BMO Capital Markets upgraded shares of CIT Group (NYSE:CIT) from an underperform rating to a market perform rating in a research report sent to investors on Monday, MarketBeat reports. BMO Capital Markets currently has $35.00 price target on the financial services provider’s stock, down from their prior price target of $49.00.

Other equities analysts have also recently issued research reports about the company. Oppenheimer reiterated a buy rating on shares of CIT Group in a report on Tuesday, October 24th. Citigroup initiated coverage on CIT Group in a report on Monday, October 16th. They issued a buy rating and a $60.00 price target on the stock. Stephens set a $60.00 price target on CIT Group and gave the company a buy rating in a report on Wednesday, January 3rd. Zacks Investment Research upgraded CIT Group from a hold rating to a buy rating and set a $55.00 price target on the stock in a report on Tuesday, January 2nd. Finally, Morgan Stanley raised their price target on CIT Group from $51.00 to $54.00 and gave the company an equal weight rating in a report on Wednesday, December 13th. One analyst has rated the stock with a sell rating, six have assigned a hold rating and nine have given a buy rating to the company’s stock. The company currently has a consensus rating of Buy and an average price target of $53.73.

Shares of CIT Group (NYSE CIT) opened at $49.66 on Monday. CIT Group has a 12 month low of $39.48 and a 12 month high of $53.76. The firm has a market capitalization of $6,684.55, a price-to-earnings ratio of 19.10 and a beta of 1.42. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 1.20.

CIT Group (NYSE:CIT) last posted its quarterly earnings results on Tuesday, January 30th. The financial services provider reported $0.99 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.81 by $0.18. The business had revenue of $537.00 million for the quarter, compared to analysts’ expectations of $469.24 million. CIT Group had a return on equity of 6.84% and a net margin of 14.60%. The firm’s quarterly revenue was up 15.7% compared to the same quarter last year. During the same quarter last year, the business earned $0.59 earnings per share. sell-side analysts predict that CIT Group will post 4.1 EPS for the current year.

The business also recently announced a quarterly dividend, which will be paid on Friday, February 23rd. Shareholders of record on Friday, February 9th will be issued a dividend of $0.16 per share. This represents a $0.64 dividend on an annualized basis and a yield of 1.29%. The ex-dividend date is Thursday, February 8th. CIT Group’s dividend payout ratio (DPR) is currently 24.62%.

Institutional investors and hedge funds have recently modified their holdings of the business. Assenagon Asset Management S.A. bought a new position in CIT Group during the fourth quarter worth about $18,735,000. Teacher Retirement System of Texas bought a new position in CIT Group during the third quarter worth about $4,767,000. AMP Capital Investors Ltd boosted its holdings in CIT Group by 8.0% during the third quarter. AMP Capital Investors Ltd now owns 59,840 shares of the financial services provider’s stock worth $2,934,000 after buying an additional 4,440 shares during the last quarter. Nomura Asset Management Co. Ltd. boosted its holdings in CIT Group by 10.8% during the third quarter. Nomura Asset Management Co. Ltd. now owns 25,157 shares of the financial services provider’s stock worth $1,233,000 after buying an additional 2,451 shares during the last quarter. Finally, Dimensional Fund Advisors LP boosted its holdings in CIT Group by 16.8% during the third quarter. Dimensional Fund Advisors LP now owns 1,792,459 shares of the financial services provider’s stock worth $87,916,000 after buying an additional 258,455 shares during the last quarter.

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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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