CIT Group (NYSE:CIT) had its price target boosted by research analysts at Morgan Stanley from $54.00 to $57.00 in a research note issued on Monday. The firm currently has an “equal weight” rating on the financial services provider’s stock. Morgan Stanley’s target price suggests a potential upside of 12.96% from the company’s previous close.
A number of other equities research analysts have also weighed in on CIT. BMO Capital Markets raised shares of CIT Group from an “underperform” rating to a “market perform” rating and set a $35.00 price objective on the stock in a report on Monday. Wells Fargo & Co boosted their price objective on shares of CIT Group from $52.00 to $53.00 and gave the company a “market perform” rating in a report on Wednesday, January 31st. Citigroup began coverage on shares of CIT Group in a report on Monday, October 16th. They set a “buy” rating and a $60.00 price objective on the stock. Barclays dropped their price objective on shares of CIT Group from $45.00 to $44.00 and set an “equal weight” rating on the stock in a report on Wednesday, October 25th. Finally, Oppenheimer reissued a “buy” rating on shares of CIT Group in a report on Tuesday, October 24th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and nine have issued a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $53.73.
Shares of CIT Group (NYSE CIT) traded down $0.16 on Monday, hitting $50.46. 2,734,951 shares of the stock were exchanged, compared to its average volume of 989,981. The stock has a market capitalization of $6,649.09, a price-to-earnings ratio of 19.41 and a beta of 1.42. 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 12-month low of $39.48 and a 12-month high of $53.76.
Large investors have recently bought and sold shares of the business. Assenagon Asset Management S.A. purchased a new stake in CIT Group in the fourth quarter valued at $18,735,000. Teacher Retirement System of Texas purchased a new stake in CIT Group in the third quarter valued at $4,767,000. AMP Capital Investors Ltd boosted its holdings in CIT Group by 8.0% in the third quarter. AMP Capital Investors Ltd now owns 59,840 shares of the financial services provider’s stock valued at $2,934,000 after purchasing an additional 4,440 shares during the last quarter. Nomura Asset Management Co. Ltd. boosted its holdings in CIT Group by 10.8% in the third quarter. Nomura Asset Management Co. Ltd. now owns 25,157 shares of the financial services provider’s stock valued at $1,233,000 after purchasing an additional 2,451 shares during the last quarter. Finally, Dimensional Fund Advisors LP boosted its holdings in CIT Group by 16.8% in the third quarter. Dimensional Fund Advisors LP now owns 1,792,459 shares of the financial services provider’s stock valued at $87,916,000 after purchasing an additional 258,455 shares during the last quarter.
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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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