CIT Group Inc (DEL) (CIT) Price Target Raised to $54.00 at Morgan Stanley

CIT Group Inc (DEL) (NYSE:CIT) had its price target increased by equities research analysts at Morgan Stanley from $51.00 to $54.00 in a report released on Wednesday. The brokerage presently has an “equal weight” rating on the financial services provider’s stock. Morgan Stanley’s target price indicates a potential upside of 4.83% from the stock’s current price.

CIT has been the subject of a number of other research reports. Keefe, Bruyette & Woods reaffirmed a “hold” rating and issued a $47.00 price target on shares of CIT Group Inc (DEL) in a research note on Tuesday, October 3rd. Zacks Investment Research raised CIT Group Inc (DEL) from a “hold” rating to a “buy” rating and set a $53.00 price target for the company in a research note on Monday, September 25th. Citigroup started coverage on CIT Group Inc (DEL) in a research note on Monday, October 16th. They issued a “buy” rating and a $60.00 price target for the company. Barclays dropped their price target on CIT Group Inc (DEL) from $45.00 to $44.00 and set an “equal weight” rating for the company in a research note on Wednesday, October 25th. Finally, Oppenheimer reaffirmed a “buy” rating on shares of CIT Group Inc (DEL) in a research note on Tuesday, October 24th. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating and eight have assigned a buy rating to the company. CIT Group Inc (DEL) currently has an average rating of “Hold” and an average target price of $50.40.

CIT Group Inc (CIT) traded up $0.44 during trading hours on Wednesday, hitting $51.51. The stock had a trading volume of 2,183,600 shares, compared to its average volume of 1,945,421. The stock has a market capitalization of $6,703.39, a price-to-earnings ratio of 16.74 and a beta of 1.49. CIT Group Inc has a 52-week low of $39.48 and a 52-week high of $51.73. 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 Inc (DEL) (NYSE:CIT) last released its quarterly earnings data on Tuesday, October 24th. The financial services provider reported $1.02 earnings per share for the quarter, beating analysts’ consensus estimates of $0.82 by $0.20. The firm had revenue of $592.90 million during the quarter, compared to analyst estimates of $488.00 million. CIT Group Inc (DEL) had a positive return on equity of 6.22% and a negative net margin of 20.05%. During the same quarter in the prior year, the firm posted $0.65 earnings per share. equities research analysts forecast that CIT Group Inc will post 2.92 EPS for the current fiscal year.

In other CIT Group Inc (DEL) news, EVP Denise M. Menelly sold 8,951 shares of the stock in a transaction on Wednesday, November 1st. The stock was sold at an average price of $46.84, for a total value of $419,264.84. Following the completion of the transaction, the executive vice president now owns 41,546 shares in the company, valued at $1,946,014.64. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 0.47% of the stock is currently owned by corporate insiders.

Institutional investors and hedge funds have recently bought and sold shares of the business. Korea Investment CORP bought a new position in CIT Group Inc (DEL) in the second quarter worth $122,000. Advisor Group Inc. raised its holdings in CIT Group Inc (DEL) by 2.2% in the second quarter. Advisor Group Inc. now owns 3,030 shares of the financial services provider’s stock worth $146,000 after purchasing an additional 66 shares in the last quarter. Schroder Investment Management Group increased its holdings in shares of CIT Group Inc (DEL) by 82.0% during the third quarter. Schroder Investment Management Group now owns 3,063 shares of the financial services provider’s stock valued at $149,000 after acquiring an additional 1,380 shares in the last quarter. Pacer Advisors Inc. increased its holdings in shares of CIT Group Inc (DEL) by 8.2% during the second quarter. Pacer Advisors Inc. now owns 4,164 shares of the financial services provider’s stock valued at $203,000 after acquiring an additional 316 shares in the last quarter. Finally, Colony Group LLC bought a new position in shares of CIT Group Inc (DEL) during the second quarter valued at $207,000.

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CIT Group Inc (DEL) Company Profile

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 Inc (DEL) (NYSE:CIT)

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