CIT Group Inc. (CIT) Given a $46.00 Price Target at Keefe, Bruyette & Woods
CIT Group Inc. (NYSE:CIT) has been given a $46.00 target price by analysts at Keefe, Bruyette & Woods in a research note issued to investors on Saturday. The firm currently has a “hold” rating on the financial services provider’s stock. Keefe, Bruyette & Woods’ price objective suggests a potential upside of 0.74% from the company’s previous close.
Other analysts have also recently issued reports about the stock. BMO Capital Markets restated a “sell” rating and set a $30.00 price target on shares of CIT Group in a research note on Wednesday, April 26th. Zacks Investment Research upgraded shares of CIT Group from a “sell” rating to a “hold” rating in a research note on Thursday, April 27th. Morgan Stanley began coverage on shares of CIT Group in a research note on Monday, March 27th. They set an “equal weight” rating and a $45.00 price target on the stock. Barclays PLC dropped their price target on shares of CIT Group to $41.00 in a research note on Wednesday, February 1st. Finally, Credit Suisse Group AG restated a “hold” rating and set a $45.00 price target on shares of CIT Group in a research note on Sunday, February 5th. One equities research analyst has rated the stock with a sell rating, ten have assigned a hold rating and three have assigned a buy rating to the company. The company has a consensus rating of “Hold” and an average price target of $40.70.
Shares of CIT Group (NYSE:CIT) traded down 2.62% on Friday, hitting $45.66. 8,040,050 shares of the stock traded hands. The stock’s market cap is $9.26 billion. The stock has a 50 day moving average price of $45.64 and a 200-day moving average price of $43.02. CIT Group has a 52 week low of $28.33 and a 52 week high of $47.67.
CIT Group (NYSE:CIT) last announced its quarterly earnings results on Tuesday, April 25th. The financial services provider reported $0.54 EPS for the quarter, beating the Zacks’ consensus estimate of $0.52 by $0.02. The company had revenue of $495.70 million for the quarter, compared to analysts’ expectations of $499.98 million. CIT Group had a negative net margin of 21.08% and a positive return on equity of 5.39%. CIT Group’s revenue was down 5.9% compared to the same quarter last year. During the same period in the prior year, the company posted $0.73 EPS. On average, equities research analysts forecast that CIT Group will post $2.75 EPS for the current year.
The company also recently announced a quarterly dividend, which was paid on Friday, May 26th. Investors of record on Friday, May 12th were issued a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a yield of 1.31%. The ex-dividend date of this dividend was Wednesday, May 10th. CIT Group’s dividend payout ratio (DPR) is presently -14.08%.
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In related news, Director R. Brad Oates sold 7,030 shares of the company’s stock in a transaction that occurred on Monday, February 27th. The shares were sold at an average price of $42.78, for a total transaction of $300,743.40. Following the sale, the director now owns 6,132 shares of the company’s stock, valued at approximately $262,326.96. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 1.68% of the company’s stock.
A number of hedge funds have recently bought and sold shares of the company. IFP Advisors Inc raised its stake in CIT Group by 1.3% in the first quarter. IFP Advisors Inc now owns 6,000 shares of the financial services provider’s stock worth $258,000 after buying an additional 77 shares during the period. Pacer Advisors Inc. raised its stake in CIT Group by 3.2% in the first quarter. Pacer Advisors Inc. now owns 3,848 shares of the financial services provider’s stock worth $165,000 after buying an additional 121 shares during the period. World Asset Management Inc raised its stake in CIT Group by 2.2% in the first quarter. World Asset Management Inc now owns 8,806 shares of the financial services provider’s stock worth $378,000 after buying an additional 188 shares during the period. Mn Services Vermogensbeheer B.V. raised its stake in CIT Group by 6.1% in the first quarter. Mn Services Vermogensbeheer B.V. now owns 5,389 shares of the financial services provider’s stock worth $216,000 after buying an additional 311 shares during the period. Finally, Mitsubishi UFJ Kokusai Asset Management Co. Ltd. raised its stake in CIT Group by 1.3% in the first quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 30,132 shares of the financial services provider’s stock worth $1,294,000 after buying an additional 390 shares during the period. 98.54% of the stock is currently owned by institutional investors and hedge funds.
CIT Group Company Profile
CIT Group Inc (CIT) is a bank holding company (BHC) and a financial holding company (FHC). The Company, together with its subsidiaries, provides financing, leasing and advisory services to middle market companies in a range of industries in North America. The Company’s segments include Commercial Banking, Consumer Banking, Non-Strategic Portfolios, and Corporate and Other.
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