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

CIT Group Inc. (NYSE:CIT) declared a quarterly dividend on Thursday, October 15th, RTT News reports. Investors 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 is Thursday, November 5th.

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

Shares of NYSE:CIT opened at $25.00 on Friday. CIT Group has a 52-week low of $12.02 and a 52-week high of $48.96. The stock has a market cap of $2.46 billion, a P/E ratio of -5.41 and a beta of 1.85. The business’s 50 day moving average is $18.77 and its 200 day moving average is $19.21. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 1.46.

CIT Group (NYSE:CIT) last announced its quarterly earnings data on Tuesday, July 21st. The financial services provider reported ($0.62) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.50) by ($0.12). The firm had revenue of $411.00 million during the quarter, compared to the consensus estimate of $427.61 million. CIT Group had a negative return on equity of 0.77% and a negative net margin of 14.45%. The firm’s revenue for the quarter was down 12.0% compared to the same quarter last year. During the same period last year, the company earned $1.33 EPS. On average, sell-side analysts anticipate that CIT Group will post -2.72 EPS for the current fiscal year.

CIT has been the subject of a number of analyst reports. Oppenheimer restated a “hold” rating on shares of CIT Group in a report on Wednesday, September 30th. Morgan Stanley lowered their target price on CIT Group from $26.00 to $24.00 and set an “equal weight” rating for the company in a report on Tuesday, August 4th. ValuEngine upgraded CIT Group from a “buy” rating to a “strong-buy” rating in a report on Thursday, October 1st. Zacks Investment Research lowered CIT Group from a “hold” rating to a “sell” rating and set a $20.00 target price for the company. in a report on Thursday, July 23rd. Finally, Citigroup decreased their price objective on CIT Group from $31.00 to $28.00 and set a “buy” rating for the company in a report on Wednesday, July 22nd. One analyst has rated the stock with a sell rating, four have given a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company’s stock. CIT Group presently has an average rating of “Hold” and an average price target of $32.71.

CIT Group Company Profile

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.

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Dividend History for CIT Group (NYSE:CIT)

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