CIT Group Inc. (NYSE:CIT) Receives $57.00 Average PT from Analysts
Shares of CIT Group Inc. (NYSE:CIT) have been assigned a consensus rating of “Hold” from the ten ratings firms that are presently covering the stock, MarketBeat reports. Six analysts have rated the stock with a hold recommendation and three have assigned a buy recommendation to the company. The average 12 month target price among brokerages that have covered the stock in the last year is $57.00.
A number of analysts have recently weighed in on CIT shares. Zacks Investment Research downgraded shares of HANNOVER RUECK/S from a “hold” rating to a “sell” rating in a research report on Monday, April 22nd. UBS Group upped their target price on shares of W. R. Berkley from $53.00 to $56.00 and gave the stock a “sell” rating in a research report on Wednesday, April 24th. Oppenheimer started coverage on shares of Kala Pharmaceuticals in a research report on Wednesday, April 24th. They issued an “outperform” rating and a $11.00 target price on the stock. TheStreet downgraded shares of AMERCO from a “b” rating to a “c+” rating in a research report on Monday, March 25th. Finally, Citigroup downgraded shares of International Container Terminal Services from a “buy” rating to a “neutral” rating in a research report on Wednesday, April 24th.
Institutional investors have recently made changes to their positions in the stock. Icon Wealth Partners LLC bought a new position in CIT Group in the 1st quarter worth approximately $32,000. Marshall Wace North America L.P. bought a new position in CIT Group during the 1st quarter valued at $82,000. Bessemer Group Inc. boosted its stake in CIT Group by 58.2% during the 4th quarter. Bessemer Group Inc. now owns 2,857 shares of the financial services provider’s stock valued at $109,000 after purchasing an additional 1,051 shares in the last quarter. Neuburgh Advisers LLC bought a new position in CIT Group during the 4th quarter valued at $126,000. Finally, Quantamental Technologies LLC bought a new position in CIT Group during the 1st quarter valued at $131,000.
CIT Group (NYSE:CIT) last issued its quarterly earnings data on Tuesday, April 23rd. The financial services provider reported $1.18 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.09 by $0.09. The business had revenue of $466.20 million for the quarter, compared to the consensus estimate of $461.11 million. CIT Group had a net margin of 14.23% and a return on equity of 8.58%. The company’s quarterly revenue was down 5.9% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.69 EPS. As a group, analysts anticipate that CIT Group will post 4.84 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Friday, August 23rd. Investors of record on Friday, August 9th will be paid a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a yield of 2.78%. CIT Group’s payout ratio is 34.65%.
CIT Group Company Profile
CIT Group Inc operates as the holding company for CIT Bank, N.A. that provides banking and related services to commercial and individual customers. The company operates through Commercial Banking and Consumer Banking segments. The Commercial Banking segment offers lending, leasing, and other financial and advisory services primarily to small and middle-market companies; factoring, receivables management products, and secured supply chain financing; equipment leasing and secured financing to railroads and non-rail companies; equipment financing to small businesses.
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