CIT Group Inc. (CIT) Receives $50.11 Average Target Price from Brokerages

Shares of CIT Group Inc. (NYSE:CIT) have been given an average recommendation of “Hold” by the sixteen ratings firms that are covering the company, Marketbeat reports. Two investment analysts have rated the stock with a sell recommendation, six have given a hold recommendation and eight have issued a buy recommendation on the company. The average 12 month target price among brokerages that have issued ratings on the stock in the last year is $50.11.

A number of brokerages have issued reports on CIT. Morgan Stanley increased their target price on shares of CIT Group from $51.00 to $54.00 and gave the company an “equal weight” rating in a report on Wednesday, December 13th. Wells Fargo & Company began coverage on shares of CIT Group in a report on Friday, December 1st. They issued a “market perform” rating and a $52.00 target price for the company. Oppenheimer reaffirmed a “buy” rating on shares of CIT Group in a report on Tuesday, October 24th. BMO Capital Markets reaffirmed a “sell” rating and issued a $31.00 target price on shares of CIT Group in a report on Friday, October 6th. Finally, Citigroup began coverage on shares of CIT Group in a report on Monday, October 16th. They issued a “buy” rating and a $60.00 target price for the company.

In other news, EVP Denise M. Menelly sold 8,951 shares of the firm’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 directly owns 41,546 shares of the company’s stock, valued at approximately $1,946,014.64. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Company insiders own 0.47% of the company’s stock.

Several institutional investors and hedge funds have recently modified their holdings of the company. Hahn Capital Management LLC increased its stake in shares of CIT Group by 0.9% during the 3rd quarter. Hahn Capital Management LLC now owns 407,554 shares of the financial services provider’s stock worth $19,991,000 after purchasing an additional 3,758 shares in the last quarter. IFM Investors Pty Ltd purchased a new position in shares of CIT Group during the 3rd quarter worth approximately $236,000. California Public Employees Retirement System increased its stake in shares of CIT Group by 6.9% during the 3rd quarter. California Public Employees Retirement System now owns 436,541 shares of the financial services provider’s stock worth $21,412,000 after purchasing an additional 28,342 shares in the last quarter. Caxton Associates LP purchased a new position in shares of CIT Group during the 3rd quarter worth approximately $564,000. Finally, Jane Street Group LLC purchased a new position in shares of CIT Group during the 3rd quarter worth approximately $2,276,000.

Shares of CIT Group (NYSE:CIT) traded down $0.24 during trading on Friday, reaching $49.34. 668,575 shares of the company’s stock were exchanged, compared to its average volume of 1,927,001. CIT Group has a 12 month low of $39.48 and a 12 month 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. The stock has a market capitalization of $6,552.44, a PE ratio of 16.37 and a beta of 1.49.

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

The firm also recently disclosed a quarterly dividend, which was paid on Friday, November 24th. Stockholders of record on Friday, November 10th were paid a dividend of $0.16 per share. This represents a $0.64 dividend on an annualized basis and a dividend yield of 1.30%. This is a boost from CIT Group’s previous quarterly dividend of $0.15. The ex-dividend date was Thursday, November 9th. CIT Group’s dividend payout ratio (DPR) is -27.00%.

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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.

Analyst Recommendations for CIT Group (NYSE:CIT)

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