BMO Capital Markets Increases CIT Group Inc (DEL) (CIT) Price Target to $35.00 – The Ledger Gazette


CIT Group Inc (DEL) (NYSE:CIT) had its target price upped by analysts at BMO Capital Markets from $31.00 to $35.00 in a research note issued to investors on Wednesday. The brokerage presently has an “underperform” rating on the financial services provider’s stock. BMO Capital Markets’ price target indicates a potential downside of 25.83% from the company’s previous close.

Several other equities analysts have also commented on the stock. Barclays PLC dropped their price target on shares of CIT Group Inc (DEL) from $45.00 to $44.00 and set an “equal weight” rating for the company in a research report on Wednesday. Oppenheimer Holdings, Inc. reaffirmed a “buy” rating on shares of CIT Group Inc (DEL) in a research report on Tuesday. Citigroup Inc began coverage on shares of CIT Group Inc (DEL) in a research report on Monday, October 16th. They set a “buy” rating and a $60.00 price target for the company. Keefe, Bruyette & Woods reaffirmed a “hold” rating and set a $47.00 price target on shares of CIT Group Inc (DEL) in a research report on Tuesday, October 3rd. Finally, Zacks Investment Research raised shares of CIT Group Inc (DEL) from a “hold” rating to a “buy” rating and set a $53.00 price target for the company in a research report on Monday, September 25th. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating and nine have given a buy rating to the stock. CIT Group Inc (DEL) presently has an average rating of “Hold” and an average price target of $49.89.

CIT Group Inc (NYSE CIT) opened at 47.19 on Wednesday. The company’s 50 day moving average is $47.68 and its 200-day moving average is $46.92. The stock’s market cap is $6.39 billion. CIT Group Inc has a 52-week low of $35.14 and a 52-week high of $50.40.

CIT Group Inc (DEL) (NYSE:CIT) last issued its quarterly earnings results on Tuesday, October 24th. The financial services provider reported $1.02 EPS for the quarter, topping the consensus estimate of $0.82 by $0.20. CIT Group Inc (DEL) had a negative net margin of 20.50% and a positive return on equity of 5.66%. The firm had revenue of $592.90 million during the quarter, compared to analyst estimates of $488.00 million. During the same quarter in the prior year, the business posted $0.65 earnings per share. On average, equities analysts anticipate that CIT Group Inc will post $2.85 earnings per share for the current year.

ILLEGAL ACTIVITY NOTICE: This story was originally posted by The Ledger Gazette and is owned by of The Ledger Gazette. If you are viewing this story on another domain, it was copied illegally and republished in violation of U.S. & international copyright & trademark legislation. The original version of this story can be viewed at https://ledgergazette.com/2017/10/27/bmo-capital-markets-increases-cit-group-inc-del-cit-price-target-to-35-00.html.

In other news, insider Steve Solk sold 1,460 shares of the company’s stock in a transaction on Friday, August 25th. The shares were sold at an average price of $45.00, for a total value of $65,700.00. Following the completion of the transaction, the insider now directly owns 14,832 shares in the company, valued at $667,440. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider James L. Hudak sold 2,100 shares of the company’s stock in a transaction on Friday, August 11th. The shares were sold at an average price of $46.18, for a total transaction of $96,978.00. Following the completion of the transaction, the insider now owns 57,083 shares of the company’s stock, valued at $2,636,092.94. The disclosure for this sale can be found here. 0.47% of the stock is currently owned by corporate insiders.

Several hedge funds have recently made changes to their positions in CIT. SG Americas Securities LLC purchased a new position in shares of CIT Group Inc (DEL) in the first quarter valued at $115,000. PNC Financial Services Group Inc. boosted its stake in shares of CIT Group Inc (DEL) by 9.9% in the first quarter. PNC Financial Services Group Inc. now owns 14,065 shares of the financial services provider’s stock valued at $604,000 after purchasing an additional 1,268 shares during the period. Dimensional Fund Advisors LP boosted its stake in shares of CIT Group Inc (DEL) by 4.6% in the first quarter. Dimensional Fund Advisors LP now owns 1,481,212 shares of the financial services provider’s stock valued at $63,591,000 after purchasing an additional 64,784 shares during the period. BlackRock Inc. boosted its stake in shares of CIT Group Inc (DEL) by 4,285.9% in the first quarter. BlackRock Inc. now owns 9,901,353 shares of the financial services provider’s stock valued at $425,067,000 after purchasing an additional 9,675,599 shares during the period. Finally, Amalgamated Bank boosted its stake in shares of CIT Group Inc (DEL) by 9.4% in the first quarter. Amalgamated Bank now owns 10,816 shares of the financial services provider’s stock valued at $464,000 after purchasing an additional 932 shares during the period.

About CIT Group Inc (DEL)

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 Inc (DEL) (NYSE:CIT)

Receive News & Ratings for CIT Group Inc (DEL) Daily – Enter your email address below to receive a concise daily summary of the latest news and analysts’ ratings for CIT Group Inc (DEL) and related companies with MarketBeat.com’s FREE daily email newsletter.

Leave a Reply

Your email address will not be published. Required fields are marked *