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


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CIT Group Inc. (NYSE:CIT) declared a quarterly dividend on Wednesday, April 21st, RTT News reports. Investors of record on Friday, May 7th will be given a dividend of 0.35 per share by the financial services provider on Friday, May 21st. This represents a $1.40 annualized dividend and a yield of 2.62%. The ex-dividend date of this dividend is Thursday, May 6th.

CIT Group has raised its dividend payment by 129.5% over the last three years and has increased its dividend every year for the last 1 years. CIT Group has a payout ratio of 32.4% indicating that its dividend is sufficiently covered by earnings. Analysts expect CIT Group to earn $2.84 per share next year, which means the company should continue to be able to cover its $1.40 annual dividend with an expected future payout ratio of 49.3%.

Shares of CIT opened at $53.38 on Tuesday. The company has a debt-to-equity ratio of 1.39, a current ratio of 0.96 and a quick ratio of 0.96. The firm has a 50 day simple moving average of $52.14 and a 200-day simple moving average of $41.73. The stock has a market cap of $5.27 billion, a price-to-earnings ratio of -10.11 and a beta of 1.61. CIT Group has a 1-year low of $12.31 and a 1-year high of $55.89.

CIT Group (NYSE:CIT) last announced its quarterly earnings results on Wednesday, April 28th. The financial services provider reported $2.47 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.98 by $1.49. The company had revenue of $557.00 million for the quarter, compared to analyst estimates of $464.00 million. CIT Group had a negative net margin of 16.59% and a negative return on equity of 1.46%. CIT Group’s revenue for the quarter was up 12.3% on a year-over-year basis. During the same quarter last year, the business earned ($2.43) EPS. On average, equities analysts expect that CIT Group will post -1.66 earnings per share for the current fiscal year.

In related news, EVP Wahida Plummer sold 5,000 shares of the business’s stock in a transaction on Wednesday, February 24th. The shares were sold at an average price of $48.60, for a total transaction of $243,000.00. Following the transaction, the executive vice president now owns 26,593 shares of the company’s stock, valued at $1,292,419.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Michael L. Brosnan sold 5,901 shares of the firm’s stock in a transaction that occurred on Thursday, March 11th. The stock was sold at an average price of $50.96, for a total value of $300,714.96. Following the completion of the sale, the director now owns 13,883 shares of the company’s stock, valued at approximately $707,477.68. The disclosure for this sale can be found here. Insiders have sold 23,201 shares of company stock worth $1,058,761 over the last ninety days. 0.65% of the stock is currently owned by insiders.

Several equities research analysts recently issued reports on the stock. Wells Fargo & Company lifted their price target on shares of CIT Group from $38.00 to $54.00 and gave the stock an “equal weight” rating in a research note on Thursday, April 29th. Keefe, Bruyette & Woods raised shares of CIT Group from a “market perform” rating to an “outperform” rating and raised their price objective for the stock from $37.00 to $62.00 in a report on Monday, April 26th. Citigroup raised their target price on shares of CIT Group from $47.00 to $52.00 in a report on Wednesday, April 14th. Finally, Citigroup Inc. 3% Minimum Coupon Principal Protected Based Upon Russell lifted their target price on CIT Group from $47.00 to $52.00 in a research note on Wednesday, April 14th. One research analyst has rated the stock with a sell rating, seven have given a hold rating and two have assigned a buy rating to the company. CIT Group currently has an average rating of “Hold” and a consensus price target of $41.06.

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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