CIT Group Price Target Lowered to $60.00 at Jefferies Group (CIT)
Research analysts at Jefferies Group cut their target price on shares of CIT Group (NYSE:CIT) from $65.00 to $60.00 in a report released on Wednesday, American Banking & Market News reports. Jefferies Group’s price objective indicates a potential upside of 27.15% from the stock’s previous close.
Other equities research analysts have also recently issued reports about the stock. Analysts at Morgan Stanley reiterated an “equal weight” rating on shares of CIT Group in a research note to investors on Wednesday, January 22nd. Separately, analysts at Goldman Sachs Group Inc. initiated coverage on shares of CIT Group in a research note to investors on Wednesday, January 22nd. They set a “neutral” rating and a $55.00 price target on the stock. Finally, analysts at Zacks upgraded shares of CIT Group from a “neutral” rating to an “outperform” rating in a research note to investors on Monday, January 13th. They now have a $56.00 price target on the stock. Nine research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. CIT Group presently has an average rating of “Hold” and an average target price of $53.57.
CIT Group (NYSE:CIT) opened at 47.19 on Wednesday. CIT Group has a 52-week low of $39.46 and a 52-week high of $52.72. The stock has a 50-day moving average of $50.45 and a 200-day moving average of $49.56. The company has a market cap of $9.446 billion and a price-to-earnings ratio of 12.66.
CIT Group (NYSE:CIT) last issued its quarterly earnings data on Monday, January 27th. The company reported $0.65 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.83 by $0.18. The company had revenue of $337.00 million for the quarter, compared to the consensus estimate of $57.48 million. During the same quarter in the previous year, the company posted $1.03 earnings per share. The company’s revenue for the quarter was down 5.6% on a year-over-year basis. Analysts expect that CIT Group will post $3.51 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which is scheduled for Friday, February 28th. Stockholders of record on Friday, February 14th will be paid a dividend of 0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 0.85%. The ex-dividend date is Wednesday, February 12th.
CIT Group Inc is a bank holding company (NYSE:CIT) together with its owned subsidiaries (CIT), provides primarily commercial financing and leasing products and other services to small and middle market businesses across a range of industries.
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