CIT Group Inc (DEL) (CIT) Reaches New 12-Month High at $50.82

Shares of CIT Group Inc (DEL) (NYSE:CIT) hit a new 52-week high during trading on Monday . The stock traded as high as $50.82 and last traded at $49.52, with a volume of 1290400 shares. The stock had previously closed at $49.84.

Several brokerages have recently commented on CIT. Wells Fargo & Company began coverage on CIT Group Inc (DEL) in a report on Friday, December 1st. They set a “market perform” rating and a $52.00 target price on the stock. Morgan Stanley increased their target price on CIT Group Inc (DEL) from $50.00 to $51.00 and gave the stock an “equal weight” rating in a report on Monday, September 18th. BidaskClub cut CIT Group Inc (DEL) from a “hold” rating to a “sell” rating in a report on Wednesday, August 9th. Citigroup began coverage on CIT Group Inc (DEL) in a report on Monday, October 16th. They set a “buy” rating and a $60.00 target price on the stock. Finally, BMO Capital Markets increased their target price on CIT Group Inc (DEL) from $31.00 to $35.00 and gave the stock an “underperform” rating in a report on Wednesday, October 25th. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating and eight have issued a buy rating to the company. The company currently has an average rating of “Hold” and a consensus price target of $50.10.

The company has a debt-to-equity ratio of 1.20, a current ratio of 1.05 and a quick ratio of 1.05. The company has a market cap of $6,637.76, a price-to-earnings ratio of 16.58 and a beta of 1.49.

CIT Group Inc (DEL) (NYSE:CIT) last issued its quarterly earnings results on Tuesday, October 24th. The financial services provider reported $1.02 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.82 by $0.20. CIT Group Inc (DEL) had a positive return on equity of 6.22% and a negative net margin of 20.05%. The business had revenue of $592.90 million for the quarter, compared to analyst estimates of $488.00 million. During the same quarter in the prior year, the firm posted $0.65 earnings per share. research analysts expect that CIT Group Inc will post 3.2 earnings per share for the current year.

The company also recently declared a quarterly dividend, which was paid on Friday, November 24th. Stockholders of record on Friday, November 10th were paid a dividend of $0.16 per share. This represents a $0.64 annualized dividend and a dividend yield of 1.29%. The ex-dividend date was Thursday, November 9th. This is a positive change from CIT Group Inc (DEL)’s previous quarterly dividend of $0.15. CIT Group Inc (DEL)’s dividend payout ratio is -27.00%.

In other news, EVP Denise M. Menelly sold 8,951 shares of the company’s stock in a transaction on Wednesday, November 1st. The stock was sold at an average price of $46.84, for a total transaction of $419,264.84. Following the transaction, the executive vice president now owns 41,546 shares of the company’s stock, valued at $1,946,014.64. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 0.47% of the company’s stock.

Several institutional investors and hedge funds have recently modified their holdings of the company. Hahn Capital Management LLC lifted its stake in shares of CIT Group Inc (DEL) by 0.9% during the third quarter. Hahn Capital Management LLC now owns 407,554 shares of the financial services provider’s stock valued at $19,991,000 after acquiring an additional 3,758 shares during the period. IFM Investors Pty Ltd acquired a new position in shares of CIT Group Inc (DEL) during the third quarter valued at $236,000. California Public Employees Retirement System lifted its stake in CIT Group Inc (DEL) by 6.9% in the third quarter. California Public Employees Retirement System now owns 436,541 shares of the financial services provider’s stock valued at $21,412,000 after buying an additional 28,342 shares during the period. Caxton Associates LP acquired a new position in CIT Group Inc (DEL) in the third quarter valued at about $564,000. Finally, Jane Street Group LLC acquired a new position in CIT Group Inc (DEL) in the third quarter valued at about $2,276,000.

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CIT Group Inc (DEL) Company Profile

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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