ValuEngine upgraded shares of CIT Group Inc (DEL) (NYSE:CIT) from a hold rating to a buy rating in a research report report published on Thursday.

A number of other research analysts have also issued reports on the stock. BMO Capital Markets upped their price target on shares of CIT Group Inc (DEL) from $31.00 to $48.60 and gave the company an underperform rating in a research note on Wednesday, July 26th. BTIG Research restated a buy rating and set a $57.00 price target on shares of CIT Group Inc (DEL) in a research note on Tuesday, July 25th. They noted that the move was a valuation call. BidaskClub lowered shares of CIT Group Inc (DEL) from a strong-buy rating to a buy rating in a research note on Monday, July 24th. Stephens upgraded shares of CIT Group Inc (DEL) from an equal weight rating to an overweight rating in a research note on Monday, July 17th. Finally, Zacks Investment Research upgraded shares of CIT Group Inc (DEL) from a sell rating to a hold rating in a research note on Friday, July 14th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and eight have issued a buy rating to the company’s stock. The company currently has a consensus rating of Hold and an average target price of $45.96.

Shares of CIT Group Inc (NYSE CIT) opened at 47.84 on Thursday. CIT Group Inc has a 52-week low of $33.37 and a 52-week high of $50.40. The company’s market cap is $6.48 billion. The firm has a 50-day moving average of $48.47 and a 200-day moving average of $44.86.

CIT Group Inc (DEL) (NYSE:CIT) last issued its quarterly earnings results on Tuesday, July 25th. The financial services provider reported $0.68 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.60 by $0.08. CIT Group Inc (DEL) had a negative net margin of 20.50% and a positive return on equity of 5.19%. The business had revenue of $605 million for the quarter, compared to analyst estimates of $500.05 million. During the same quarter in the prior year, the business posted $0.07 EPS. CIT Group Inc (DEL)’s revenue for the quarter was down 6.6% compared to the same quarter last year. Equities research analysts forecast that CIT Group Inc will post $2.80 earnings per share for the current year.

ILLEGAL ACTIVITY NOTICE: This piece of content was originally reported by Watch List News and is the sole property of of Watch List News. If you are accessing this piece of content on another site, it was illegally stolen and republished in violation of U.S. and international trademark and copyright laws. The legal version of this piece of content can be viewed at https://www.watchlistnews.com/cit-group-inc-del-cit-lifted-to-buy-at-valuengine/1463227.html.

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 25th. Stockholders of record on Friday, August 11th will be paid a $0.15 dividend. The ex-dividend date of this dividend is Wednesday, August 9th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.25%. CIT Group Inc (DEL)’s payout ratio is currently -18.02%.

CIT Group Inc (DEL) announced that its board has approved a stock buyback plan on Thursday, April 27th that permits the company to buyback $2.75 billion in outstanding shares. This buyback authorization permits the financial services provider to buy up to 29.5% of its stock through a dutch auction. Stock buyback plans are typically an indication that the company’s board believes its shares are undervalued.

In related news, insider James L. Hudak sold 2,250 shares of the firm’s stock in a transaction on Monday, June 5th. The shares were sold at an average price of $44.50, for a total transaction of $100,125.00. Following the sale, the insider now owns 59,621 shares in the company, valued at $2,653,134.50. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, EVP Robert Rowe sold 9,244 shares of the firm’s stock in a transaction on Tuesday, May 30th. The shares were sold at an average price of $45.58, for a total transaction of $421,341.52. Following the sale, the executive vice president now owns 47,286 shares in the company, valued at approximately $2,155,295.88. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 15,974 shares of company stock worth $726,471. 0.47% of the stock is owned by company insiders.

A number of hedge funds have recently added to or reduced their stakes in CIT. IFP Advisors Inc boosted its stake in CIT Group Inc (DEL) by 1.3% in the first quarter. IFP Advisors Inc now owns 6,000 shares of the financial services provider’s stock worth $258,000 after buying an additional 77 shares during the last quarter. Pacer Advisors Inc. boosted its stake in CIT Group Inc (DEL) by 3.2% in the first quarter. Pacer Advisors Inc. now owns 3,848 shares of the financial services provider’s stock worth $165,000 after buying an additional 121 shares during the last quarter. World Asset Management Inc boosted its stake in CIT Group Inc (DEL) by 2.2% in the first quarter. World Asset Management Inc now owns 8,806 shares of the financial services provider’s stock worth $378,000 after buying an additional 188 shares during the last quarter. Janney Montgomery Scott LLC boosted its stake in CIT Group Inc (DEL) by 4.0% in the second quarter. Janney Montgomery Scott LLC now owns 5,059 shares of the financial services provider’s stock worth $246,000 after buying an additional 193 shares during the last quarter. Finally, Mn Services Vermogensbeheer B.V. boosted its stake in CIT Group Inc (DEL) by 6.1% in the first quarter. Mn Services Vermogensbeheer B.V. now owns 5,389 shares of the financial services provider’s stock worth $216,000 after buying an additional 311 shares during the last quarter. Institutional investors own 99.99% of the company’s stock.

CIT Group Inc (DEL) Company Profile

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.

To view ValuEngine’s full report, visit ValuEngine’s official website.

Analyst Recommendations for CIT Group Inc (DEL) (NYSE:CIT)

Receive News & Ratings for CIT Group Inc (DEL) Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for CIT Group Inc (DEL) and related companies with Analyst Ratings Network's FREE daily email newsletter.