Stephens Analysts Give CIT Group (CIT) a $60.00 Price Target

CIT Group (NYSE:CIT) has been given a $60.00 price objective by equities researchers at Stephens in a report issued on Wednesday. The brokerage presently has a “buy” rating on the financial services provider’s stock. Stephens’ price objective points to a potential upside of 18.93% from the stock’s previous close.

Several other analysts have also issued reports on CIT. Keefe, Bruyette & Woods reiterated a “hold” rating and issued a $53.00 target price on shares of CIT Group in a research note on Friday, December 29th. Zacks Investment Research upgraded shares of CIT Group from a “hold” rating to a “buy” rating and set a $55.00 target price for the company in a research note on Tuesday. Citigroup began coverage on shares of CIT Group in a research note on Monday, October 16th. They issued a “buy” rating and a $60.00 target price for the company. Barclays reduced their target price on shares of CIT Group from $45.00 to $44.00 and set an “equal weight” rating for the company in a research note on Wednesday, October 25th. Finally, Oppenheimer reiterated a “buy” rating on shares of CIT Group in a research note on Tuesday, October 24th. Two analysts have rated the stock with a sell rating, five have assigned a hold rating and nine have assigned a buy rating to the stock. CIT Group currently has a consensus rating of “Hold” and an average price target of $52.00.

Shares of CIT Group (NYSE CIT) traded up $0.52 during mid-day trading on Wednesday, reaching $50.45. 754,282 shares of the company’s stock were exchanged, compared to its average volume of 945,300. The company has a market cap of $6,610.00, a price-to-earnings ratio of 360.36 and a beta of 1.49. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 1.20. CIT Group has a fifty-two week low of $39.48 and a fifty-two week high of $51.73.

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

In related news, EVP Denise M. Menelly sold 8,951 shares of the company’s stock in a transaction that occurred on Wednesday, November 1st. The shares were sold at an average price of $46.84, for a total value of $419,264.84. Following the transaction, the executive vice president now directly owns 41,546 shares in the company, valued at $1,946,014.64. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Corporate insiders own 0.47% of the company’s stock.

A number of hedge funds and other institutional investors have recently modified their holdings of CIT. SG Americas Securities LLC grew its position in CIT Group by 103.5% during the second quarter. SG Americas Securities LLC now owns 5,437 shares of the financial services provider’s stock valued at $265,000 after acquiring an additional 2,765 shares during the last quarter. American Century Companies Inc. grew its position in CIT Group by 35.9% during the second quarter. American Century Companies Inc. now owns 12,380 shares of the financial services provider’s stock valued at $603,000 after acquiring an additional 3,269 shares during the last quarter. Pacer Advisors Inc. grew its position in CIT Group by 8.2% during the second quarter. Pacer Advisors Inc. now owns 4,164 shares of the financial services provider’s stock valued at $203,000 after acquiring an additional 316 shares during the last quarter. Oppenheimer & Co. Inc. bought a new position in CIT Group during the second quarter valued at approximately $586,000. Finally, LSV Asset Management grew its position in CIT Group by 2.5% during the second quarter. LSV Asset Management now owns 3,430,812 shares of the financial services provider’s stock valued at $167,080,000 after acquiring an additional 84,300 shares during the last quarter.

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About CIT Group

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 (NYSE:CIT)

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