CIT Group (CIT) Given a $60.00 Price Target by Stephens Analysts

Stephens set a $60.00 target price on CIT Group (NYSE:CIT) in a research note published on Wednesday, January 3rd. The firm currently has a buy rating on the financial services provider’s stock.

CIT has been the topic of several other research reports. Keefe, Bruyette & Woods reaffirmed a hold rating and issued a $47.00 target price on shares of CIT Group in a research report on Tuesday, October 3rd. Zacks Investment Research downgraded CIT Group from a buy rating to a hold rating in a research report on Friday, November 3rd. BMO Capital Markets reaffirmed a sell rating and issued a $31.00 target price on shares of CIT Group in a research report on Friday, October 6th. Barclays decreased their target price on 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. Finally, Oppenheimer reaffirmed a buy rating on shares of CIT Group in a research report on Tuesday, October 24th. Two investment analysts have rated the stock with a sell rating, five have given a hold rating and nine have issued a buy rating to the company’s stock. The company has an average rating of Hold and an average price target of $52.00.

CIT Group (CIT) traded up $1.42 during trading hours on Wednesday, reaching $52.62. The company’s stock had a trading volume of 1,233,000 shares, compared to its average volume of 925,706. CIT Group has a 12-month low of $39.48 and a 12-month high of $52.64. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 1.20. The company has a market capitalization of $6,720.00, a price-to-earnings ratio of 375.86 and a beta of 1.49.

CIT Group (NYSE:CIT) last posted its earnings results on Tuesday, October 24th. The financial services provider reported $1.02 EPS for the quarter, beating the consensus estimate of $0.82 by $0.20. CIT Group had a positive return on equity of 6.22% and a negative net margin of 20.05%. The company had revenue of $592.90 million for the quarter, compared to the consensus estimate of $488.00 million. During the same quarter in the prior year, the business earned $0.65 earnings per share. equities research analysts forecast that CIT Group will post 2.92 earnings per share for the current fiscal year.

In related news, EVP Denise M. Menelly sold 8,951 shares of the stock in a transaction that occurred on Wednesday, November 1st. The stock was sold at an average price of $46.84, for a total transaction of $419,264.84. Following the sale, the executive vice president now owns 41,546 shares of the company’s stock, valued at $1,946,014.64. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 0.47% of the company’s stock.

A number of large investors have recently modified their holdings of the stock. Capital World Investors grew its position in CIT Group by 0.8% during the second quarter. Capital World Investors now owns 10,063,466 shares of the financial services provider’s stock worth $490,091,000 after buying an additional 75,966 shares in the last quarter. LSV Asset Management grew its position in CIT Group by 2.5% during the second quarter. LSV Asset Management now owns 3,430,812 shares of the financial services provider’s stock worth $167,080,000 after buying an additional 84,300 shares in the last quarter. Thompson Siegel & Walmsley LLC grew its position in CIT Group by 3.4% during the third quarter. Thompson Siegel & Walmsley LLC now owns 2,989,090 shares of the financial services provider’s stock worth $146,614,000 after buying an additional 97,001 shares in the last quarter. Wells Fargo & Company MN grew its position in CIT Group by 7.1% during the third quarter. Wells Fargo & Company MN now owns 2,132,765 shares of the financial services provider’s stock worth $104,611,000 after buying an additional 141,552 shares in the last quarter. Finally, Dimensional Fund Advisors LP boosted its holdings in shares of CIT Group by 16.8% in the 3rd 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 in the last quarter.

WARNING: “CIT Group (CIT) Given a $60.00 Price Target by Stephens Analysts” was reported by StockNewsTimes and is the property of of StockNewsTimes. If you are accessing this piece on another site, it was stolen and republished in violation of United States and international copyright law. The legal version of this piece can be accessed at https://stocknewstimes.com/2018/01/12/cit-group-cit-given-a-60-00-price-target-at-stephens.html.

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)

Receive News & Ratings for CIT Group Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for CIT Group and related companies with MarketBeat.com's FREE daily email newsletter.

Latest News

Leave a Reply