CIT Group’s (CIT) Buy Rating Reaffirmed at BTIG Research

BTIG Research restated their buy rating on shares of CIT Group (NYSE:CIT) in a research note published on Wednesday. BTIG Research currently has a $57.00 price target on the financial services provider’s stock.

Several other equities research analysts have also weighed in on the company. UBS assumed coverage on CIT Group in a report on Tuesday, March 27th. They issued a neutral rating and a $56.00 price objective for the company. TheStreet raised CIT Group from a c+ rating to a b- rating in a report on Tuesday, March 20th. Zacks Investment Research lowered CIT Group from a buy rating to a hold rating in a report on Tuesday, March 6th. Credit Suisse Group lifted their price objective on CIT Group from $50.00 to $54.00 and gave the stock a neutral rating in a report on Monday, February 5th. Finally, Morgan Stanley lifted their target price on CIT Group from $54.00 to $57.00 and gave the company an equal weight rating in a report on Monday, February 5th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and eight have assigned a buy rating to the company’s stock. CIT Group presently has a consensus rating of Hold and an average price target of $53.92.

How to Become a New Pot Stock Millionaire

Shares of CIT opened at $51.80 on Wednesday. CIT Group has a fifty-two week low of $42.84 and a fifty-two week high of $56.14. The stock has a market capitalization of $6,793.50, a P/E ratio of 15.06 and a beta of 1.30. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 1.28.

CIT Group (NYSE:CIT) last announced its quarterly earnings data on Tuesday, January 30th. The financial services provider reported $0.99 earnings per share for the quarter, topping the consensus estimate of $0.81 by $0.18. CIT Group had a return on equity of 7.08% and a net margin of 14.60%. The company had revenue of $537.00 million during the quarter, compared to analyst estimates of $469.24 million. During the same quarter last year, the firm posted $0.59 EPS. The firm’s revenue for the quarter was up 15.7% on a year-over-year basis. sell-side analysts expect that CIT Group will post 4.21 earnings per share for the current year.

The business also recently announced a quarterly dividend, which will be paid on Friday, May 25th. Shareholders of record on Friday, May 11th will be issued a dividend of $0.16 per share. This represents a $0.64 dividend on an annualized basis and a yield of 1.24%. The ex-dividend date is Thursday, May 10th. CIT Group’s payout ratio is presently 20.85%.

In other CIT Group news, insider James L. Hudak sold 2,000 shares of CIT Group stock in a transaction dated Thursday, March 1st. The stock was sold at an average price of $53.63, for a total transaction of $107,260.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 0.27% of the stock is owned by insiders.

Several hedge funds and other institutional investors have recently modified their holdings of the company. OLD Mutual Customised Solutions Proprietary Ltd. grew its holdings in shares of CIT Group by 31.6% during the fourth quarter. OLD Mutual Customised Solutions Proprietary Ltd. now owns 12,500 shares of the financial services provider’s stock worth $615,000 after purchasing an additional 3,000 shares in the last quarter. Kenmare Capital Partners L.L.C. grew its holdings in shares of CIT Group by 211.8% during the fourth quarter. Kenmare Capital Partners L.L.C. now owns 47,400 shares of the financial services provider’s stock worth $2,334,000 after purchasing an additional 32,200 shares in the last quarter. Sciencast Management LP purchased a new position in shares of CIT Group during the fourth quarter worth about $762,000. GHP Investment Advisors Inc. grew its holdings in shares of CIT Group by 23.5% during the fourth quarter. GHP Investment Advisors Inc. now owns 20,253 shares of the financial services provider’s stock worth $997,000 after purchasing an additional 3,854 shares in the last quarter. Finally, Raymond James & Associates grew its holdings in shares of CIT Group by 19.0% during the fourth quarter. Raymond James & Associates now owns 8,087 shares of the financial services provider’s stock worth $398,000 after purchasing an additional 1,293 shares in the last quarter.

COPYRIGHT VIOLATION WARNING: This report was originally reported by The Lincolnian Online and is the sole property of of The Lincolnian Online. If you are viewing this report on another publication, it was illegally copied and reposted in violation of United States & international trademark & copyright laws. The legal version of this report can be viewed at https://www.thelincolnianonline.com/2018/04/19/cit-groups-cit-buy-rating-reaffirmed-at-btig-research.html.

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.

Analyst Recommendations for CIT Group (NYSE:CIT)

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.

Leave a Reply