday, November 1st. The shares were sold at an average price of $46.84, for a total transaction of $419,264.84. Following the transaction, the executive vice president now directly owns 41,546 shares in the company, valued at $1,946,014.64. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Steve Solk sold 1,460 shares of the company’s stock in a transaction that occurred on Friday, August 25th. The stock was sold at an average price of $45.00, for a total transaction of $65,700.00. Following the transaction, the insider now owns 14,832 shares in the company, valued at $667,440. The disclosure for this sale can be found here. 0.47% of the stock is owned by insiders.
Shares of CIT Group Inc (NYSE:CIT) opened at $47.05 on Friday. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 1.20. CIT Group Inc has a 12-month low of $39.48 and a 12-month high of $50.40. The stock has a market cap of $6,173.10, a price-to-earnings ratio of 15.42 and a beta of 1.47.
CIT Group Inc (DEL) (NYSE:CIT) last issued its quarterly earnings data on Tuesday, October 24th. The financial services provider reported $1.02 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.82 by $0.20. CIT Group Inc (DEL) had a negative net margin of 20.05% and a positive return on equity of 6.22%. The company had revenue of $592.90 million during the quarter, compared to the consensus estimate of $488.00 million. During the same quarter in the prior year, the firm earned $0.65 earnings per share. research analysts expect that CIT Group Inc will post 2.92 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 24th. Stockholders of record on Friday, November 10th will be given a dividend of $0.16 per share. This is an increase from CIT Group Inc (DEL)’s previous quarterly dividend of $0.15. The ex-dividend date is Thursday, November 9th. This represents a $0.64 annualized dividend and a dividend yield of 1.36%. CIT Group Inc (DEL)’s dividend payout ratio is currently -27.00%.
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About CIT Group Inc (DEL)
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.
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