CIT - CIT Group Inc.

NYSE - Nasdaq Real Time Price. Currency in USD
42.29
+0.51 (+1.22%)
As of 10:09AM EDT. Market open.
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Previous Close41.78
Open42.12
Bid42.36 x 900
Ask42.41 x 800
Day's Range41.98 - 42.38
52 Week Range35.50 - 55.23
Volume101,553
Avg. Volume696,339
Market Cap4.035B
Beta (3Y Monthly)1.48
PE Ratio (TTM)9.52
EPS (TTM)4.44
Earnings DateOct 21, 2019 - Oct 25, 2019
Forward Dividend & Yield1.40 (3.35%)
Ex-Dividend Date2019-08-08
1y Target Est56.09
Trade prices are not sourced from all markets
  • 7 Stocks the Insiders Are Buying on Sale
    InvestorPlace

    7 Stocks the Insiders Are Buying on Sale

    [Editor's Note: This article is updated each week with the latest insider moves.]I always like to know what the insiders are doing when I am considering a company as a potential long-term investment. They should have a much better idea of what is going on inside the company than most analysts. I especially like to see if there is insider buying after the stock price has fallen dramatically.An insider is a person who has access to confidential information about a company. When an insider wants to buy or sell their company's stock, they have to file a form with the Securities and Exchange Commission. The SEC requires this because it helps to prevent the insiders from taking advantage of non-public information, such as buying the stock before the company releases favorable news.InvestorPlace - Stock Market News, Stock Advice & Trading TipsThis is public information. In other words, the important people in a company need to inform the public if they are buying or selling their company's stock.There are many reasons why an insider of a company may sell their stock. They may need to raise money for things such as a home purchase and a divorce settlement. However, there is only one reason why an insider would buy the company's stock. They believe that they will profit because it is currently undervalued. * 10 Marijuana Stocks to Ride High on the Farm Bill These stocks got my attention due to the significant insider buying that has recently occurred. CIT Group (CIT) CIT Group (NYSE:CIT) is a financial services holding company that provides financing, leasing and advisory services. CIT stock has dropped by about 15% since the beginning of the month. This is more related to the overall market than to anything specific with CIT. As a result, the insiders are on a buying spree.John Fawcett is the chief financial officer. He just made a roughly $430,000 investment when he bought 10,000 shares at an average price $43.13. CEO Ellen Alemany invested $500,000 of her personal funds when she paid $43.55 for 11,500 shares. Robert Rubino, the president of CIT Bank, invested $300,000 into the stock at $43.22.These insiders must all feel good about the future prospects of CIT. Camping World Holdings (CWH)Camping World Holdings (NYSE:CWH) provides products and services for recreational vehicle enthusiasts. Earlier this month, the price of the stock dropped by almost 20% when JPMorgan downgraded CWH from overweight to neutral. This was due to the fact that the company is becoming less profitable, and management seemed to confirm that this will continue to be the case on the earnings call.Melvin Flanigan is the chief financial officer. He must believe that the stock will soon rally because he just invested almost $300,000 into it. He paid $8.25 for 36,000 shares. * 7 Safe Dividend Stocks for Investors to Buy Right Now Camping World Director Andris Baltins must also believe that the stock is a great value at these levels. He just made a $180,000 investment when he bought 20,000 shares at $9.02. Oasis Petroleum (OAS)Oasis Petroleum (NYSE:OAS) is involved with the acquisition, development and exploration of unconventional oil and natural gas resources.Like many other companies in the natural gas business, the shares of Oasis have seen a significant selloff over the past year. OAS stock has dropped from over $14 a share to current levels around $3.President and Chief Operating Officer Taylor Reid must believe that things will soon turn around. He just made a personal investment of almost $125,000 when he bought 45,060 shares at $2.76. Earlier this month, director of the company John Hagale also made a significant personal investment. He spent $85,000 when he bought 30,000 shares at $2.85. GTT Communications (GTT)GTT Communications (NYSE:GTT) provides cloud networking services to multi-national companies. Over the past three months GTT stock has dropped from $27 to current levels around $8.50. This is due to a series of earnings misses and downgrades. Most recently the stock was downgraded by Raymond James and KeyBanc. * 10 Undervalued Stocks With Breakout Potential Richard Calder is the CEO of the company. He must feel that the selloff is close to an end. He just paid $6.57 for 20,000 shares. This is an investment of just over $131,000. GTT Director Nick Adamo must also think that the stock is a good value at current levels. He just bought 10,000 share at prices of $9.85 and $9.09. Party City Holdco (PRTY)Party City Holdco (NYSE:PRTY) sells decorated party goods. This company has had a rough year. Earnings and revenues have missed guidance and it has sold off a bunch off its stores. Over the past 12 months the stock has dropped from $16 to current levels around $4.70.James Harrison is the CEO of Party City. Apparently he believes that this long and painful selloff will soon come to an end. He just paid $4.53 for 125,000 shares. This is an investment of $566,250.The CFO of the company Michael Correale must also believe that the stock is a good value at current levels. He just made just over a $100,000 investment when he bought 24,300 shares at an average price of $4.13. Ocwen Financial (OCN)Ocwen Financial (NYSE:OCN) is a financial services holding company that is in the mortgage business. OCN stock has dropped from $4 to current levels around $1.50 over the past year. Much of this has been driven by concerns over fair value adjustments and restructuring costs.Two of the insiders must believe that these concerns are overblown because they each just made significant investments in the stock. * 8 Dividend Aristocrat Stocks to Buy Now No Matter What Glen Messina is the president and CEO of the company. He just invested almost $200,000 when he paid $1.50 for 132,000 shares. Timothy Yanoti is the chief growth officer. He bought 35,000 shares at $1.35 on Aug. 9. In addition, two directors of the company just made significant investments as well. Eastman Kodak (KODK)Eastman Kodak (NYSE:KODK) provides analog and digital innovations. This has not gone so well for this once-great company. It wasn't quick enough to adapt to technological advancements and got left behind. As a result, over the past five years the price of KODK stock has dropped from $35 to current levels around $2. Many analysts feel that the company will not survive.James Continenza is the executive chairman of Eastman Kodak. He must believe that the death spiral will soon come to an end because he just made a significant investment of just over $140,000. He just paid $2.04 for 70,000 shares.As of this writing, Mark Putrino did not hold a position in any of the aforementioned securities. More From InvestorPlace * 2 Toxic Pot Stocks You Should Avoid * 10 Real Estate Investments to Ride Out the Current Storm * 7 Marijuana Penny Stocks to Consider for Those Who Can Handle Risk * 7 Safe Dividend Stocks for Investors to Buy Right Now The post 7 Stocks the Insiders Are Buying on Sale appeared first on InvestorPlace.

