CIT Group Gets a Hold Rating from Barclays

By Carrie Williams

In a report released yesterday, Mark Devries from Barclays maintained a Hold rating on CIT Group (NYSE: CIT), with a price target of $53. The company’s shares opened today at $52.90, close to its 52-week high of $53.48.

According to, Devries is a 3-star analyst with an average return of 2.1% and a 63.1% success rate. Devries covers the Financial sector, focusing on stocks such as Sutherland Asset Management Corporation, Oaktree Specialty Lending Corporation, and ARMOUR Residential REIT Inc.

CIT Group has an analyst consensus of Moderate Buy, with a price target consensus of $54.63.

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 $887 million and had a GAAP net loss of $1.15 billion.

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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.