CIT Group Given New $48.00 Price Target at Credit Suisse (CIT)
Research analysts at Credit Suisse lowered their price target on shares of CIT Group (NYSE:CIT) from $50.00 to $48.00 in a report released on Thursday. Credit Suisse’s price objective would suggest a potential downside of 0.85% from the stock’s previous close.
CIT has been the subject of a number of other recent research reports. Analysts at SunTrust raised their price target on shares of CIT Group from $45.00 to $54.00 in a research note on Friday, August 1st. Separately, 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. Finally, analysts at Morgan Stanley upgraded shares of CIT Group from an “equal weight” rating to an “overweight” rating in a research note on Monday, July 28th. They now have a $57.00 price target on the stock, up previously from $46.00. One analyst has rated the stock with a sell rating, six have issued a hold rating and seven have issued a buy rating to the stock. The company has an average rating of “Hold” and a consensus target price of $53.25.
CIT Group (NYSE:CIT) opened at 48.41 on Thursday. CIT Group has a 52 week low of $41.06 and a 52 week high of $52.72. The stock has a 50-day moving average of $47.23 and a 200-day moving average of $46.53. The company has a market cap of $8.987 billion and a P/E ratio of 13.82.
CIT Group (NYSE:CIT) last released its earnings data on Tuesday, July 22nd. The company reported $1.29 earnings per share for the quarter, beating the analysts’ consensus estimate of $0.89 by $0.40. During the same quarter last year, the company posted $0.91 earnings per share. On average, analysts predict that CIT Group will post $3.63 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 1.24%. 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.
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