  • OneWest Bank Launches New Promotion Supporting Local Small Businesses
    PR Newswire

    OneWest Bank Launches New Promotion Supporting Local Small Businesses

    Customers can earn up to $600 PASADENA, Calif. , Aug. 21, 2019 /PRNewswire/ --  OneWest Bank , CIT's Southern California retail bank division, today announced a new small business banking promotion  for ...

  • PR Newswire

    CIT Names Philip Robbins as President of Asset Management and Capital Markets

    NEW YORK , Aug. 20, 2019 /PRNewswire/ -- CIT Group Inc . (NYSE: CIT) today announced that Philip Robbins has joined the company as the president of Asset Management and Capital Markets. In this role, he ...

  • 5 Value Stocks With Fast-Growing Dividends
    InvestorPlace

    5 Value Stocks With Fast-Growing Dividends

    It's hard to find a bargain stock with dividends growing quickly. Often they are overvalued and not worth buying. Another problem is these kind of stocks can't sustain the dividend growth. The trick to uncovering the best stocks to buy now is to search for fast-growing dividend stocks with low earnings-payout ratios. Even better if they're cheap.For example, fast growing tech companies reinvest their earnings in their business. They can't afford to pay dividends without sacrificing growth. Amazon (NASDAQ:AMZN) has never paid out a dividend but is growing very fast. The stock is not cheap as investors rely on steady growth, but its investors are willing to forgo dividends.Among the best stocks to buy now for value and income are business development companies (BDC). BDCs often raise their dividends at high rates, borrowing money or continually selling equity to finance dividend growth. Their payout ratios are high and the companies tend to be highly leveraged as a result.InvestorPlace - Stock Market News, Stock Advice & Trading TipsBelow are five stocks selling below 10x earnings whose dividends have been rising 15% or more per year. The companies pay out less than 30% of their earnings in dividends. They reinvest the rest to maintain consistent growth. * 10 Cheap Dividend Stocks to Load Up On None of these stocks are turnarounds. They have been growing consistently for the past several years. You can rely on them to continue to increase their dividends at these rates. Best Value Stocks: CIT Group (CIT)2-Year Dividend Growth: +133%CIT Group (NYSE:CIT) is a bank holding company that has transformed itself into a vibrant, growing commercial lender after its demise in 2009. Earnings have been growing nicely as the company has divested itself of loss making divisions.In Q2 2018, CIT's dividends were at an annual rate of 64 cents. Three quarters later in Q1 2019, CIT raised the rate 56% to $1.00. And just recently in July CIT did it again - hiking the dividend to $1.40, up 40%.Analysts expect CIT to earn $4.96 this year. Its dividend represents just 28% of expected earnings. The stock now yields 3.1% and has a price-to-earnings ratio of 9.2x.CIT has been simplifying its commercial lending business, selling off non-core units, and strengthening its capital ratios. Its recent stock buybacks and dividends increases show that this is a very shareholder friendly company.Expect the company to continue to reward shareholders with consistent earnings and dividend increases. Bank of America (BAC)2-Year Dividend Growth: +50%Bank of America (NYSE:BAC), the U.S. bank holding company, has increased its quarterly dividends over the past two years from an annual rate of 48 cents to 72 cents, paid in July. In addition, BAC has been showing good operational growth, despite interest rate headwinds.BAC sports a 2.54% dividend yield and trades for just 10 times earnings per share. BAC reported Q2 earnings of 74 cents per share, which was up 17% over the past year.BAC can comfortably afford its dividend. The 72 cents annual dividend rate represents just 28% of its expected earnings per share of $2.84 for this year.BAC has a large and stable asset base with