Stock analysts at Morgan Stanley started coverage on shares of CIT Group Inc. (NYSE:CIT) in a report issued on Monday. The brokerage set an “equal weight” rating and a $45.00 price target on the financial services provider’s stock. Morgan Stanley’s price objective would indicate a potential upside of 9.41% from the stock’s previous close.
A number of other equities research analysts also recently weighed in on CIT. Barclays PLC set a $43.00 target price on CIT Group and gave the stock a “hold” rating in a research report on Sunday, January 8th. Zacks Investment Research upgraded CIT Group from a “sell” rating to a “hold” rating in a research report on Tuesday, January 3rd. Credit Suisse Group AG restated a “hold” rating and set a $45.00 target price on shares of CIT Group in a research report on Sunday, February 5th. Finally, BTIG Research reiterated a “buy” rating and issued a $45.00 price objective on shares of CIT Group in a report on Sunday, February 5th. One equities research analyst has rated the stock with a sell rating, twelve have given a hold rating and four have assigned a buy rating to the stock. CIT Group presently has a consensus rating of “Hold” and a consensus price target of $41.00.
CIT Group (NYSE:CIT) traded down 0.56% during trading on Monday, hitting $41.13. The company had a trading volume of 1,743,923 shares. The firm has a 50-day moving average of $42.27 and a 200 day moving average of $40.18. The company’s market capitalization is $8.33 billion. CIT Group has a 12-month low of $28.33 and a 12-month high of $44.10.
CIT Group (NYSE:CIT) last issued its quarterly earnings data on Tuesday, January 31st. The financial services provider reported $0.97 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.78 by $0.19. CIT Group had a positive return on equity of 5.39% and a negative net margin of 21.08%. During the same period in the prior year, the business posted $0.72 earnings per share. On average, equities research analysts forecast that CIT Group will post $2.85 earnings per share for the current year.
In other news, insider Matthew Galligan sold 5,097 shares of the stock in a transaction that occurred on Monday, February 6th. The stock was sold at an average price of $42.14, for a total transaction of $214,787.58. Following the transaction, the insider now owns 29,533 shares in the company, valued at $1,244,520.62. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director R. Brad Oates sold 7,030 shares of the stock in a transaction that occurred on Monday, February 27th. The stock was sold at an average price of $42.78, for a total value of $300,743.40. Following the transaction, the director now owns 6,132 shares in the company, valued at approximately $262,326.96. The disclosure for this sale can be found here. 1.68% of the stock is currently owned by company insiders.
Several institutional investors have recently made changes to their positions in CIT. FMR LLC increased its stake in shares of CIT Group by 64.4% in the fourth quarter. FMR LLC now owns 11,806,502 shares of the financial services provider’s stock worth $503,902,000 after buying an additional 4,623,668 shares in the last quarter. The Manufacturers Life Insurance Company bought a new stake in shares of CIT Group during the third quarter worth about $96,459,000. Capital World Investors increased its stake in shares of CIT Group by 35.2% in the third quarter. Capital World Investors now owns 8,640,000 shares of the financial services provider’s stock worth $313,632,000 after buying an additional 2,250,000 shares in the last quarter. Norges Bank bought a new stake in shares of CIT Group during the fourth quarter worth about $74,220,000. Finally, State Street Corp increased its stake in shares of CIT Group by 22.9% in the fourth quarter. State Street Corp now owns 8,303,656 shares of the financial services provider’s stock worth $354,405,000 after buying an additional 1,548,676 shares in the last quarter. Institutional investors own 98.54% of the company’s stock.
CIT Group Company Profile
CIT Group Inc (CIT) is a bank holding company. The Company, together with its subsidiaries, provides financing, leasing and advisory services to middle market companies in a range of industries in North America, and equipment financing and leasing solutions to the transportation industry around the world.