CIT Group Inc. (CIT) to Issue Quarterly Dividend of $0.35 on November 20th

CIT Group Inc. (NYSE:CIT) declared a quarterly dividend on Thursday, October 15th, RTT News reports. Stockholders 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 dividend on an annualized basis and a dividend yield of 5.60%. The ex-dividend date is Thursday, November 5th.

CIT Group has raised its dividend payment by 116.7% over the last three years and has increased its dividend annually for the last 3 consecutive years.

Shares of NYSE:CIT opened at $25.00 on Friday. The stock has a fifty day simple moving average of $18.77 and a two-hundred day simple moving average of $19.21. The stock has a market capitalization of $2.46 billion, a price-to-earnings ratio of -5.41 and a beta of 1.85. CIT Group has a 12-month low of $12.02 and a 12-month high of $48.96. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 1.46.

CIT Group (NYSE:CIT) last announced its quarterly earnings data on Tuesday, July 21st. The financial services provider reported ($0.62) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.50) by ($0.12). The company had revenue of $411.00 million for the quarter, compared to analysts’ expectations of $427.61 million. CIT Group had a negative net margin of 14.45% and a negative return on equity of 0.77%. The firm’s quarterly revenue was down 12.0% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.33 EPS. As a group, equities research analysts predict that CIT Group will post -2.72 EPS for the current year.

A number of research analysts have issued reports on CIT shares. Oppenheimer reiterated a “hold” rating on shares of CIT Group in a research note on Wednesday, September 30th. ValuEngine upgraded CIT Group from a “buy” rating to a “strong-buy” rating in a research note on Thursday, October 1st. Zacks Investment Research lowered CIT Group from a “hold” rating to a “sell” rating and set a $20.00 target price for the company. in a report on Thursday, July 23rd. Morgan Stanley reduced their target price on CIT Group from $26.00 to $24.00 and set an “equal weight” rating for the company in a report on Tuesday, August 4th. Finally, Citigroup reduced their target price on CIT Group from $31.00 to $28.00 and set a “buy” rating for the company in a report on Wednesday, July 22nd. One analyst has rated the stock with a sell rating, four have given a hold rating, two have given a buy rating and one has issued a strong buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average target price of $32.71.

CIT Group Company Profile

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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Dividend History for CIT Group (NYSE:CIT)

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