SunTrust Increases CIT Group Price Target to $54.00 (CIT)
Analysts at SunTrust lifted their target price on shares of CIT Group (NYSE:CIT) from $45.00 to $54.00 in a research report issued to clients and investors on Friday. SunTrust’s target price suggests a potential upside of 10.77% from the company’s current price.
Other equities research analysts have also recently issued reports about the stock. Analysts at Nomura reiterated a “hold” rating on shares of CIT Group in a research note on Wednesday, July 23rd. They now have a $51.00 price target on the stock. Separately, analysts at Morgan Stanley upgraded shares of CIT Group from an “equal weight” rating to an “overweight” rating in a research note on Monday. They now have a $57.00 price target on the stock, up previously from $46.00. Finally, analysts at TheStreet upgraded shares of CIT Group to a “hold” rating in a research note on Friday, July 25th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and seven have given a buy rating to the company’s stock. The stock has an average rating of “Hold” and an average price target of $53.25.
CIT Group (NYSE:CIT) traded down 0.73% on Friday, hitting $48.75. 1,692,817 shares of the company’s stock traded hands. CIT Group has a one year low of $41.06 and a one year high of $52.72. The stock’s 50-day moving average is $45.97 and its 200-day moving average is $46.54. The company has a market cap of $9.050 billion and a price-to-earnings ratio of 13.97.
CIT Group (NYSE:CIT) last issued its quarterly earnings data on Tuesday, July 22nd. The company reported $1.29 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.89 by $0.40. During the same quarter in the previous year, the company posted $0.91 earnings per share. On average, analysts predict that CIT Group will post $3.56 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which is scheduled for Friday, August 29th. Stockholders of record on Friday, August 15th will be paid a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a dividend yield of 1.23%. The ex-dividend date is Wednesday, August 13th. This is a boost from CIT Group’s previous quarterly dividend of $0.10.
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.
Get Analysts' Upgrades and Downgrades via Email - Stay on top of analysts' coverage with Analyst Ratings Network's FREE daily email newsletter that provides a concise list of analysts' upgrades and downgrades. Click here to register now.