its consumer deposits and high earnings quality. It is well diversified with its Merrill Lynch brokerage arm, and an asset management business with $220 billion in assets under management. Their stable fees strengthen its lending business. * 10 Best Stocks to Buy and Hold Forever BAC has consistently grown its dividends. They rose 25% in 2018 and 20% in 2019. Expect the stock to continue to increase its earnings and dividends over the next year at a similar rate. Boyd Gaming (BYD)2-Year Dividend Growth Rate: +40%Boyd Gaming (NYSE:BYD) is a casino operator mainly focused on niche markets such as the local, non-Strip gambler in Las Vegas. Its revenue and earnings have picked up nicely over the past several years as U.S. economic growth, and disposable income, has grown.BYD has increased its dividend 40% over the past two years. This includes a 20% increase in 2018 and recently 17% increase to 28 cents on an annual basis. This represents just 16% of its expected earnings this year of $1.78 per share.BYD's dividend yield is 1.15%. There is plenty of room for the dividends to grow as Wall Street expects that the company will continue to show consistent earnings growth. As sports betting picks up speed across new states, now that the Supreme Court has OK'd it, BYD expects to participate in the growth in that arena.BYD is play on the economy continuing to steam ahead and the regional consumer's willingness to dispose of income at BYD's casinos. Expect the dividend to rise substantially over the next several years. Delta Air Lines (DAL)2-Year Dividend Growth: +32%Delta Air Lines (NYSE:DAL) has increased its dividend by over 32% over the past two years. In 2018 the dividend rose 14.8% and recently DAL set the annual rate at $1.61, up 15.1%. The stock is a general play on economic growth as well as its moves to diversity earnings.Delta's recent Q2 revenues were up 9% year-over-year. Earnings shot up an incredible 32%. Analysts are especially optimistic about the new credit card that DAL is going to co-brand in partnership with American Express (NYSE:AXP).The stock is still cheap, though. It trades at just 8.4x earnings which are expected to reach $7.10 for the year.Given that its dividend rate is $1.61, the pay-out ratio is 22%. So there is plenty of room for the company to continue to increase the dividend. Moreover, the stock sports a very attractive dividend yield of 2.71%. * 7 Great No-Load Mutual Funds for Retirement Portfolios Investors can expect DAL to consistently raise the dividend over the next several years. Citigroup (C)2-Year Dividend Growth: +59.4%Citigroup (NYSE:C) has raised its dividend almost 60% in the past two years. The dividend was up 41% in 2018 and this year Citigroup has hiked it another 13.3%.Citigroup is a play on strong economic growth in the U.S. The company has consistently produced solid revenue and earnings growth in the past 5 years.The company is well positioned to withstand any interest rate headwinds, should rates continue to fall. Deposits and loans have continued to grow despite interest rate cuts. Revenue was up 4% in the first half of 2019 and net income rose 13%.Citigroup's stock trades for less than 9x earnings per share. The dividend yield is very attractive at 3.1%. This is more than investors can make in their money market accounts.With the dividend set at $2.04, and earnings expected to be $7.64 this year, the payout ratio is only 26.7%. So there is still plenty of room for Citigroup to raise the dividend as earnings grows.Investors can expect Citigroup to raise its dividend over the next several years at a similar rate in 2019.As of this writing, Mark Hake, CFA does not hold a position in any of the aforementioned securities. More From InvestorPlace * 2 Toxic Pot Stocks You Should Avoid * 10 Cheap Dividend Stocks to Load Up On * The 10 Biggest Losers from Q2 Earnings * 5 Dependable Dividend Stocks to Buy The post 5 Value Stocks With Fast-Growing Dividends appeared first on InvestorPlace.

