CIT Group Inc. (CIT) Given a $52.00 Price Target at BTIG Research
CIT Group Inc. (NYSE:CIT) has been assigned a $52.00 price target by BTIG Research in a research note issued on Saturday. The brokerage presently has a a “buy” rating on the financial services provider’s stock. BTIG Research’s price objective would indicate a potential upside of 40.81% from the company’s current price.
A number of other brokerages also recently issued reports on CIT. Barclays PLC reduced their price target on shares of CIT Group from $37.00 to $35.00 and set an “equal weight” rating on the stock in a report on Friday, July 29th. Zacks Investment Research upgraded shares of CIT Group from a “sell” rating to a “hold” rating in a report on Tuesday, June 14th. Deutsche Bank AG reiterated a “hold” rating on shares of CIT Group in a report on Wednesday, June 15th. Nomura lifted their price target on shares of CIT Group from $33.00 to $35.00 and gave the company a “neutral” rating in a report on Friday, July 29th. Finally, Stifel Nicolaus downgraded shares of CIT Group from a “buy” rating to a “hold” rating and lifted their price target for the company from $40.00 to $41.00 in a report on Friday. One research analyst has rated the stock with a sell rating, ten have given a hold rating and nine have issued a buy rating to the company’s stock. CIT Group currently has a consensus rating of “Hold” and an average target price of $43.03.
CIT Group (NYSE:CIT) traded up 1.46% during mid-day trading on Friday, hitting $36.93. 8,381,302 shares of the stock were exchanged. The firm has a market capitalization of $7.46 billion, a price-to-earnings ratio of 7.37 and a beta of 1.52. The company’s 50-day moving average price is $35.93 and its 200 day moving average price is $33.75. CIT Group has a 52 week low of $25.19 and a 52 week high of $46.51.
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CIT Group (NYSE:CIT) last announced its quarterly earnings data on Thursday, July 28th. The financial services provider reported $0.90 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.77 by $0.13. The firm had revenue of $645.10 million for the quarter, compared to the consensus estimate of $620.33 million. CIT Group had a net margin of 22.45% and a return on equity of 5.54%. The company’s revenue was up 58.7% on a year-over-year basis. During the same period last year, the firm earned $0.66 EPS. Equities research analysts expect that CIT Group will post $2.33 EPS for the current year.
A number of large investors have recently added to or reduced their stakes in the stock. DUPONT CAPITAL MANAGEMENT Corp bought a new stake in CIT Group during the fourth quarter valued at about $6,932,000. Hudson Executive Capital LP acquired a new stake in CIT Group during the fourth quarter valued at approximately $37,551,000. British Columbia Investment Management Corp raised its stake in CIT Group by 394.7% in the fourth quarter. British Columbia Investment Management Corp now owns 166,602 shares of the financial services provider’s stock valued at $6,614,000 after buying an additional 132,923 shares in the last quarter. CIBC Asset Management Inc raised its stake in CIT Group by 18.5% in the fourth quarter. CIBC Asset Management Inc now owns 9,958 shares of the financial services provider’s stock valued at $395,000 after buying an additional 1,556 shares in the last quarter. Finally, Thompson Siegel & Walmsley LLC raised its stake in CIT Group by 11.3% in the fourth quarter. Thompson Siegel & Walmsley LLC now owns 1,441,819 shares of the financial services provider’s stock valued at $57,240,000 after buying an additional 146,407 shares in the last quarter. 98.46% of the stock is owned by institutional investors.
CIT Group Company Profile
CIT Group Inc (CIT) is a bank holding company. The Company, together with its subsidiaries, provides financing, leasing and advisory services to middle market companies in a range of industries in North America, and equipment financing and leasing solutions to the transportation industry around the world.
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