Analysts Set CIT Group Inc. (NYSE:CIT) PT at $43.38
Shares of CIT Group Inc. (NYSE:CIT) have earned an average rating of “Hold” from the twenty ratings firms that are currently covering the firm. One analyst has rated the stock with a sell recommendation, nine have assigned a hold recommendation and ten have assigned a buy recommendation to the company. The average 12-month price target among brokers that have issued a report on the stock in the last year is $43.12.
Several research firms have recently commented on CIT. Barclays PLC lowered their price target on CIT Group from $37.00 to $35.00 and set an “equal weight” rating for the company in a research report on Friday, July 29th. Zacks Investment Research upgraded CIT Group from a “hold” rating to a “buy” rating and set a $40.00 price target for the company in a research report on Wednesday. Deutsche Bank AG restated a “hold” rating on shares of CIT Group in a research report on Wednesday, June 15th. Nomura raised their price target on CIT Group from $33.00 to $35.00 and gave the stock a “neutral” rating in a research report on Friday, July 29th. Finally, BTIG Research set a $52.00 price target on CIT Group and gave the stock a “buy” rating in a research report on Thursday, July 28th.
Hedge funds have recently bought and sold shares of the company. Capital World Investors purchased a new stake in CIT Group during the second quarter worth approximately $203,905,000. Canada Pension Plan Investment Board boosted its stake in CIT Group by 27,895.1% in the second quarter. Canada Pension Plan Investment Board now owns 4,132,920 shares of the financial services provider’s stock worth $131,881,000 after buying an additional 4,118,157 shares during the period. Norges Bank purchased a new stake in CIT Group during the fourth quarter worth approximately $84,017,000. Kingstown Capital Management L.P. purchased a new stake in CIT Group during the first quarter worth approximately $62,060,000. Finally, Emerald Acquisition Ltd. purchased a new stake in CIT Group during the second quarter worth approximately $32,426,000. Institutional investors and hedge funds own 98.46% of the company’s stock.
CIT Group (NYSE:CIT) opened at 36.47 on Monday. The company’s 50-day moving average price is $35.67 and its 200 day moving average price is $33.64. The firm has a market capitalization of $7.37 billion, a price-to-earnings ratio of 7.28 and a beta of 1.52. CIT Group has a 12 month low of $25.19 and a 12 month high of $46.51.
CIT Group (NYSE:CIT) last issued its quarterly earnings data on Thursday, July 28th. The financial services provider reported $0.90 earnings per share for the quarter, topping the consensus estimate of $0.77 by $0.13. CIT Group had a return on equity of 5.54% and a net margin of 22.45%. The company earned $645.10 million during the quarter, compared to analyst estimates of $620.33 million. During the same period in the prior year, the business posted $0.66 earnings per share. The firm’s revenue for the quarter was up 58.7% compared to the same quarter last year. Analysts predict that CIT Group will post $2.32 EPS for the current year.
About CIT Group
CIT Group Inc (CIT) is a bank holding company. The Company, together with its subsidiaries, provides financing, leasing and advisory services to middle market companies in a range of industries in North America, and equipment financing and leasing solutions to the transportation industry around the world.
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