CIT Group Inc (DEL) (NYSE:CIT) Cut to “Hold” at BidaskClub

BidaskClub lowered shares of CIT Group Inc (DEL) (NYSE:CIT) from a buy rating to a hold rating in a research note published on Monday, July 31st.

A number of other equities analysts have also commented on the stock. Zacks Investment Research upgraded shares of CIT Group Inc (DEL) from a sell rating to a hold rating in a report on Thursday, July 27th. ValuEngine upgraded shares of CIT Group Inc (DEL) from a hold rating to a buy rating in a report on Thursday, July 27th. BMO Capital Markets boosted their price objective on shares of CIT Group Inc (DEL) from $31.00 to $48.60 and gave the stock an underperform rating in a report on Wednesday, July 26th. BTIG Research reiterated a buy rating and issued a $57.00 price objective on shares of CIT Group Inc (DEL) in a report on Tuesday, July 25th. They noted that the move was a valuation call. Finally, Stephens upgraded shares of CIT Group Inc (DEL) from an equal weight rating to an overweight rating in a report on Monday, July 17th. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating and seven have given a buy rating to the stock. CIT Group Inc (DEL) presently has an average rating of Hold and a consensus target price of $45.96.

Shares of CIT Group Inc (CIT) traded down 0.24% during mid-day trading on Monday, hitting $46.30. The stock had a trading volume of 2,611,145 shares. CIT Group Inc has a 12-month low of $34.05 and a 12-month high of $50.40. The stock’s market cap is $6.27 billion. The company’s 50 day moving average price is $48.41 and its 200 day moving average price is $45.20.

CIT Group Inc (DEL) (NYSE:CIT) last issued its quarterly earnings data on Tuesday, July 25th. The financial services provider reported $0.68 EPS for the quarter, topping analysts’ consensus estimates 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 5.66%. The firm had revenue of $605 million for the quarter, compared to analyst estimates of $500.05 million. During the same quarter in the previous year, the business posted $0.07 EPS. The firm’s revenue was down 6.6% compared to the same quarter last year. Equities research analysts predict that CIT Group Inc will post $2.77 EPS for the current fiscal year.

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The firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 25th. Investors of record on Friday, August 11th will be paid a dividend of $0.15 per share. The ex-dividend date of this dividend is Wednesday, August 9th. This represents a $0.60 annualized dividend and a yield of 1.30%. CIT Group Inc (DEL)’s dividend payout ratio (DPR) is -18.02%.

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

In related news, EVP Edward K. Sperling sold 4,480 shares of the stock in a transaction dated Friday, May 26th. The shares were sold at an average price of $45.76, for a total transaction of $205,004.80. Following the sale, the executive vice president now owns 10,562 shares in the company, valued at $483,317.12. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Robert Rowe sold 9,244 shares of the stock in a transaction dated Tuesday, May 30th. The stock was 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 quarter, insiders have sold 15,974 shares of company stock worth $726,471. 0.47% of the stock is owned by company insiders.

Large investors have recently added to or reduced their stakes in the company. M&T Bank Corp raised its stake in CIT Group Inc (DEL) by 0.6% in the second quarter. M&T Bank Corp now owns 5,210 shares of the financial services provider’s stock valued at $253,000 after buying an additional 30 shares during the period. Advisor Group Inc. raised its stake in CIT Group Inc (DEL) by 2.2% in the second quarter. Advisor Group Inc. now owns 3,030 shares of the financial services provider’s stock valued at $146,000 after buying an additional 66 shares during the period. IFP Advisors Inc raised 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 valued at $258,000 after buying an additional 77 shares during the period. Pacer Advisors Inc. raised 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 valued at $165,000 after buying an additional 121 shares during the period. Finally, World Asset Management Inc raised 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 valued at $378,000 after buying an additional 188 shares during the period. Hedge funds and other institutional investors own 99.77% 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.

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

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