CIT Group Gets a Hold Rating from KBW

By Jason Carr

In a report issued on December 26, Melissa Roberts from KBW reiterated a Hold rating on CIT Group (NYSE: CIT), with a price target of $53. The company’s shares closed yesterday at $49.84, close to its 52-week high of $51.73.

According to TipRanks.com, Roberts is a 4-star analyst with an average return of 10.9% and a 80.4% success rate. Roberts covers the Financial sector, focusing on stocks such as Fidelity National Financial Ventures, The Community Financial Corporation, and Provident Financial Holdings, Inc.

Currently, the analyst consensus on CIT Group is Moderate Buy and the average price target is $51.50, representing a 3.3% upside.

In a report issued on December 11, Barclays also maintained a Hold rating on the stock with a $52 price target.

Based on CIT Group’s latest earnings report for the quarter ending September 30, the company posted quarterly revenue of $778 million and quarterly net profit of $221 million. In comparison, last year the company earned revenue of $1.14 billion and had a net profit of $133 million.

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CIT Group, Inc. is a financial holding company, which provides financing, leasing and advisory services. It operates through the following business segments: Commercial Banking, Consumer Banking and Non-Strategic Portfolios. The Commercial Banking segment consists of four divisions, commercial finance, rail, real estate finance and business capital.