CIT Group (CIT) Upgraded by TheStreet to “B-“
Several other research firms also recently weighed in on CIT. Wells Fargo initiated coverage on CIT Group in a research note on Friday, December 1st. They issued a market perform rating and a $52.00 price target for the company. Morgan Stanley upped their price target on CIT Group from $51.00 to $54.00 and gave the stock an equal weight rating in a research note on Wednesday, December 13th. Keefe, Bruyette & Woods restated a hold rating and issued a $53.00 price target on shares of CIT Group in a research note on Friday, December 29th. Zacks Investment Research upgraded CIT Group from a hold rating to a buy rating and set a $55.00 price target for the company in a research note on Tuesday, January 2nd. Finally, Stephens set a $60.00 price target on CIT Group and gave the stock a buy rating in a research note on Wednesday, January 3rd. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and eight have issued a buy rating to the stock. CIT Group currently has a consensus rating of Hold and a consensus target price of $53.73.
CIT Group (CIT) opened at $51.91 on Tuesday. The stock has a market capitalization of $7,031.50, a P/E ratio of 19.97 and a beta of 1.31. The company has a debt-to-equity ratio of 1.28, a quick ratio of 1.03 and a current ratio of 1.03. CIT Group has a 52 week low of $39.51 and a 52 week high of $56.14.
The company also recently announced a quarterly dividend, which was paid on Friday, February 23rd. Stockholders of record on Friday, February 9th were given a dividend of $0.16 per share. The ex-dividend date was Thursday, February 8th. This represents a $0.64 dividend on an annualized basis and a dividend yield of 1.23%. CIT Group’s dividend payout ratio is currently 24.62%.
In other news, insider James L. Hudak sold 2,000 shares of the stock in a transaction that occurred on Thursday, March 1st. The stock was sold at an average price of $53.63, for a total transaction of $107,260.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 0.47% of the stock is currently owned by corporate insiders.
Several hedge funds and other institutional investors have recently bought and sold shares of CIT. Avestar Capital LLC bought a new position in shares of CIT Group during the 4th quarter valued at approximately $132,000. Schroder Investment Management Group boosted its position in shares of CIT Group by 82.0% during the 3rd quarter. Schroder Investment Management Group now owns 3,063 shares of the financial services provider’s stock valued at $149,000 after acquiring an additional 1,380 shares during the last quarter. IFM Investors Pty Ltd bought a new position in shares of CIT Group during the 3rd quarter valued at approximately $236,000. Quantitative Systematic Strategies LLC bought a new position in shares of CIT Group during the 4th quarter valued at approximately $240,000. Finally, Virtu Financial LLC bought a new position in shares of CIT Group during the 4th quarter valued at approximately $240,000.
About CIT Group
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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