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CIT Group Receives Consensus Rating of "Hold" from Brokerages (NYSE:CIT)

Shares of CIT Group (NYSE:CIT) have received a consensus recommendation of Hold from the thirteen analysts that are presently covering the stock, ARN reports. One investment analyst has rated the stock with a sell recommendation, six have given a hold recommendation and six have given a buy recommendation to the company. The average 12-month target price among analysts that have issued ratings on the stock in the last year is $50.63.

CIT Group (NYSE:CIT) traded up 2.08% on Monday, hitting $47.04. 2,168,297 shares of the stock traded hands. The company has a market cap of $8.19 billion and a price-to-earnings ratio of 7.76. CIT Group has a 1-year low of $43.21 and a 1-year high of $49.98. The stock has a 50-day moving average price of $47.17 and a 200 day moving average price of $46.17.

CIT Group (NYSE:CIT) last posted its quarterly earnings results on Tuesday, July 28th. The financial services provider reported $0.66 earnings per share for the quarter, meeting the Thomson Reuters consensus estimate of $0.66. During the same quarter in the prior year, the company posted $1.02 EPS. On average, analysts anticipate that CIT Group will post $2.79 EPS for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 28th. Investors of record on Friday, August 14th will be paid a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 1.28%. The ex-dividend date is Wednesday, August 12th.

Several equities research analysts recently commented on CIT shares. Zacks lowered shares of CIT Group from a hold rating to a sell rating in a report on Friday. Barclays lowered their price objective on shares of CIT Group from $47.00 to $46.00 and set an equal weight rating for the company in a research note on Wednesday. Oppenheimer restated an outperform rating and set a $54.00 price target on shares of CIT Group in a research note on Wednesday. Guggenheim downgraded shares of CIT Group from a buy rating to a neutral rating in a report on Wednesday. Finally, BTIG Research reissued a buy rating on shares of CIT Group in a report on Tuesday, July 28th.

CIT Group Inc. is a bank holding company (NYSE:CIT), which provides financing, leasing and advisory services principally to middle market companies. The Company operates in two segments: Transportation and International Finance (TIF), provider of leasing and financing solutions to operators and suppliers in the global aviation and railcar industries, and North American Commercial Finance (NACF)., which consists of four divisions: Commercial Services, Corporate Finance, Equipment Finance and Real Estate Finance. Commercial Services provides factoring, receivable management products, and secured financing to businesses. Corporate Finance provides a range of financing options and offers advisory services to small and medium size companies. Equipment Finance provides leasing and equipment loan solutions to small businesses and middle market companies. Real Estate Finance provides senior secured commercial real estate loans to developers and other commercial real estate professionals.

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