CIT Group (CIT) Price Target Raised to $56.00

CIT Group (NYSE:CIT) had its price objective raised by Credit Suisse Group from $54.00 to $56.00 in a research note released on Friday. They currently have a neutral rating on the financial services provider’s stock.

Other research analysts also recently issued research reports about the company. BTIG Research restated a buy rating and issued a $57.00 target price on shares of CIT Group in a research note on Wednesday, April 18th. ValuEngine downgraded CIT Group from a buy rating to a hold rating in a research note on Thursday, May 3rd. Compass Point began coverage on CIT Group in a research note on Friday. They issued a buy rating and a $49.64 target price on the stock. Zacks Investment Research downgraded CIT Group from a buy rating to a hold rating in a research note on Tuesday, March 6th. Finally, BMO Capital Markets lowered their target price on CIT Group from $49.00 to $46.00 and set a market perform rating on the stock in a research note on Wednesday, April 25th. One investment analyst has rated the stock with a sell rating, nine have given a hold rating and seven have issued a buy rating to the stock. CIT Group currently has an average rating of Hold and a consensus price target of $54.59.

Shares of CIT Group opened at $50.41 on Friday, Marketbeat reports. CIT Group has a 1-year low of $43.25 and a 1-year high of $56.14. The company has a current ratio of 1.09, a quick ratio of 1.09 and a debt-to-equity ratio of 1.53. The firm has a market cap of $6.41 billion, a PE ratio of 16.42, a price-to-earnings-growth ratio of 1.26 and a beta of 1.26.

CIT Group (NYSE:CIT) last issued its quarterly earnings results on Tuesday, April 24th. The financial services provider reported $0.74 earnings per share for the quarter, missing analysts’ consensus estimates of $0.96 by ($0.22). CIT Group had a net margin of 11.93% and a return on equity of 7.76%. The business had revenue of $495.00 million for the quarter, compared to analysts’ expectations of $481.00 million. During the same quarter in the prior year, the firm posted $0.54 EPS. equities research analysts anticipate that CIT Group will post 3.99 EPS for the current year.

In other CIT Group news, Director Sheila A. Stamps sold 3,350 shares of the business’s stock in a transaction dated Thursday, June 7th. The stock was sold at an average price of $52.12, for a total value of $174,602.00. Following the completion of the sale, the director now owns 4,666 shares of the company’s stock, valued at $243,191.92. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Edward K. Sperling sold 1,765 shares of the business’s stock in a transaction dated Thursday, June 14th. The stock was sold at an average price of $51.44, for a total value of $90,791.60. Following the completion of the sale, the executive vice president now directly owns 10,491 shares of the company’s stock, valued at approximately $539,657.04. The disclosure for this sale can be found here. 0.27% of the stock is owned by insiders.

Several large investors have recently made changes to their positions in the business. Fjarde AP Fonden Fourth Swedish National Pension Fund lifted its position in shares of CIT Group by 1.8% in the first quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 55,775 shares of the financial services provider’s stock worth $2,872,000 after buying an additional 1,000 shares during the last quarter. Toronto Dominion Bank lifted its position in shares of CIT Group by 12.6% in the first quarter. Toronto Dominion Bank now owns 8,986 shares of the financial services provider’s stock worth $463,000 after buying an additional 1,004 shares during the last quarter. Amalgamated Bank lifted its position in shares of CIT Group by 8.0% in the fourth quarter. Amalgamated Bank now owns 14,441 shares of the financial services provider’s stock worth $711,000 after buying an additional 1,075 shares during the last quarter. American Century Companies Inc. lifted its position in shares of CIT Group by 11.3% in the first quarter. American Century Companies Inc. now owns 12,550 shares of the financial services provider’s stock worth $646,000 after buying an additional 1,277 shares during the last quarter. Finally, Raymond James & Associates lifted its position in shares of CIT Group by 19.0% in the fourth quarter. Raymond James & Associates now owns 8,087 shares of the financial services provider’s stock worth $398,000 after buying an additional 1,293 shares during the last quarter. 96.74% of the stock is owned by institutional investors.

CIT Group Company Profile

CIT Group Inc operates as the bank holding company for CIT Bank, National Association that provides banking and related services to commercial and individual customers. The company operates through three segments: Commercial Banking, Consumer Banking, and Non-Strategic Portfolios (NSP). The Commercial Banking segment offers lending, leasing, and other financial and advisory services primarily to small and middle-market companies; factoring, receivables management products, and secured supply chain financing; and equipment leasing and secured financing to railroads and non-rail companies.

Analyst Recommendations for CIT Group (NYSE:CIT)

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