BidaskClub lowered shares of CIT Group Inc (DEL) (NYSE:CIT) from a hold rating to a sell rating in a report published on Wednesday.

Other equities research analysts have also recently issued research reports about the stock. ValuEngine cut shares of CIT Group Inc (DEL) from a buy rating to a hold rating in a report on Wednesday, July 19th. JMP Securities upped their price objective on shares of CIT Group Inc (DEL) from $49.00 to $54.00 and gave the stock a market outperform rating in a report on Thursday, July 13th. BMO Capital Markets restated a sell rating and issued a $30.00 price objective on shares of CIT Group Inc (DEL) in a report on Friday, June 16th. Keefe, Bruyette & Woods set a $46.00 price objective on shares of CIT Group Inc (DEL) and gave the stock a hold rating in a report on Saturday, May 27th. Finally, Zacks Investment Research upgraded shares of CIT Group Inc (DEL) from a sell rating to a hold rating in a report on Friday, July 14th. Two analysts have rated the stock with a sell rating, seven have given a hold rating and seven have given a buy rating to the company’s stock. CIT Group Inc (DEL) presently has an average rating of Hold and an average price target of $45.96.

Shares of CIT Group Inc (NYSE CIT) traded down 0.24% during trading on Wednesday, reaching $46.30. 2,611,145 shares of the company traded hands. The stock’s market capitalization is $6.27 billion. The firm’s 50 day moving average is $48.41 and its 200-day moving average is $45.20. CIT Group Inc has a 12-month low of $34.38 and a 12-month high of $50.40.

CIT Group Inc (DEL) (NYSE:CIT) last announced its quarterly earnings data on Tuesday, July 25th. The financial services provider reported $0.68 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.60 by $0.08. The business had revenue of $605 million for the quarter, compared to analysts’ expectations of $500.05 million. CIT Group Inc (DEL) had a negative net margin of 20.50% and a positive return on equity of 5.66%. The business’s revenue was down 6.6% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.07 earnings per share. On average, equities research analysts anticipate that CIT Group Inc will post $2.77 earnings per share for the current fiscal year.

COPYRIGHT VIOLATION WARNING: This piece of content was originally posted by TheOlympiaReport and is the property of of TheOlympiaReport. If you are viewing this piece of content on another website, it was stolen and republished in violation of international copyright and trademark laws. The correct version of this piece of content can be read at https://theolympiareport.com/2017/08/12/bidaskclub-downgrades-cit-group-inc-del-nysecit-to-sell.html.

CIT Group Inc (DEL) announced that its board has approved a share 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 reacquire up to 29.5% of its stock through a dutch auction. Stock buyback plans are typically an indication that the company’s leadership believes its stock is undervalued.

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

In other news, insider James L. Hudak sold 2,250 shares of the stock in a transaction that occurred 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 filing with the SEC, which is available at this link. Also, EVP Robert Rowe sold 9,244 shares of the stock in a transaction that occurred 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 quarter, insiders have sold 15,974 shares of company stock worth $726,471. Corporate insiders own 0.47% of the company’s stock.

Large investors have recently bought and sold shares of the stock. Cobalt Capital Management Inc. purchased a new stake in CIT Group Inc (DEL) during the second quarter worth approximately $5,990,000. Dimensional Fund Advisors LP boosted its stake in CIT Group Inc (DEL) by 3.6% in the second quarter. Dimensional Fund Advisors LP now owns 1,534,004 shares of the financial services provider’s stock worth $74,706,000 after buying an additional 52,792 shares during the last quarter. Virtu KCG Holdings LLC purchased a new stake in CIT Group Inc (DEL) during the second quarter worth approximately $500,000. Advisor Group Inc. boosted 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 worth $146,000 after buying an additional 66 shares during the last quarter. Finally, M&T Bank Corp boosted 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 worth $253,000 after buying an additional 30 shares during the last quarter. 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)

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.