CIT Group (CIT) Given New $54.00 Price Target at Credit Suisse Group

CIT Group (NYSE:CIT) had its target price boosted by Credit Suisse Group from $50.00 to $54.00 in a research note published on Monday. Credit Suisse Group currently has a neutral rating on the financial services provider’s stock.

A number of other brokerages have also issued reports on CIT. Barclays set a $53.00 price target on CIT Group and gave the stock a hold rating in a research note on Friday, January 12th. Morgan Stanley raised their price target on CIT Group from $54.00 to $57.00 and gave the stock an equal weight rating in a research note on Monday. Wells Fargo & Co raised their price target on CIT Group from $52.00 to $53.00 and gave the stock a market perform rating in a research note on Wednesday, January 31st. BMO Capital Markets raised CIT Group from an underperform rating to a market perform rating and decreased their price target for the stock from $49.00 to $35.00 in a research note on Monday. Finally, Stephens set a $60.00 price target on CIT Group and gave the stock a buy rating in a research note on Wednesday, January 3rd. One research analyst has rated the stock with a sell rating, six have given a hold rating and nine have given a buy rating to the stock. The company currently has a consensus rating of Buy and a consensus target price of $53.73.

Shares of CIT Group (NYSE:CIT) opened at $51.28 on Monday. The company has a market capitalization of $6,750.00, a PE ratio of 33.30 and a beta of 1.42. CIT Group has a 52-week low of $39.48 and a 52-week high of $53.76. 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 issued its quarterly earnings results on Tuesday, January 30th. The financial services provider reported $0.99 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.81 by $0.18. CIT Group had a return on equity of 6.84% and a net margin of 14.60%. The firm had revenue of $537.00 million for the quarter, compared to analyst estimates of $469.24 million. During the same period last year, the company earned $0.59 EPS. The firm’s quarterly revenue was up 15.7% on a year-over-year basis. analysts expect that CIT Group will post 4.03 earnings per share for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, February 23rd. Stockholders of record on Friday, February 9th will be paid a $0.16 dividend. This represents a $0.64 annualized dividend and a dividend yield of 1.25%. The ex-dividend date is Thursday, February 8th. CIT Group’s dividend payout ratio is currently 41.56%.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in CIT. Ameriprise Financial Inc. lifted its stake in shares of CIT Group by 25.8% in the 2nd quarter. Ameriprise Financial Inc. now owns 81,821 shares of the financial services provider’s stock valued at $3,984,000 after purchasing an additional 16,798 shares in the last quarter. M&T Bank Corp lifted its stake in shares of CIT Group by 0.6% in the 2nd quarter. M&T Bank Corp now owns 5,210 shares of the financial services provider’s stock valued at $253,000 after purchasing an additional 30 shares in the last quarter. Advisor Group Inc. lifted its stake in shares of CIT Group by 2.2% in the 2nd quarter. Advisor Group Inc. now owns 3,030 shares of the financial services provider’s stock valued at $146,000 after purchasing an additional 66 shares in the last quarter. Virtu KCG Holdings LLC acquired a new position in shares of CIT Group in the 2nd quarter valued at about $500,000. Finally, Dimensional Fund Advisors LP lifted its stake in shares of CIT Group by 3.6% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,534,004 shares of the financial services provider’s stock valued at $74,706,000 after purchasing an additional 52,792 shares in the last quarter.

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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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