CIT Group (CIT) PT Set at $60.00 by Stephens

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.

CIT Group (NYSE:CIT) last announced its earnings results on Tuesday, October 24th. The financial services provider reported $1.02 earnings per share (EPS) for the quarter, topping the Zacks’ 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 for the quarter, compared to analyst estimates of $488.00 million. During the same quarter in the prior year, the business posted $0.65 EPS. analysts forecast that CIT Group will post 2.92 earnings per share for the current fiscal year.

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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