Shares of CIT Group Inc. (NYSE:CIT) have been assigned an average recommendation of “Hold” from the nine ratings firms that are covering the firm, Marketbeat reports. One analyst has rated the stock with a sell recommendation, four have assigned a hold recommendation and three have given a buy recommendation to the company. The average 1 year price objective among brokers that have issued a report on the stock in the last year is $57.17.
A number of brokerages have recently weighed in on CIT. Morgan Stanley dropped their price objective on CIT Group from $54.00 to $53.00 and set an “equal weight” rating for the company in a research note on Thursday, October 3rd. TheStreet cut CIT Group from a “b” rating to a “c+” rating in a research note on Monday, August 19th. BMO Capital Markets lifted their price objective on CIT Group from $49.00 to $50.00 and gave the company a “market perform” rating in a research note on Wednesday, July 24th. Finally, ValuEngine cut CIT Group from a “hold” rating to a “sell” rating in a research note on Friday, July 26th.
CIT stock traded down $0.72 during midday trading on Monday, hitting $43.78. 799,690 shares of the company’s stock were exchanged, compared to its average volume of 791,122. CIT Group has a 1-year low of $35.50 and a 1-year high of $54.02. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 1.13. The business has a 50-day simple moving average of $44.66 and a two-hundred day simple moving average of $48.07. The stock has a market capitalization of $4.17 billion, a PE ratio of 10.84, a P/E/G ratio of 0.89 and a beta of 1.61.
The business also recently announced a quarterly dividend, which will be paid on Friday, November 22nd. Investors of record on Friday, November 8th will be paid a dividend of $0.35 per share. The ex-dividend date is Thursday, November 7th. This represents a $1.40 annualized dividend and a yield of 3.20%. CIT Group’s payout ratio is 34.65%.
In related news, EVP John J. Fawcett bought 7,000 shares of the stock in a transaction that occurred on Tuesday, August 13th. The stock was purchased at an average cost of $43.96 per share, with a total value of $307,720.00. Following the purchase, the executive vice president now directly owns 15,802 shares of the company’s stock, valued at approximately $694,655.92. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Alan L. Frank bought 3,000 shares of the stock in a transaction that occurred on Thursday, August 15th. The shares were bought at an average cost of $41.30 per share, with a total value of $123,900.00. Following the completion of the purchase, the director now directly owns 15,746 shares in the company, valued at $650,309.80. The disclosure for this purchase can be found here. Insiders have purchased a total of 30,430 shares of company stock valued at $1,316,860 over the last three months. 0.42% of the stock is currently owned by insiders.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in CIT. Rhumbline Advisers raised its stake in CIT Group by 1.5% during the 3rd quarter. Rhumbline Advisers now owns 96,566 shares of the financial services provider’s stock valued at $4,375,000 after acquiring an additional 1,471 shares during the last quarter. State of New Jersey Common Pension Fund D purchased a new stake in CIT Group during the 3rd quarter valued at approximately $3,620,000. Convergence Investment Partners LLC purchased a new stake in CIT Group during the 3rd quarter valued at approximately $804,000. World Asset Management Inc raised its stake in CIT Group by 15.4% during the 3rd quarter. World Asset Management Inc now owns 5,722 shares of the financial services provider’s stock valued at $259,000 after acquiring an additional 764 shares during the last quarter. Finally, Virginia Retirement Systems ET AL raised its stake in CIT Group by 4.5% during the 3rd quarter. Virginia Retirement Systems ET AL now owns 168,900 shares of the financial services provider’s stock valued at $7,653,000 after acquiring an additional 7,300 shares during the last quarter. 98.24% of the stock is owned by hedge funds and other institutional investors.
About CIT Group
CIT Group Inc operates as the holding company for CIT Bank, N.A. that provides banking and related services to commercial and individual customers. The company operates through Commercial Banking and Consumer Banking segments. The Commercial Banking segment offers lending, leasing, and other financial and advisory services primarily to small and middle-market companies; factoring, receivables management products, and secured supply chain financing; equipment leasing and secured financing to railroads and non-rail companies; equipment financing to small businesses.
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