Brokerages Set CIT Group Inc. (CIT) Price Target at $53.73
Shares of CIT Group Inc. (NYSE:CIT) have been given a consensus recommendation of “Buy” by the sixteen analysts that are presently covering the stock, MarketBeat Ratings reports. One research analyst has rated the stock with a sell recommendation, six have given a hold recommendation and nine have given a buy recommendation to the company. The average twelve-month target price among brokers that have issued ratings on the stock in the last year is $53.73.
A number of equities analysts have recently commented on CIT shares. Stephens set a $60.00 target price on shares of CIT Group and gave the company a “buy” rating in a research note on Wednesday, January 3rd. Zacks Investment Research raised shares of CIT Group from a “hold” rating to a “buy” rating and set a $55.00 target price on the stock in a research note on Tuesday, January 2nd. Morgan Stanley raised their target price on shares of CIT Group from $54.00 to $57.00 and gave the company an “equal weight” rating in a research note on Monday, February 5th. Keefe, Bruyette & Woods reissued a “hold” rating and issued a $53.00 target price on shares of CIT Group in a research note on Friday, December 29th. Finally, Barclays set a $53.00 target price on shares of CIT Group and gave the company a “hold” rating in a research note on Friday, January 12th.
Shares of CIT Group (CIT) traded up $0.68 during mid-day trading on Wednesday, hitting $53.90. 967,647 shares of the stock were exchanged, compared to its average volume of 1,072,154. CIT Group has a fifty-two week low of $39.48 and a fifty-two week high of $55.23. The company has a debt-to-equity ratio of 1.28, a quick ratio of 1.05 and a current ratio of 1.03. The stock has a market cap of $6,959.58, a P/E ratio of 20.73 and a beta of 1.31.
The company also recently declared a quarterly dividend, which was paid on Friday, February 23rd. Investors of record on Friday, February 9th were paid a dividend of $0.16 per share. This represents a $0.64 annualized dividend and a yield of 1.19%. The ex-dividend date was Thursday, February 8th. CIT Group’s dividend payout ratio (DPR) is 24.62%.
In related news, insider James L. Hudak sold 2,000 shares of CIT Group stock in a transaction on Thursday, March 1st. The shares were sold at an average price of $53.63, for a total transaction of $107,260.00. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Insiders own 0.47% of the company’s stock.
A number of hedge funds have recently made changes to their positions in CIT. Fox Run Management L.L.C. acquired a new position in CIT Group during the 3rd quarter worth $280,000. Nationwide Fund Advisors grew its holdings in CIT Group by 9.8% during the 3rd quarter. Nationwide Fund Advisors now owns 337,979 shares of the financial services provider’s stock worth $16,578,000 after acquiring an additional 30,079 shares in the last quarter. Andra AP fonden grew its holdings in CIT Group by 16.3% during the 3rd quarter. Andra AP fonden now owns 39,300 shares of the financial services provider’s stock worth $1,928,000 after acquiring an additional 5,500 shares in the last quarter. Dupont Capital Management Corp acquired a new position in CIT Group during the 3rd quarter worth $3,218,000. Finally, American Century Companies Inc. grew its holdings in CIT Group by 12.5% during the 3rd quarter. American Century Companies Inc. now owns 13,930 shares of the financial services provider’s stock worth $683,000 after acquiring an additional 1,550 shares in the last quarter.
COPYRIGHT VIOLATION NOTICE: This story was published by Daily Political and is the sole property of of Daily Political. If you are accessing this story on another publication, it was copied illegally and reposted in violation of US and international copyright and trademark law. The correct version of this story can be accessed at https://www.dailypolitical.com/2018/03/03/brokerages-set-cit-group-inc-cit-price-target-at-53-73.html.
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.
Receive News & Ratings for CIT Group Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for CIT Group and related companies with MarketBeat.com's FREE daily email newsletter.