CIT Group (CIT) Hits New 1-Year Low at $43.48
CIT Group Inc. (NYSE:CIT) shares reached a new 52-week low on Thursday . The company traded as low as $43.48 and last traded at $44.13, with a volume of 486437 shares. The stock had previously closed at $44.78.
A number of research analysts recently weighed in on the company. Zacks Investment Research raised CIT Group from a “sell” rating to a “hold” rating in a report on Monday, November 26th. ValuEngine lowered CIT Group from a “hold” rating to a “sell” rating in a report on Tuesday, November 20th. Stephens lowered CIT Group from an “overweight” rating to an “equal weight” rating and set a $60.00 price objective on the stock. in a report on Monday, August 27th. TheStreet lowered CIT Group from a “b” rating to a “c” rating in a report on Thursday, November 15th. Finally, BMO Capital Markets upped their price objective on CIT Group from $44.00 to $47.00 and gave the company a “market perform” rating in a report on Thursday, October 25th. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating and two have assigned a buy rating to the company’s stock. CIT Group currently has an average rating of “Hold” and a consensus price target of $54.29.
The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 1.45. The firm has a market cap of $4.73 billion, a P/E ratio of 14.53, a price-to-earnings-growth ratio of 1.12 and a beta of 1.29.
The company also recently disclosed a quarterly dividend, which was paid on Tuesday, November 27th. Shareholders of record on Tuesday, November 13th were issued a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 2.24%. The ex-dividend date was Friday, November 9th. CIT Group’s dividend payout ratio is 32.57%.
Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Tower Research Capital LLC TRC acquired a new stake in shares of CIT Group during the 3rd quarter worth $123,000. Garner Asset Management Corp acquired a new stake in shares of CIT Group during the 3rd quarter worth $230,000. Meag Munich Ergo Kapitalanlagegesellschaft MBH acquired a new stake in shares of CIT Group during the 3rd quarter worth $330,000. KBC Group NV lifted its position in shares of CIT Group by 17.3% during the 2nd quarter. KBC Group NV now owns 8,046 shares of the financial services provider’s stock worth $406,000 after buying an additional 1,184 shares during the last quarter. Finally, Shell Asset Management Co. lifted its position in shares of CIT Group by 59.5% during the 3rd quarter. Shell Asset Management Co. now owns 9,078 shares of the financial services provider’s stock worth $469,000 after buying an additional 3,386 shares during the last quarter.
CIT Group Company Profile (NYSE:CIT)
CIT Group Inc operates as the bank holding company for CIT Bank, National Association that provides banking and related services to commercial and individual customers. The company operates through three segments: Commercial Banking, Consumer Banking, and Non-Strategic Portfolios (NSP). 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; and equipment leasing and secured financing to railroads and non-rail companies.
Featured Story: How Do You Calculate Return on Equity (ROE)?
Receive News & Ratings for CIT Group Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for CIT Group and related companies with MarketBeat.com's FREE daily email newsletter.