Zacks Investment Research cut shares of CIT Group Inc (DEL) (NYSE:CIT) from a buy rating to a hold rating in a research note published on Friday morning.
According to Zacks, “Shares of CIT Group have underperformed the industry over the past twelve months. Yet, the company has surpassed the Zacks Consensus Estimate for earnings in three of the trailing four quarters. Its third-quarter 2017 results were aided by lower expenses and a fall in provisions. The company's business streamlining initiatives should improve efficiency, going forward. Also, given a solid capital and balance sheet position, the company is expected to continue to enhance shareholder value through efficient capital deployment activities. However, mounting expenses are expected to hurt bottom-line growth in the near term. Further, worsening credit quality and sluggish growth in the industries where CIT Group provides finance continue to be key concerns.”
Other equities analysts have also issued research reports about the stock. ValuEngine raised shares of CIT Group Inc (DEL) from a hold rating to a buy rating in a report on Thursday, July 27th. JMP Securities increased their target price on shares of CIT Group Inc (DEL) from $49.00 to $54.00 and gave the company a market outperform rating in a report on Thursday, July 13th. BMO Capital Markets increased their price target on shares of CIT Group Inc (DEL) from $31.00 to $48.60 and gave the company an underperform rating in a research report on Wednesday, July 26th. BTIG Research reissued a buy rating and set a $57.00 price target on shares of CIT Group Inc (DEL) in a research report on Tuesday, July 25th. They noted that the move was a valuation call. Finally, BidaskClub cut shares of CIT Group Inc (DEL) from a buy rating to a hold rating in a research report on Monday, July 31st. Two investment analysts have rated the stock with a sell rating, five have given a hold rating and eight have assigned a buy rating to the company. The company currently has a consensus rating of Hold and a consensus target price of $49.89.
Shares of CIT Group Inc (NYSE:CIT) traded up $0.03 on Friday, hitting $45.91. The stock had a trading volume of 73,783 shares, compared to its average volume of 996,777. The company has a quick ratio of 1.10, a current ratio of 1.10 and a debt-to-equity ratio of 1.23. CIT Group Inc has a fifty-two week low of $35.60 and a fifty-two week high of $50.40. The stock has a market cap of $6,022.15, a PE ratio of 15.04 and a beta of 1.47.
CIT Group Inc (DEL) (NYSE:CIT) last released its earnings results on Tuesday, October 24th. The financial services provider reported $1.02 EPS for the quarter, beating 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 5.89%. The company had revenue of $592.90 million for the quarter, compared to analyst estimates of $488.00 million. During the same quarter last year, the firm earned $0.65 EPS. research analysts forecast that CIT Group Inc will post 2.89 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Friday, November 24th. Stockholders of record on Friday, November 10th will be given a $0.16 dividend. This represents a $0.64 annualized dividend and a dividend yield of 1.39%. This is a boost from CIT Group Inc (DEL)’s previous quarterly dividend of $0.15. The ex-dividend date is Thursday, November 9th. CIT Group Inc (DEL)’s dividend payout ratio (DPR) is currently -25.32%.
In other news, EVP Denise M. Menelly sold 8,951 shares of the firm’s stock in a transaction dated Wednesday, November 1st. The shares were sold at an average price of $46.84, for a total value of $419,264.84. Following the completion of the sale, the executive vice president now directly owns 41,546 shares of the company’s stock, valued at approximately $1,946,014.64. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider James L. Hudak sold 2,100 shares of the firm’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. Over the last ninety days, insiders sold 12,511 shares of company stock valued at $581,943. Corporate insiders own 0.47% of the company’s stock.
Large investors have recently bought and sold shares of the company. SG Americas Securities LLC lifted its position in shares of CIT Group Inc (DEL) by 103.5% in the 2nd quarter. SG Americas Securities LLC now owns 5,437 shares of the financial services provider’s stock worth $265,000 after purchasing an additional 2,765 shares during the period. LSV Asset Management lifted its position in shares of CIT Group Inc (DEL) by 2.5% in the 2nd quarter. LSV Asset Management now owns 3,430,812 shares of the financial services provider’s stock worth $167,080,000 after purchasing an additional 84,300 shares during the period. Aberdeen Asset Management PLC UK lifted its position in CIT Group Inc (DEL) by 92.6% during the 2nd quarter. Aberdeen Asset Management PLC UK now owns 31,241 shares of the financial services provider’s stock valued at $1,521,000 after acquiring an additional 15,023 shares during the period. Williams Jones & Associates LLC purchased a new position in CIT Group Inc (DEL) during the 2nd quarter valued at about $1,686,000. Finally, CenturyLink Investment Management Co lifted its position in CIT Group Inc (DEL) by 20.6% during the 2nd quarter. CenturyLink Investment Management Co now owns 16,980 shares of the financial services provider’s stock valued at $827,000 after acquiring an additional 2,898 shares during the period.
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.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
What are top analysts saying about CIT Group Inc (DEL)? - Enter your email address in the form below to receive our free daily email newsletter that contains the latest headlines and analysts' recommendations for for CIT Group Inc (DEL) and related companies.