CIT Group Inc (DEL) (CIT) Price Target Raised to $54.00 at Morgan Stanley

CIT Group Inc (DEL) (NYSE:CIT) had its price objective hoisted by research analysts at Morgan Stanley from $51.00 to $54.00 in a report issued on Wednesday. The brokerage currently has an “equal weight” rating on the financial services provider’s stock. Morgan Stanley’s target price indicates a potential upside of 4.83% from the stock’s current price.

Several other brokerages have also recently issued reports on CIT. Oppenheimer reaffirmed a “buy” rating on shares of CIT Group Inc (DEL) in a research report on Tuesday, October 24th. Zacks Investment Research cut CIT Group Inc (DEL) from a “buy” rating to a “hold” rating in a research report on Friday, November 3rd. BMO Capital Markets lifted their target price on CIT Group Inc (DEL) from $31.00 to $35.00 and gave the company an “underperform” rating in a research report on Wednesday, October 25th. Wells Fargo & Company started coverage on CIT Group Inc (DEL) in a research report on Friday, December 1st. They set a “market perform” rating and a $52.00 target price on the stock. Finally, Citigroup started coverage on CIT Group Inc (DEL) in a research report on Monday, October 16th. They set a “buy” rating and a $60.00 target price on the stock. Two analysts have rated the stock with a sell rating, six have given a hold rating and eight have given a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus target price of $50.40.

Shares of CIT Group Inc (CIT) traded up $0.44 during trading hours on Wednesday, hitting $51.51. The company had a trading volume of 2,183,600 shares, compared to its average volume of 1,945,421. The stock has a market capitalization of $6,703.39, a PE ratio of 16.74 and a beta of 1.49. The company has a debt-to-equity ratio of 1.20, a quick ratio of 1.05 and a current ratio of 1.05. CIT Group Inc has a one year low of $39.48 and a one year high of $51.73.

CIT Group Inc (DEL) (NYSE:CIT) last announced its earnings results on Tuesday, October 24th. The financial services provider reported $1.02 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.82 by $0.20. The company had revenue of $592.90 million for the quarter, compared to analysts’ expectations of $488.00 million. CIT Group Inc (DEL) had a positive return on equity of 6.22% and a negative net margin of 20.05%. During the same quarter in the previous year, the firm earned $0.65 earnings per share. analysts anticipate that CIT Group Inc will post 2.92 earnings per share for the current year.

In related news, EVP Denise M. Menelly sold 8,951 shares of CIT Group Inc (DEL) stock in a transaction on Wednesday, November 1st. The stock was sold at an average price of $46.84, for a total transaction of $419,264.84. Following the sale, the executive vice president now directly owns 41,546 shares in the company, valued at $1,946,014.64. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 0.47% of the company’s stock.

Institutional investors have recently modified their holdings of the stock. Korea Investment CORP bought a new stake in CIT Group Inc (DEL) during the second quarter worth $122,000. Advisor Group Inc. lifted its holdings in CIT Group Inc (DEL) by 2.2% during the second quarter. Advisor Group Inc. now owns 3,030 shares of the financial services provider’s stock worth $146,000 after acquiring an additional 66 shares during the period. Schroder Investment Management Group lifted its holdings in CIT Group Inc (DEL) by 82.0% during the third quarter. Schroder Investment Management Group now owns 3,063 shares of the financial services provider’s stock worth $149,000 after acquiring an additional 1,380 shares during the period. Pacer Advisors Inc. lifted its holdings in CIT Group Inc (DEL) by 8.2% during the second quarter. Pacer Advisors Inc. now owns 4,164 shares of the financial services provider’s stock worth $203,000 after acquiring an additional 316 shares during the period. Finally, Colony Group LLC bought a new stake in shares of CIT Group Inc (DEL) in the second quarter valued at $207,000.

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CIT Group Inc (DEL) 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.

Analyst Recommendations for CIT Group Inc (DEL) (NYSE:CIT)