Analysts Set CIT Group Inc. (NYSE:CIT) Price Target at $56.07

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Shares of CIT Group Inc. (NYSE:CIT) have been given a consensus recommendation of “Hold” by the twelve research firms that are presently covering the stock, Marketbeat.com reports. Seven research analysts have rated the stock with a hold recommendation and four have assigned a buy recommendation to the company. The average 1 year target price among brokers that have updated their coverage on the stock in the last year is $56.07.

Several analysts recently issued reports on CIT shares. TheStreet upgraded CIT Group from a “c+” rating to a “b” rating in a report on Monday, March 25th. Oppenheimer increased their price target on CIT Group from $63.00 to $71.00 and gave the company an “outperform” rating in a report on Wednesday, April 24th. Citigroup increased their price target on CIT Group from $55.00 to $62.00 and gave the company a “buy” rating in a report on Wednesday, April 24th. Zacks Investment Research upgraded CIT Group from a “sell” rating to a “hold” rating in a report on Monday, April 22nd. Finally, UBS Group increased their price target on CIT Group from $55.00 to $60.00 and gave the company a “buy” rating in a report on Wednesday, April 24th.

Large investors have recently bought and sold shares of the business. Enlightenment Research LLC purchased a new stake in shares of CIT Group during the fourth quarter valued at approximately $31,000. Icon Wealth Partners LLC bought a new position in shares of CIT Group during the first quarter valued at $32,000. Pearl River Capital LLC bought a new position in shares of CIT Group during the fourth quarter valued at $55,000. Marshall Wace North America L.P. bought a new position in shares of CIT Group during the first quarter valued at $82,000. Finally, Bessemer Group Inc. increased its holdings in shares of CIT Group by 58.2% during the fourth quarter. Bessemer Group Inc. now owns 2,857 shares of the financial services provider’s stock valued at $109,000 after acquiring an additional 1,051 shares in the last quarter.

Shares of NYSE:CIT traded down $0.42 during trading on Tuesday, hitting $49.28. 765,265 shares of the stock were exchanged, compared to its average volume of 820,605. The company has a fifty day simple moving average of $50.23. The company has a market capitalization of $4.85 billion, a P/E ratio of 12.20, a PEG ratio of 1.04 and a beta of 1.49. The company has a debt-to-equity ratio of 1.18, a quick ratio of 0.94 and a current ratio of 0.94. CIT Group has a 12-month low of $35.50 and a 12-month high of $55.48.

CIT Group (NYSE:CIT) last issued its quarterly earnings results on Tuesday, April 23rd. The financial services provider reported $1.18 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.09 by $0.09. The company had revenue of $466.20 million during the quarter, compared to the consensus estimate of $461.11 million. CIT Group had a return on equity of 8.58% and a net margin of 14.23%. CIT Group’s revenue was down 5.9% on a year-over-year basis. During the same period in the previous year, the firm posted $0.69 EPS. As a group, research analysts predict that CIT Group will post 4.86 EPS for the current year.

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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Analyst Recommendations for CIT Group (NYSE:CIT)

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