  • CIT Group (CIT) Ratings Affirmed by Moody's, Outlook Positive
    Zacks

    CIT Group (CIT) Ratings Affirmed by Moody's, Outlook Positive

    Moody's affirms CIT Group (CIT) and its subsidiary's ratings. Moreover, the company's outlook remains positive.

  • GuruFocus.com

    Cit Group Inc (CIT) EVP and Chief Financial Office John J. Fawcett Bought $123,600 of Shares

    EVP and Chief Financial Office of Cit Group Inc (30-Year Financial, Insider Trades) John J. Fawcett (insider trades) bought 3,000 shares of CIT on 08/14/2019 at an average price of $41.2 a share. Continue reading...

  • OneWest Bank Now Offers Zelle®
    PR Newswire

    OneWest Bank Now Offers Zelle®

    PASADENA, Calif., Aug. 14, 2019 /PRNewswire/ -- OneWest Bank, CIT's Southern California branch network, today announced Zelle® is now available in its mobile banking app, providing customers a fast, safe and easy way to send and receive money with friends, family and others they trust. "We're pleased to offer Zelle as it provides ease and convenience for our customers by enabling them to send or receive money in a matter of minutesi," said Heather Ellison, head of Retail Banking for OneWest Bank. Zelle provides consumers a digitally convenient alternative to cash and checks by allowing for funds to be sent from one bank account in the U.S. to another, using only a recipient's email address or U.S. mobile number.

  • Moody's

    CIT Group Inc. (Old) -- Moody's affirms CIT Group's ratings; outlook remains positive

    Moody's Investors Service has affirmed the ratings of CIT Group Inc. (CIT) and its bank subsidiary CIT Bank, N.A. (CIT Bank), following the affirmation of the bank's baa3 standalone baseline credit assessment (BCA). This rating action follows the announcement of CIT's planned acquisition of Mutual of Omaha Bank, which is unrated. "CIT's ratings affirmation with a positive outlook reflects our view that the acquisition will diversify and strengthen CIT's deposit franchise, expand its commercial lending and banking lines and reduce its funding costs" said Warren Kornfeld, Senior Vice President.

