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.
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.
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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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