CIT Group Inc. Declares Quarterly Dividend of $0.35 (NYSE:CIT)

CIT Group Inc. (NYSE:CIT) announced a quarterly dividend on Thursday, October 15th, RTT News reports. Shareholders of record on Friday, November 6th will be paid a dividend of 0.35 per share by the financial services provider on Friday, November 20th. This represents a $1.40 annualized dividend and a yield of 5.60%. The ex-dividend date of this dividend is Thursday, November 5th.

CIT Group has raised its dividend by 116.7% over the last three years and has raised its dividend annually for the last 3 consecutive years.

CIT opened at $25.00 on Friday. The stock has a market cap of $2.46 billion, a price-to-earnings ratio of -5.41 and a beta of 1.85. The stock’s 50 day moving average price is $18.77 and its 200-day moving average price is $19.21. CIT Group has a one year low of $12.02 and a one year high of $48.96. The company has a debt-to-equity ratio of 1.46, a quick ratio of 0.97 and a current ratio of 0.97.

CIT Group (NYSE:CIT) last released its earnings results on Tuesday, July 21st. The financial services provider reported ($0.62) EPS for the quarter, missing analysts’ consensus estimates of ($0.50) by ($0.12). The business had revenue of $411.00 million for the quarter, compared to the consensus estimate of $427.61 million. CIT Group had a negative net margin of 14.45% and a negative return on equity of 0.77%. The company’s quarterly revenue was down 12.0% compared to the same quarter last year. During the same period in the prior year, the company posted $1.33 EPS. As a group, analysts predict that CIT Group will post -2.72 earnings per share for the current fiscal year.

Several research analysts recently issued reports on CIT shares. Zacks Investment Research cut CIT Group from a “hold” rating to a “sell” rating and set a $20.00 price objective on the stock. in a research note on Thursday, July 23rd. Oppenheimer reissued a “hold” rating on shares of CIT Group in a research note on Wednesday, September 30th. Citigroup dropped their price objective on CIT Group from $31.00 to $28.00 and set a “buy” rating on the stock in a research note on Wednesday, July 22nd. ValuEngine raised CIT Group from a “buy” rating to a “strong-buy” rating in a research note on Thursday, October 1st. Finally, Morgan Stanley dropped their price objective on CIT Group from $26.00 to $24.00 and set an “equal weight” rating on the stock in a research note on Tuesday, August 4th. One analyst has rated the stock with a sell rating, four have given a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. CIT Group currently has a consensus rating of “Hold” and an average target price of $32.71.

About CIT Group

CIT Group Inc operates as the holding company for CIT Bank, N.A. that provides banking and related services to commercial and individual customers. The company operates through Commercial Banking and Consumer Banking segments. The Commercial Banking segment provides a range of commercial lending, leasing, and deposit products; loans comprising revolving lines of credit, term loans, unsecured loans, collateral-backed loans, asset-based loans, commercial real estate loans, and cash flow loans; and ancillary services and products, including cash management, capital markets, and advisory services primarily to small and middle market companies.

Recommended Story: How does the Beige Book influence monetary policy?

Dividend History for CIT Group (NYSE:CIT)

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