CIT Group (CIT) Given New $54.00 Price Target at Credit Suisse Group

CIT Group (NYSE:CIT) had its target price upped by stock analysts at Credit Suisse Group from $50.00 to $54.00 in a research report issued to clients and investors on Monday. The brokerage presently has a “neutral” rating on the financial services provider’s stock. Credit Suisse Group’s price target would suggest a potential upside of 3.09% from the stock’s current price.

CIT has been the topic of several other reports. Zacks Investment Research lowered shares of CIT Group from a “buy” rating to a “hold” rating in a research note on Friday, November 3rd. Barclays set a $53.00 price target on shares of CIT Group and gave the stock a “hold” rating in a research note on Friday, January 12th. Stephens set a $60.00 price target on shares of CIT Group and gave the stock a “buy” rating in a research note on Wednesday, January 3rd. Oppenheimer reiterated a “buy” rating on shares of CIT Group in a research note on Tuesday, October 24th. Finally, Wells Fargo & Co started coverage on shares of CIT Group in a research note on Friday, December 1st. They set a “market perform” rating and a $52.00 price target on the stock. One research analyst has rated the stock with a sell rating, six have issued a hold rating and nine have assigned a buy rating to the company. The stock presently has an average rating of “Buy” and an average target price of $53.73.

Shares of CIT Group (NYSE CIT) traded up $1.76 during trading hours on Monday, reaching $52.38. 518,593 shares of the company traded hands, compared to its average volume of 882,903. CIT Group has a 12-month low of $39.48 and a 12-month high of $53.76. The company has a debt-to-equity ratio of 1.20, a current ratio of 1.05 and a quick ratio of 1.05. The firm has a market cap of $6,649.09, a price-to-earnings ratio of 20.15 and a beta of 1.42.

CIT Group (NYSE:CIT) last announced its quarterly earnings results on Tuesday, January 30th. The financial services provider reported $0.99 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.81 by $0.18. CIT Group had a net margin of 14.60% and a return on equity of 6.84%. The firm had revenue of $537.00 million for the quarter, compared to analyst estimates of $469.24 million. During the same period last year, the business earned $0.59 EPS. CIT Group’s revenue for the quarter was up 15.7% compared to the same quarter last year. research analysts anticipate that CIT Group will post 4.06 EPS for the current fiscal year.

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. LSV Asset Management increased its stake in CIT Group by 0.4% in the fourth quarter. LSV Asset Management now owns 3,546,400 shares of the financial services provider’s stock valued at $174,589,000 after purchasing an additional 13,800 shares during the period. Thompson Siegel & Walmsley LLC increased its stake in CIT Group by 3.4% in the third quarter. Thompson Siegel & Walmsley LLC now owns 2,989,090 shares of the financial services provider’s stock valued at $146,614,000 after purchasing an additional 97,001 shares during the period. Wells Fargo & Company MN increased its stake in CIT Group by 7.1% in the third quarter. Wells Fargo & Company MN now owns 2,132,765 shares of the financial services provider’s stock valued at $104,611,000 after purchasing an additional 141,552 shares during the period. Dimensional Fund Advisors LP increased its stake in CIT Group by 16.8% in the third quarter. Dimensional Fund Advisors LP now owns 1,792,459 shares of the financial services provider’s stock valued at $87,916,000 after purchasing an additional 258,455 shares during the period. Finally, Wedge Capital Management L L P NC increased its stake in CIT Group by 0.7% in the fourth quarter. Wedge Capital Management L L P NC now owns 1,540,898 shares of the financial services provider’s stock valued at $75,858,000 after purchasing an additional 11,331 shares during the period.

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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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