Media headlines about CIT Group Inc (DEL) (NYSE:CIT) have been trending somewhat positive this week, Accern Sentiment Analysis reports. The research firm rates the sentiment of news coverage by monitoring more than 20 million blog and news sources in real-time. Accern ranks coverage of publicly-traded companies on a scale of negative one to one, with scores nearest to one being the most favorable. CIT Group Inc (DEL) earned a media sentiment score of 0.12 on Accern’s scale. Accern also assigned media coverage about the financial services provider an impact score of 46.9939492076912 out of 100, indicating that recent news coverage is somewhat unlikely to have an effect on the company’s share price in the near future.
Here are some of the news headlines that may have impacted Accern Sentiment Analysis’s rankings:
CIT has been the subject of several recent analyst reports. BTIG Research reiterated a “buy” rating and set a $57.00 price objective on shares of CIT Group Inc (DEL) in a research note on Tuesday, July 25th. They noted that the move was a valuation call. Credit Suisse Group reiterated a “hold” rating and set a $48.00 price objective on shares of CIT Group Inc (DEL) in a research note on Sunday, July 2nd. BMO Capital Markets reiterated a “sell” rating and set a $31.00 price objective on shares of CIT Group Inc (DEL) in a research note on Friday, October 6th. CIBC reiterated an “outperform” rating on shares of CIT Group Inc (DEL) in a research note on Tuesday, July 11th. Finally, ValuEngine lowered CIT Group Inc (DEL) from a “buy” rating to a “hold” rating in a research note on Wednesday, July 19th. Two analysts have rated the stock with a sell rating, four have given a hold rating and nine have given a buy rating to the company. The stock presently has an average rating of “Hold” and an average target price of $49.89.
Shares of CIT Group Inc (NYSE CIT) opened at 46.50 on Thursday. The firm’s market capitalization is $6.30 billion. CIT Group Inc has a 52 week low of $35.14 and a 52 week high of $50.40. The stock has a 50 day moving average price of $47.68 and a 200-day moving average price of $46.92.
CIT Group Inc (DEL) (NYSE:CIT) last posted its quarterly earnings results on Tuesday, October 24th. The financial services provider reported $1.02 EPS for the quarter, topping analysts’ consensus estimates of $0.82 by $0.20. CIT Group Inc (DEL) had a positive return on equity of 5.66% and a negative net margin of 20.50%. The company had revenue of $592.90 million during the quarter, compared to analysts’ expectations of $488.00 million. During the same quarter in the previous year, the firm earned $0.65 EPS. On average, equities research analysts forecast that CIT Group Inc will post $2.82 earnings per share for the current year.
CIT Group Inc (DEL) declared that its board has approved a share repurchase program on Wednesday, June 28th that allows the company to buyback $225.00 million in shares. This buyback authorization allows the financial services provider to buy up to 2.3% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s board believes its shares are undervalued.
The firm also recently declared a quarterly dividend, which will be paid on Friday, November 24th. Stockholders of record on Friday, November 10th will be issued a dividend of $0.16 per share. The ex-dividend date is Thursday, November 9th. This represents a $0.64 dividend on an annualized basis and a dividend yield of 1.38%. This is a boost from CIT Group Inc (DEL)’s previous quarterly dividend of $0.15. CIT Group Inc (DEL)’s payout ratio is -18.02%.
In other CIT Group Inc (DEL) news, insider Steve Solk sold 1,460 shares of the company’s stock in a transaction dated Friday, August 25th. The stock was sold at an average price of $45.00, for a total value of $65,700.00. Following the completion of the transaction, the insider now owns 14,832 shares of the company’s stock, valued at approximately $667,440. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider James L. Hudak sold 2,100 shares of the company’s stock in a transaction dated 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 of the company’s stock, valued at approximately $2,636,092.94. The disclosure for this sale can be found here. 0.47% of the stock is currently owned by insiders.
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About CIT Group Inc (DEL)
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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