Brokerages Set CIT Group Inc. (NYSE:CIT) Target Price at $57.00

Shares of CIT Group Inc. (NYSE:CIT) have received a consensus recommendation of “Hold” from the ten analysts that are currently covering the firm, Marketbeat Ratings reports. Six analysts have rated the stock with a hold rating and three have given a buy rating to the company. The average 1-year price objective among brokers that have issued a report on the stock in the last year is $57.00.

A number of equities analysts have recently commented on the stock. UBS Group increased their price objective on shares of W. R. Berkley from $53.00 to $56.00 and gave the stock a “sell” rating in a research note on Wednesday, April 24th. Citigroup downgraded shares of International Container Terminal Services from a “buy” rating to a “neutral” rating in a research note on Wednesday, April 24th. Zacks Investment Research downgraded shares of HANNOVER RUECK/S from a “hold” rating to a “sell” rating in a research note on Monday, April 22nd. ValuEngine upgraded shares of Yandex from a “hold” rating to a “buy” rating in a research note on Saturday, April 13th. Finally, TheStreet downgraded shares of AMERCO from a “b” rating to a “c+” rating in a research note on Monday, March 25th.

A number of large investors have recently modified their holdings of the stock. Icon Wealth Partners LLC bought a new position in shares of CIT Group during the first quarter worth approximately $32,000. Marshall Wace North America L.P. bought a new position in shares of CIT Group during the first quarter worth approximately $82,000. 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 worth $109,000 after purchasing an additional 1,051 shares during the period. Neuburgh Advisers LLC bought a new position in shares of CIT Group during the fourth quarter worth approximately $126,000. Finally, Quantamental Technologies LLC bought a new position in shares of CIT Group during the first quarter worth approximately $131,000.

NYSE CIT traded up $0.17 on Friday, reaching $50.26. The company had a trading volume of 24,077 shares, compared to its average volume of 665,157. The firm has a market cap of $4.91 billion, a price-to-earnings ratio of 12.38, a price-to-earnings-growth ratio of 1.05 and a beta of 1.50. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 1.18. CIT Group has a 1-year low of $35.50 and a 1-year high of $55.48. The stock’s fifty day moving average price is $50.40.

CIT Group (NYSE:CIT) last announced its earnings results on Tuesday, April 23rd. The financial services provider reported $1.18 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.09 by $0.09. CIT Group had a net margin of 14.23% and a return on equity of 8.58%. The firm had revenue of $466.20 million during the quarter, compared to analyst estimates of $461.11 million. During the same period in the prior year, the business earned $0.69 EPS. The company’s revenue for the quarter was down 5.9% compared to the same quarter last year. Research analysts anticipate that CIT Group will post 4.84 earnings per share for the current year.

About CIT Group

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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