  • CIT Group Inks Deal to Acquire Mutual of Omaha Bank for $1B
    Zacks

    CIT Group Inks Deal to Acquire Mutual of Omaha Bank for $1B

    The acquisition of Mutual of Omaha Bank will help CIT Group (CIT) expand its commercial banking operations.

  • Benzinga

    CIT Buys Mutual Of Omaha For $1B

    CIT Group Inc. (NYSE: CIT ) and Mutual of Omaha will acquire Mutual's savings bank subsidiary, Mutual of Omaha Bank, for $1 billion. The purchase price will be comprised primarily of cash and up to $150 ...

  • TheStreet.com

    [video]CIT Group to Acquire Mutual of Omaha Bank for $1 Billion

    CIT Group to buy Mutual of Omaha's savings bank subsidiary, Mutual of Omaha Bank, for $1 billion in cash and stock.

  • MarketWatch

    CIT to buy Mutual of Omaha Bank for $1 billion

    CIT Group Inc. announced Tuesday a deal for its CIT Bank N.A. subsidiary to buy Mutual of Omaha's savings bank subsidiary, Mutual of Omaha Bank, for $1 billion in cash and stock. Under terms of the deal, the purchase will be comprised of cash and up to $150 million in CIT common stock. CIT said the deal is expected to improve deposit costs by about 20 basis points (0.2 percentage points), while its tangible common equity ratio is expected to be enhanced by 80 basis points in 2020. The deal is expected to close in the first quarter. CIT's stock, which was still inactive in premarket trading, has rallied 16.6% year to date, while the S&P 500 has advanced 15.0%.

  • CIT to Acquire Mutual of Omaha Bank
    PR Newswire

    CIT to Acquire Mutual of Omaha Bank

    - Enhances and diversifies CIT's funding profile with Mutual of Omaha Bank's market-leading homeowners association banking business, a source of scalable lower-cost deposits - Extends middle market commercial ...

  • OneWest Bank Names Rolland Mattoon as Director of Small Business
    PR Newswire

    OneWest Bank Names Rolland Mattoon as Director of Small Business

    PASADENA, Calif. , Aug. 7, 2019 /PRNewswire/ --  OneWest Bank , CIT's Southern California branch network, today announced that Rolland Mattoon has joined the company as director of Small Business. In this ...

  • LendingClub (LC) Reports Loss in Q2, Revenues Improve Y/Y
    Zacks

    LendingClub (LC) Reports Loss in Q2, Revenues Improve Y/Y

    LendingClub's (LC) Q2 earnings reflect lower expenses, higher revenue growth and upbeat outlook.

  • PR Newswire

    CIT Names Ken Martin as Managing Director of Small Business Solutions Unit

    PORTSMOUTH, N.H. , Aug. 5, 2019 /PRNewswire/ -- CIT Group Inc. (NYSE: CIT) today announced that Ken Martin has joined the company as managing director of the Small Business Solutions unit, which is part ...

  • Be Sure To Check Out CIT Group Inc. (NYSE:CIT) Before It Goes Ex-Dividend
    Simply Wall St.

    Be Sure To Check Out CIT Group Inc. (NYSE:CIT) Before It Goes Ex-Dividend

    CIT Group Inc. (NYSE:CIT) is about to trade ex-dividend in the next 4 days. This means that investors who purchase...

  • Here's How P/E Ratios Can Help Us Understand CIT Group Inc. (NYSE:CIT)
    Simply Wall St.

    Here's How P/E Ratios Can Help Us Understand CIT Group Inc. (NYSE:CIT)

    The goal of this article is to teach you how to use price to earnings ratios (P/E ratios). To keep it practical, we'll...

