CIT Group (CIT) PT Raised to $57.00

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.

CIT Group (NYSE:CIT) last announced its quarterly earnings data on Tuesday, January 30th. The financial services provider reported $0.99 earnings per share for the quarter, beating analysts’ consensus estimates of $0.81 by $0.18. The firm had revenue of $537.00 million for the quarter, compared to analyst estimates of $469.24 million. CIT Group had a net margin of 14.60% and a return on equity of 6.84%. The business’s quarterly revenue was up 15.7% compared to the same quarter last year. During the same period in the previous year, the company earned $0.59 earnings per share. equities research analysts forecast that CIT Group will post 4.06 EPS for the current fiscal year.

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.

Analyst Recommendations for CIT Group (NYSE:CIT)

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