CIT Group (NYSE:CIT) received a $60.00 target price from research analysts at Stephens in a research note issued to investors on Wednesday. The firm presently has a “buy” rating on the financial services provider’s stock. Stephens’ price target would indicate a potential upside of 17.55% from the company’s previous close.
CIT has been the topic of a number of other research reports. Barclays decreased their target price on shares of CIT Group from $45.00 to $44.00 and set an “equal weight” rating on the stock in a research report on Wednesday, October 25th. Keefe, Bruyette & Woods restated a “hold” rating and set a $47.00 target price on shares of CIT Group in a research report on Tuesday, October 3rd. Zacks Investment Research upgraded shares of CIT Group from a “hold” rating to a “buy” rating and set a $55.00 target price on the stock in a research report on Tuesday. BMO Capital Markets restated a “sell” rating and set a $31.00 target price on shares of CIT Group in a research report on Friday, October 6th. Finally, Citigroup began coverage on shares of CIT Group in a research report on Monday, October 16th. They set a “buy” rating and a $60.00 target price on the stock. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating and nine have assigned a buy rating to the company. The stock presently has an average rating of “Hold” and an average target price of $52.00.
Shares of CIT Group (NYSE CIT) traded up $0.59 during trading hours on Wednesday, hitting $51.04. 837,300 shares of the company’s stock were exchanged, compared to its average volume of 909,300. CIT Group has a 1 year low of $39.48 and a 1 year high of $51.73. The firm has a market cap of $6,622.01, a price-to-earnings ratio of -21.54 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.
In other 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 transaction of $419,264.84. Following the completion of the sale, the executive vice president now owns 41,546 shares of the company’s stock, valued at approximately $1,946,014.64. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.47% of the company’s stock.
Several institutional investors have recently modified their holdings of the company. Hahn Capital Management LLC lifted its holdings in shares of CIT Group by 0.9% during the 3rd quarter. Hahn Capital Management LLC now owns 407,554 shares of the financial services provider’s stock worth $19,991,000 after acquiring an additional 3,758 shares during the period. IFM Investors Pty Ltd bought a new stake in shares of CIT Group during the 3rd quarter worth approximately $236,000. California Public Employees Retirement System lifted its holdings in shares of CIT Group by 6.9% during the 3rd quarter. California Public Employees Retirement System now owns 436,541 shares of the financial services provider’s stock worth $21,412,000 after acquiring an additional 28,342 shares during the period. Caxton Associates LP bought a new stake in shares of CIT Group during the 3rd quarter worth approximately $564,000. Finally, Jane Street Group LLC bought a new stake in shares of CIT Group during the 3rd quarter worth approximately $2,276,000.
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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.
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