BTIG Believes CIT Group (CIT) Still Has Room to Grow


In a report released yesterday, Mark Palmer from BTIG assigned a Buy rating to CIT Group (NYSE: CIT), with a price target of $57. The company’s shares closed yesterday at $55.36, close to its 52-week high of $56.14.

Palmer said:

“to CIT, But Highlights Stronger U.S. Middle Market Shares of CIT Group (CIT, Buy, $57 PT) may receive a boost this morning as investors may see the healthy premium that Fifth Third Bancorp (FITB, Not Rated) agreed to pay to acquire MB Financial (MBFI, Not Rated) – a commercial bank focused on the middle market (like CIT), albeit with a particular focus on the Chicago area – as a positive read-through for the company’s valuation.”

According to TipRanks.com, Palmer is a 5-star analyst with an average return of 9.9% and a 62.6% success rate. Palmer covers the Financial sector, focusing on stocks such as Santander Consumer USA, Assured Guaranty Ltd, and Synchrony Financial.

CIT Group has an analyst consensus of Moderate Buy, with a price target consensus of $54.60.

See today’s analyst top recommended stocks >>

CIT Group’s market cap is currently $7.11B and has a P/E ratio of 34.27. The company has a Price to Book ratio of 1.05.

Based on the recent corporate insider activity of 86 insiders, corporate insider sentiment is negative on the stock.

TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.

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.

Stay Ahead of Everyone Else

Get The Latest Stock News Alerts