CIT Group (CIT) Given a $60.00 Price Target by Stephens Analysts
Stephens set a $60.00 price target on CIT Group (NYSE:CIT) in a research note issued to investors on Wednesday, January 3rd. The brokerage currently has a buy rating on the financial services provider’s stock.
Several other equities research analysts also recently commented on CIT. Morgan Stanley upped their target price on CIT Group from $50.00 to $51.00 and gave the company an equal weight rating in a report on Monday, September 18th. Zacks Investment Research raised CIT Group from a hold rating to a buy rating and set a $53.00 target price on the stock in a research report on Monday, September 25th. Keefe, Bruyette & Woods reaffirmed a hold rating and issued a $47.00 target price on shares of CIT Group in a research report on Tuesday, October 3rd. BMO Capital Markets reissued a sell rating and set a $31.00 price objective on shares of CIT Group in a report on Friday, October 6th. Finally, Citigroup began coverage on CIT Group in a research note on Monday, October 16th. They set a buy rating and a $60.00 target price for the company. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating and nine have assigned a buy rating to the company’s stock. The stock has a consensus rating of Hold and an average target price of $52.82.
CIT Group (NYSE CIT) opened at $51.39 on Wednesday. The stock has a market capitalization of $6,792.64, a P/E ratio of -21.68 and a beta of 1.49. The company has a debt-to-equity ratio of 1.20, a current ratio of 1.05 and a quick ratio of 1.05. CIT Group has a 52-week low of $39.48 and a 52-week high of $53.76.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, February 23rd. Investors of record on Friday, February 9th will be paid a dividend of $0.16 per share. The ex-dividend date is Thursday, February 8th. This represents a $0.64 dividend on an annualized basis and a dividend yield of 1.25%. CIT Group’s dividend payout ratio (DPR) is presently -27.00%.
In other CIT Group news, EVP Denise M. Menelly sold 8,951 shares of CIT Group stock in a transaction dated Wednesday, November 1st. The stock was sold at an average price of $46.84, for a total transaction of $419,264.84. Following the transaction, the executive vice president now directly owns 41,546 shares in the company, valued at $1,946,014.64. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Insiders own 0.47% of the company’s stock.
A number of hedge funds and other institutional investors have recently made changes to their positions in CIT. SG Americas Securities LLC boosted its stake in shares of CIT Group by 103.5% in the second quarter. SG Americas Securities LLC now owns 5,437 shares of the financial services provider’s stock valued at $265,000 after buying an additional 2,765 shares during the period. LSV Asset Management boosted its stake in shares of CIT Group by 2.5% in the second quarter. LSV Asset Management now owns 3,430,812 shares of the financial services provider’s stock valued at $167,080,000 after buying an additional 84,300 shares during the period. Teacher Retirement System of Texas bought a new position in shares of CIT Group in the 3rd quarter valued at $4,767,000. AMP Capital Investors Ltd lifted its stake in shares of CIT Group by 8.0% in the 3rd quarter. AMP Capital Investors Ltd now owns 59,840 shares of the financial services provider’s stock valued at $2,934,000 after acquiring an additional 4,440 shares during the last quarter. Finally, Nomura Asset Management Co. Ltd. lifted its stake in shares of CIT Group by 10.8% in the 3rd quarter. Nomura Asset Management Co. Ltd. now owns 25,157 shares of the financial services provider’s stock valued at $1,233,000 after acquiring an additional 2,451 shares during the last quarter.
COPYRIGHT VIOLATION WARNING: This piece was originally posted by Marea Informative and is the sole property of of Marea Informative. If you are reading this piece on another website, it was illegally copied and reposted in violation of US & international copyright laws. The legal version of this piece can be read at https://www.mareainformativa.com/stephens-reiterates-60-00-price-target-for-cit-group-cit-updated-updated-updated/126487/.
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.
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.