  • OneWest Bank Launches Back to School Program with Local Boys & Girls Clubs
    PR Newswire

    OneWest Bank Launches Back to School Program with Local Boys & Girls Clubs

    Through the Bank on Building a Brighter Community campaign two-and-a-half hours of tutoring will be donated for every qualifying checking account opened PASADENA, Calif. , Aug. 1, 2019 /PRNewswire/ --  ...

  • PR Newswire

    CIT Northbridge Credit Serves as Collateral and Administrative Agent on $100 Million Revolving Credit Facility for Hornbeck Offshore Services

    NEW YORK , July 30, 2019 /PRNewswire/ --  CIT Group Inc.  (NYSE: CIT) today announced that CIT Northbridge Credit , through its investment advisor CIT Asset Management LLC, served as collateral and administrative ...

  • Bloomberg

    OneWest Penalized for Racial Bias When Mnuchin Was Bank Chairman

    (Bloomberg) -- OneWest Bank will pay more than $7 million to settle California Reinvestment Coalition allegations that the company engaged in racial discrimination in mortgage lending from 2014 until at least 2017, the Department of Housing and Urban Development said Monday.Treasury Secretary Steven Mnuchin was OneWest’s chairman for some of the period in which misconduct is alleged to have occurred in the Los Angeles area. HUD said in a statement that it approved the accord between OneWest and the California group, which accused the bank of redlining. OneWest denied the claims, and said it settled to get “administrative closure.” No individuals, including Mnuchin, were accused of misconduct.OneWest, which Mnuchin built from the remains of a bank that failed during the 2008 financial crisis, was bought by CIT Group Inc. in 2015, and now operates as a subsidiary. Mnuchin served on CIT’s board until late 2016, when he was tapped to become Donald Trump’s treasury secretary. Comptroller of the Currency Joseph Otting, who now regulates OneWest, was the bank’s chief executive officer for some of the period covered by the complaint.Spokesmen for the Treasury Department and the Office of the Comptroller of the Currency declined to comment.The settlement stems from a 2016 complaint about OneWest’s mortgage lending practices, which housing advocacy groups said broke federal laws by keeping branches out of minority neighborhoods and making few loans to black and Latino borrowers.“Homeownership is the foundation of the American dream,” Anna María Farías, HUD’s assistant secretary for fair housing and equal opportunity, said in a statement. “Today’s settlement is an important step toward ensuring access to that dream for all borrowers, regardless of their race or national origin.”In additional to the penalty, which is in the form of community investment, CIT will have to open or buy a new branch in an area that has a majority-minority population and is low-to-moderate income.To contact the reporter on this story: Austin Weinstein in New York at aweinstein18@bloomberg.netTo contact the editors responsible for this story: Jesse Westbrook at jwestbrook1@bloomberg.net, Gregory MottFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • Moody's

    GS Mortgage Securities Trust 2013-GCJ14 -- Moody's upgrades two and affirms eleven classes of GSMS 2013-GCJ14

    The ratings on two principal and interest (P&I) classes, Cl. B and Cl. C, were upgraded primarily due to an increase in credit support resulting from loan paydowns and amortization, as well as an increase in defeasance. Moody's rating action reflects a base expected loss of 3.3% of the current pooled balance, compared to 2.8% at Moody's last review.

  • PR Newswire

    275 Volunteer Projects Completed During CIT Cares Month

    NEW YORK , July 25, 2019 /PRNewswire/ --  CIT Group Inc. (NYSE: CIT) today announced the results of its annual employee volunteer initiative, CIT Cares Month . Throughout June, 275 community projects were ...

  • Sallie Mae (SLM) Q2 Earnings Beat Estimates as Revenues Rise
    Zacks

    Sallie Mae (SLM) Q2 Earnings Beat Estimates as Revenues Rise

    Sallie Mae's (SLM) second-quarter 2019 results reflect top-line strength, partly muted by higher expenses.

  • Thomson Reuters StreetEvents

    Edited Transcript of CIT earnings conference call or presentation 23-Jul-19 12:00pm GMT

    Q2 2019 CIT Group Inc Earnings Call