CIT Group Price Target Cut to $48.00 (CIT)
SunTrust decreased their target price on shares of CIT Group (NYSE:CIT) from $52.00 to $48.00 in a research note issued on Thursday, Stock Ratings News reports. SunTrust’s target price would suggest a potential upside of 2.83% from the stock’s previous close.
CIT has been the subject of a number of other recent research reports. Analysts at Zacks reiterated an “outperform” rating on shares of CIT Group in a research note to investors on Wednesday. They now have a $52.00 price target on the stock. Separately, analysts at Buckingham Research upgraded shares of CIT Group from a “neutral” rating to a “buy” rating in a research note to investors on Wednesday. Finally, analysts at Jefferies Group cut their price target on shares of CIT Group from $65.00 to $60.00 in a research note to investors on Wednesday. They now have a “buy” rating on the stock. Eight research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average target price of $52.97.
CIT Group (NYSE:CIT) traded up 0.90% on Thursday, hitting $47.10. The stock had a trading volume of 2,411,292 shares. CIT Group has a 52-week low of $39.46 and a 52-week high of $52.72. The stock’s 50-day moving average is $50.36 and its 200-day moving average is $49.5. The company has a market cap of $9.428 billion and a P/E ratio of 12.52.
CIT Group (NYSE:CIT) last posted its quarterly earnings results on Monday, January 27th. The company reported $0.65 EPS for the quarter, missing the Thomson Reuters 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 prior year, the company posted $1.03 earnings per share. The company’s quarterly revenue was down 5.6% on a year-over-year basis. On average, analysts predict that CIT Group will post $3.52 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which is scheduled for Friday, February 28th. Investors 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 0.86%. 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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