CIT Group Upgraded at Morgan Stanley (CIT)
CIT Group (NYSE:CIT) was upgraded by analysts at Morgan Stanley from a “neutral” rating to a “positive” rating in a research report issued to clients and investors on Thursday. The firm currently has a $48.00 target price on the stock, down from their previous target price of $50.00. Morgan Stanley’s price target would suggest a potential downside of 0.85% from the stock’s previous close.
The analysts wrote, “Two-thirds of OneWest’s loans in 2013 were higher-yielding legacy loans. As these rundown margins will be impacted by 50bps, we decrease our estimates to account for lower expected income from OneWest, lower our TP from $50 to $48, and maintain our Neutral rating.”
CIT has been the subject of a number of other recent research reports. Analysts at Credit Suisse cut their price target on shares of CIT Group from $50.00 to $48.00 in a research note on Thursday. They now have a “neutral” rating on the stock. Separately, 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. Finally, 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. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and seven have assigned a buy rating to the company’s stock. CIT Group presently has a consensus rating of “Hold” and a consensus target price of $52.61.
Shares of CIT Group (NYSE:CIT) traded down 1.59% during mid-day trading on Thursday, hitting $47.64. 509,552 shares of the company’s stock traded hands. 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 $8.844 billion and a P/E ratio of 13.77.
CIT Group (NYSE:CIT) last posted its quarterly earnings results on Tuesday, July 22nd. The company reported $1.29 EPS for the quarter, beating the Thomson Reuters consensus estimate of $0.89 by $0.40. During the same quarter in the prior 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 declared a quarterly dividend, which is scheduled for Friday, August 29th. Stockholders of record on Friday, August 15th will be given a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a yield of 1.24%. The ex-dividend date of this dividend 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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