Shares of CIT Group Inc. (NYSE:CIT) gapped up prior to trading on Friday . The stock had previously closed at $31.12, but opened at $31.55. CIT Group shares last traded at $32.91, with a volume of 933,154 shares changing hands.

CIT has been the subject of several recent research reports. Drexel Hamilton reaffirmed a “buy” rating and issued a $48.00 price objective on shares of CIT Group in a research report on Thursday, March 24th. Macquarie reaffirmed a “buy” rating on shares of CIT Group in a research report on Monday, April 4th. Oppenheimer Holdings Inc. reaffirmed a “buy” rating and issued a $50.00 price objective on shares of CIT Group in a research report on Monday, April 4th. Credit Suisse Group AG reaffirmed a “hold” rating and issued a $42.00 price objective on shares of CIT Group in a research report on Friday, April 29th. Finally, BMO Capital Markets reaffirmed a “hold” rating on shares of CIT Group in a research report on Monday, March 28th. One research analyst has rated the stock with a sell rating, eleven have given a hold rating and eight have given a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average target price of $44.25.

The company has a market cap of $6.56 billion and a P/E ratio of 5.71. The stock’s 50 day moving average price is $32.22 and its 200-day moving average price is $32.42.

CIT Group (NYSE:CIT) last issued its quarterly earnings data on Thursday, April 28th. The financial services provider reported $0.75 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.76 by $0.01. During the same quarter last year, the company earned $0.59 earnings per share. On average, equities analysts anticipate that CIT Group Inc. will post $3.13 EPS for the current fiscal year.

A number of hedge funds and institutional investors have modified their holdings of the company. Condor Capital Management increased its position in shares of CIT Group by 1.2% in the fourth quarter. Condor Capital Management now owns 29,411 shares of the financial services provider’s stock valued at $1,168,000 after buying an additional 354 shares in the last quarter. Wells Fargo & Company MN increased its position in shares of CIT Group by 18.6% in the fourth quarter. Wells Fargo & Company MN now owns 6,258,377 shares of the financial services provider’s stock valued at $248,459,000 after buying an additional 983,029 shares in the last quarter. Bank of Montreal Can increased its position in shares of CIT Group by 58.6% in the fourth quarter. Bank of Montreal Can now owns 895,622 shares of the financial services provider’s stock valued at $35,556,000 after buying an additional 330,954 shares in the last quarter. Cornerstone Capital Management Holdings LLC. increased its position in shares of CIT Group by 68.2% in the fourth quarter. Cornerstone Capital Management Holdings LLC. now owns 256,389 shares of the financial services provider’s stock valued at $10,178,000 after buying an additional 104,001 shares in the last quarter. Finally, Philadelphia Trust Co. increased its position in shares of CIT Group by 2.6% in the fourth quarter. Philadelphia Trust Co. now owns 569,356 shares of the financial services provider’s stock valued at $23,574,000 after buying an additional 14,535 shares in the last quarter.

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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