CIT Group (CIT) Given a $60.00 Price Target at Stephens

Stephens set a $60.00 target price on CIT Group (NYSE:CIT) in a research report released on Wednesday morning. The brokerage currently has a buy rating on the financial services provider’s stock.

A number of other brokerages have also recently issued reports on CIT. Morgan Stanley increased their price objective on shares of CIT Group from $51.00 to $54.00 and gave the stock an equal weight rating in a research note on Wednesday, December 13th. Zacks Investment Research raised shares of CIT Group from a hold rating to a buy rating and set a $55.00 target price for the company in a research note on Tuesday. Keefe, Bruyette & Woods reiterated a hold rating and set a $53.00 price objective on shares of CIT Group in a research report on Friday, December 29th. Wells Fargo & Co started coverage on shares of CIT Group in a research report on Friday, December 1st. They set a market perform rating and a $52.00 price objective for the company. Finally, Oppenheimer restated a buy rating on shares of CIT Group in a report on Tuesday, October 24th. Two equities 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 stock. The stock has a consensus rating of Hold and an average target price of $52.00.

Shares of CIT Group (NYSE:CIT) traded up $0.59 during midday trading on Wednesday, hitting $51.04. 837,330 shares of the stock were exchanged, compared to its average volume of 909,300. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 1.20. The stock has a market capitalization of $6,700.00, a PE ratio of 364.57 and a beta of 1.49. CIT Group has a 1 year low of $39.48 and a 1 year high of $51.73.

CIT Group (NYSE:CIT) last announced its quarterly earnings data on Tuesday, October 24th. The financial services provider reported $1.02 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.82 by $0.20. The firm had revenue of $592.90 million during the quarter, compared to analysts’ expectations 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 period in the prior year, the company posted $0.65 earnings per share. sell-side 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 CIT Group stock in a transaction that occurred on Wednesday, November 1st. The shares were sold at an average price of $46.84, for a total value of $419,264.84. Following the completion of the sale, the executive vice president now directly owns 41,546 shares in the company, valued at approximately $1,946,014.64. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.47% of the stock is owned by company insiders.

A number of hedge funds have recently added to or reduced their stakes in CIT. Janus Henderson Group PLC boosted its stake in CIT Group by 4,090.9% in the 2nd quarter. Janus Henderson Group PLC now owns 1,199,346 shares of the financial services provider’s stock worth $58,408,000 after purchasing an additional 1,170,728 shares in the last quarter. Jacobs Asset Management LLC boosted its stake in CIT Group by 78.6% in the 3rd quarter. Jacobs Asset Management LLC now owns 844,175 shares of the financial services provider’s stock worth $41,407,000 after purchasing an additional 371,609 shares in the last quarter. Schwab Charles Investment Management Inc. boosted its stake in CIT Group by 61.7% in the 3rd quarter. Schwab Charles Investment Management Inc. now owns 866,738 shares of the financial services provider’s stock worth $42,514,000 after purchasing an additional 330,875 shares in the last quarter. JPMorgan Chase & Co. boosted its stake in CIT Group by 209.7% in the 3rd quarter. JPMorgan Chase & Co. now owns 485,271 shares of the financial services provider’s stock worth $23,661,000 after purchasing an additional 328,586 shares in the last quarter. Finally, Redwood Capital Management LLC boosted its stake in CIT Group by 296.4% in the 2nd quarter. Redwood Capital Management LLC now owns 396,400 shares of the financial services provider’s stock worth $19,305,000 after purchasing an additional 296,400 shares in the last quarter.

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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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