Media coverage about CIT Group Inc (DEL) (NYSE:CIT) has been trending somewhat positive recently, Accern Sentiment reports. Accern identifies negative and positive media coverage by analyzing more than twenty million news and blog sources in real-time. Accern ranks coverage of publicly-traded companies on a scale of -1 to 1, with scores closest to one being the most favorable. CIT Group Inc (DEL) earned a media sentiment score of 0.13 on Accern’s scale. Accern also gave headlines about the financial services provider an impact score of 46.2333106475335 out of 100, indicating that recent media coverage is somewhat unlikely to have an effect on the company’s share price in the near future.
Here are some of the headlines that may have impacted Accern’s rankings:
- Morgan Stanley Increases CIT Group Inc (DEL) (CIT) Price Target to $51.00 (americanbankingnews.com)
- CIT Announces Cash Tender Offer For $800 million of Unsecured Notes (finance.yahoo.com)
- ETFs with exposure to CIT Group, Inc. : September 13, 2017 (finance.yahoo.com)
- CIT Group Inc (DEL) (CIT) Short Interest Update (americanbankingnews.com)
Shares of CIT Group Inc (NYSE CIT) opened at 46.30 on Wednesday. The company has a 50-day moving average price of $45.72 and a 200 day moving average price of $45.74. CIT Group Inc has a one year low of $34.89 and a one year high of $50.40. The company’s market capitalization is $6.27 billion.
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, beating the Zacks’ consensus estimate of $0.60 by $0.08. The company had revenue of $605.00 million for the quarter, compared to analysts’ expectations of $500.05 million. CIT Group Inc (DEL) had a positive return on equity of 5.66% and a negative net margin of 20.50%. CIT Group Inc (DEL)’s revenue for the quarter was down 6.6% compared to the same quarter last year. During the same period last year, the firm posted $0.07 EPS. Equities analysts anticipate that CIT Group Inc will post $2.82 EPS for the current year.
The business also recently declared a quarterly dividend, which was paid on Friday, August 25th. Shareholders of record on Friday, August 11th were paid a $0.15 dividend. The ex-dividend date of this dividend was Wednesday, August 9th. This represents a $0.60 dividend on an annualized basis and a yield of 1.30%. CIT Group Inc (DEL)’s dividend payout ratio (DPR) is currently -18.02%.
CIT Group Inc (DEL) declared that its Board of Directors has approved a share buyback program on Wednesday, June 28th that authorizes the company to repurchase $225.00 million in outstanding shares. This repurchase authorization authorizes the financial services provider to purchase up to 2.3% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s board of directors believes its shares are undervalued.
Several research analysts have commented on the company. JMP Securities boosted their target price on CIT Group Inc (DEL) from $49.00 to $54.00 and gave the stock a “market outperform” rating in a research note on Thursday, July 13th. Zacks Investment Research raised CIT Group Inc (DEL) from a “sell” rating to a “hold” rating in a research note on Friday, July 14th. Oppenheimer Holdings, Inc. reaffirmed an “outperform” rating on shares of CIT Group Inc (DEL) in a research note on Tuesday, July 11th. ValuEngine raised CIT Group Inc (DEL) from a “hold” rating to a “buy” rating in a research note on Thursday, July 27th. Finally, Keefe, Bruyette & Woods set a $46.00 price objective on CIT Group Inc (DEL) and gave the company a “hold” rating in a research note on Saturday, May 27th. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating and seven have given a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus price target of $46.56.
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In other CIT Group Inc (DEL) news, insider Steve Solk sold 1,460 shares of CIT Group Inc (DEL) stock in a transaction that occurred on Friday, August 25th. The stock was sold at an average price of $45.00, for a total value of $65,700.00. Following the transaction, the insider now directly owns 14,832 shares of the company’s stock, valued at approximately $667,440. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider James L. Hudak sold 2,100 shares of CIT Group Inc (DEL) stock in a transaction that occurred on Friday, August 11th. The stock was sold at an average price of $46.18, for a total value of $96,978.00. Following the completion of the transaction, the insider now directly owns 57,083 shares in the company, valued at $2,636,092.94. The disclosure for this sale can be found here. 0.47% of the stock is owned by insiders.
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.
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