Barclays Analysts Give CIT Group (CIT) a $53.00 Price Target

Barclays set a $53.00 price target on CIT Group (NYSE:CIT) in a report issued on Friday morning. The brokerage currently has a hold rating on the financial services provider’s stock.

CIT has been the subject of a number of other research reports. Keefe, Bruyette & Woods reissued a hold rating and issued a $47.00 price objective on shares of CIT Group in a research report on Tuesday, October 3rd. Zacks Investment Research raised shares of CIT Group from a hold rating to a buy rating and set a $55.00 price objective for the company in a research report on Tuesday, January 2nd. BMO Capital Markets reissued a sell rating and issued a $31.00 price objective on shares of CIT Group in a research report on Friday, October 6th. Citigroup assumed coverage on shares of CIT Group in a research report on Monday, October 16th. They issued a buy rating and a $60.00 price objective for the company. Finally, Wells Fargo & Co assumed coverage on shares of CIT Group in a research report on Friday, December 1st. They issued a market perform rating and a $52.00 price objective for the company. Two research analysts have rated the stock with a sell rating, five have issued a hold rating and nine have given a buy rating to the company’s stock. The company has a consensus rating of Hold and a consensus target price of $52.82.

Shares of CIT Group (CIT) traded up $0.59 during midday trading on Friday, hitting $53.21. 734,100 shares of the company’s stock traded hands, compared to its average volume of 904,411. CIT Group has a 12 month low of $39.48 and a 12 month high of $53.48. The stock has a market capitalization of $6,984.28, a P/E ratio of -22.45 and a beta of 1.49. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 1.20.

CIT Group (NYSE:CIT) last posted 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 business had revenue of $592.90 million during the quarter, compared to analyst estimates of $488.00 million. CIT Group had a negative net margin of 20.05% and a positive return on equity of 6.22%. During the same quarter in the previous year, the business posted $0.65 earnings per share. equities research analysts expect 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 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 transaction, 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 accessible through the SEC website. Corporate insiders own 0.47% of the company’s stock.

Hedge funds have recently modified their holdings of the stock. Advisor Group Inc. increased its position in shares of CIT Group 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 acquiring an additional 66 shares in the last quarter. Schroder Investment Management Group increased its position in shares of CIT Group by 82.0% in the third quarter. Schroder Investment Management Group now owns 3,063 shares of the financial services provider’s stock worth $149,000 after acquiring an additional 1,380 shares in the last quarter. Pacer Advisors Inc. increased its position in shares of CIT Group by 8.2% in the second quarter. Pacer Advisors Inc. now owns 4,164 shares of the financial services provider’s stock worth $203,000 after acquiring an additional 316 shares in the last quarter. Colony Group LLC acquired a new stake in shares of CIT Group in the second quarter worth $207,000. Finally, IFM Investors Pty Ltd acquired a new stake in shares of CIT Group in the third quarter worth $236,000.

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CIT Group 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 (NYSE:CIT)

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