CIT Group (CIT) Reaches New 52-Week Low at $43.48

CIT Group Inc. (NYSE:CIT) reached a new 52-week low during trading on Thursday . The stock traded as low as $43.48 and last traded at $44.13, with a volume of 486437 shares. The stock had previously closed at $44.78.

CIT has been the subject of several recent analyst reports. TheStreet cut CIT Group from a “b” rating to a “c” rating in a research note on Thursday, November 15th. Morgan Stanley decreased their target price on CIT Group from $58.00 to $57.50 and set an “equal weight” rating for the company in a research note on Tuesday, September 18th. Stephens cut CIT Group from an “overweight” rating to an “equal weight” rating and set a $60.00 target price for the company. in a research note on Monday, August 27th. Zacks Investment Research raised CIT Group from a “sell” rating to a “hold” rating in a research note on Monday, November 19th. Finally, ValuEngine raised CIT Group from a “sell” rating to a “hold” rating in a research note on Wednesday, October 31st. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating and two have given a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average target price of $54.29.

The company has a market capitalization of $4.71 billion, a P/E ratio of 14.42, a P/E/G ratio of 1.12 and a beta of 1.29. The company has a debt-to-equity ratio of 1.45, a current ratio of 1.02 and a quick ratio of 1.02.

CIT Group (NYSE:CIT) last released its earnings results on Tuesday, October 23rd. The financial services provider reported $1.15 EPS for the quarter, topping the consensus estimate of $1.14 by $0.01. CIT Group had a return on equity of 7.58% and a net margin of 8.00%. The business had revenue of $476.00 million during the quarter, compared to analysts’ expectations of $475.48 million. During the same quarter last year, the firm posted $1.42 earnings per share. The firm’s revenue was up 2.6% on a year-over-year basis. Equities research analysts predict that CIT Group Inc. will post 3.99 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which was paid on Tuesday, November 27th. Investors of record on Tuesday, November 13th were paid a dividend of $0.25 per share. The ex-dividend date was Friday, November 9th. This represents a $1.00 annualized dividend and a yield of 2.26%. CIT Group’s dividend payout ratio is currently 32.57%.

A number of institutional investors have recently made changes to their positions in the business. Capital World Investors grew its stake in CIT Group by 32.4% in the third quarter. Capital World Investors now owns 10,756,115 shares of the financial services provider’s stock valued at $555,123,000 after acquiring an additional 2,634,000 shares during the period. BlackRock Inc. grew its stake in CIT Group by 2.9% in the second quarter. BlackRock Inc. now owns 7,146,945 shares of the financial services provider’s stock valued at $360,277,000 after acquiring an additional 202,373 shares during the period. LSV Asset Management grew its stake in CIT Group by 0.5% in the third quarter. LSV Asset Management now owns 3,776,216 shares of the financial services provider’s stock valued at $194,890,000 after acquiring an additional 17,624 shares during the period. Thompson Siegel & Walmsley LLC grew its stake in CIT Group by 13.3% in the third quarter. Thompson Siegel & Walmsley LLC now owns 2,771,034 shares of the financial services provider’s stock valued at $143,013,000 after acquiring an additional 324,619 shares during the period. Finally, Dimensional Fund Advisors LP grew its stake in CIT Group by 2.0% in the third quarter. Dimensional Fund Advisors LP now owns 2,641,416 shares of the financial services provider’s stock valued at $136,324,000 after acquiring an additional 51,648 shares during the period.

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CIT Group Company Profile (NYSE:CIT)

CIT Group Inc operates as the bank holding company for CIT Bank, National Association that provides banking and related services to commercial and individual customers. The company operates through three segments: Commercial Banking, Consumer Banking, and Non-Strategic Portfolios (NSP). The Commercial Banking segment offers lending, leasing, and other financial and advisory services primarily to small and middle-market companies; factoring, receivables management products, and secured supply chain financing; and equipment leasing and secured financing to railroads and non-rail companies.

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