CIT Group Inc. (NYSE:CIT) announced a quarterly dividend on Thursday, October 15th, RTT News reports. Shareholders of record on Friday, November 6th will be given a dividend of 0.35 per share by the financial services provider on Friday, November 20th. This represents a $1.40 annualized dividend and a yield of 5.60%. The ex-dividend date of this dividend is Thursday, November 5th.
CIT Group has increased its dividend by 116.7% over the last three years and has increased its dividend annually for the last 3 consecutive years.
NYSE CIT opened at $25.00 on Friday. CIT Group has a fifty-two week low of $12.02 and a fifty-two week high of $48.96. The company has a debt-to-equity ratio of 1.46, a quick ratio of 0.97 and a current ratio of 0.97. The stock has a 50 day simple moving average of $18.77 and a two-hundred day simple moving average of $19.21. The stock has a market cap of $2.46 billion, a P/E ratio of -5.41 and a beta of 1.85.
Several research firms have weighed in on CIT. Citigroup dropped their price objective on CIT Group from $31.00 to $28.00 and set a “buy” rating for the company in a report on Wednesday, July 22nd. Morgan Stanley lowered their target price on CIT Group from $26.00 to $24.00 and set an “equal weight” rating for the company in a research note on Tuesday, August 4th. ValuEngine upgraded CIT Group from a “buy” rating to a “strong-buy” rating in a research note on Thursday, October 1st. Zacks Investment Research cut CIT Group from a “hold” rating to a “sell” rating and set a $20.00 target price for the company. in a research note on Thursday, July 23rd. Finally, Oppenheimer restated a “hold” rating on shares of CIT Group in a research note on Wednesday, September 30th. One research analyst has rated the stock with a sell rating, four have given a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company. The company currently has an average rating of “Hold” and an average price target of $32.71.
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 provides a range of commercial lending, leasing, and deposit products; loans comprising revolving lines of credit, term loans, unsecured loans, collateral-backed loans, asset-based loans, commercial real estate loans, and cash flow loans; and ancillary services and products, including cash management, capital markets, and advisory services primarily to small and middle market companies.
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