CIT Group (CIT) PT Set at $53.00 by Barclays

CIT Group (NYSE:CIT) received a $53.00 target price from equities researchers at Barclays in a report issued on Friday. The firm presently has a “hold” rating on the financial services provider’s stock. Barclays’ target price points to a potential upside of 0.72% from the company’s current price.

Several other equities analysts also recently commented on the stock. Zacks Investment Research downgraded shares of CIT Group from a “buy” rating to a “hold” rating in a research note on Friday, November 3rd. Wells Fargo & Co initiated coverage on shares of CIT Group in a research note on Friday, December 1st. They set a “market perform” rating and a $52.00 target price for the company. BMO Capital Markets reiterated a “sell” rating and set a $31.00 target price on shares of CIT Group in a research note on Friday, October 6th. Morgan Stanley boosted their target price on shares of CIT Group from $50.00 to $51.00 and gave the stock an “equal weight” rating in a research note on Monday, September 18th. Finally, Oppenheimer reiterated a “buy” rating on shares of CIT Group in a research note on Tuesday, October 24th. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating and nine have given a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus target price of $52.82.

CIT Group (NYSE:CIT) traded up $1.42 during trading hours on Friday, hitting $52.62. 1,232,900 shares of the company’s stock traded hands, compared to its average volume of 925,700. The firm has a market capitalization of $6,720.00, a P/E ratio of 375.86 and a beta of 1.49. The company has a current ratio of 1.05, a quick 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 $52.64.

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

In related news, EVP Denise M. Menelly sold 8,951 shares of the business’s stock in a transaction 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 completion of the sale, the executive vice president now directly owns 41,546 shares of the company’s stock, valued at $1,946,014.64. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. 0.47% of the stock is owned by insiders.

Institutional investors and hedge funds have recently made changes to their positions in the stock. SG Americas Securities LLC lifted its position in CIT Group by 103.5% in 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. Teacher Retirement System of Texas bought a new stake in CIT Group during the 3rd quarter worth about $4,767,000. AMP Capital Investors Ltd grew its holdings in CIT Group by 8.0% during the 3rd quarter. AMP Capital Investors Ltd now owns 59,840 shares of the financial services provider’s stock worth $2,934,000 after acquiring an additional 4,440 shares during the last quarter. Nomura Asset Management Co. Ltd. grew its holdings in CIT Group by 10.8% during the 3rd quarter. Nomura Asset Management Co. Ltd. now owns 25,157 shares of the financial services provider’s stock worth $1,233,000 after acquiring an additional 2,451 shares during the last quarter. Finally, Williams Jones & Associates LLC bought a new stake in CIT Group during the 2nd quarter worth about $1,686,000.

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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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