CIT Group Inc. (NYSE:CIT)‘s stock had its “buy” rating reiterated by JMP Securities in a research note issued on Monday.
A number of other equities research analysts have also weighed in on the company. Bank of America Corp. upgraded CIT Group from an “underperform” rating to a “neutral” rating and set a $39.00 price objective for the company in a research note on Tuesday. BMO Capital Markets restated a “hold” rating on shares of CIT Group in a research note on Monday. BTIG Research set a $52.00 price objective on CIT Group and gave the company a “buy” rating in a research note on Saturday. Stifel Nicolaus lowered CIT Group from a “buy” rating to a “hold” rating and raised their price objective for the company from $40.00 to $41.00 in a research note on Friday. Finally, Zacks Investment Research upgraded CIT Group from a “hold” rating to a “buy” rating and set a $40.00 target price for the company in a research report on Wednesday, September 28th. Eleven research analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. CIT Group presently has a consensus rating of “Hold” and a consensus target price of $42.81.
Shares of CIT Group (NYSE:CIT) traded down 1.20% on Monday, reaching $36.32. The company had a trading volume of 1,343,071 shares. CIT Group has a 12 month low of $25.19 and a 12 month high of $46.51. The stock has a 50 day moving average price of $35.95 and a 200-day moving average price of $33.77. The company has a market capitalization of $7.34 billion, a price-to-earnings ratio of 7.25 and a beta of 1.52.
CIT Group (NYSE:CIT) last issued its quarterly earnings data on Thursday, July 28th. The financial services provider reported $0.90 earnings per share for the quarter, beating analysts’ consensus estimates of $0.77 by $0.13. CIT Group had a return on equity of 5.54% and a net margin of 22.45%. The firm earned $645.10 million during the quarter, compared to analyst estimates of $620.33 million. During the same quarter last year, the firm earned $0.66 EPS. CIT Group’s quarterly revenue was up 58.7% on a year-over-year basis. Analysts forecast that CIT Group will post $2.33 EPS for the current fiscal year.
Hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. increased its stake in CIT Group by 4.0% in the second quarter. Vanguard Group Inc. now owns 14,092,961 shares of the financial services provider’s stock worth $449,706,000 after buying an additional 539,701 shares in the last quarter. State Street Corp increased its stake in CIT Group by 13.7% in the second quarter. State Street Corp now owns 7,010,683 shares of the financial services provider’s stock worth $223,717,000 after buying an additional 847,112 shares in the last quarter. Capital World Investors purchased a new stake in CIT Group during the second quarter worth approximately $203,905,000. BlackRock Institutional Trust Company N.A. increased its stake in CIT Group by 5.4% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 4,400,060 shares of the financial services provider’s stock worth $140,406,000 after buying an additional 223,454 shares in the last quarter. Finally, Canada Pension Plan Investment Board increased its stake in CIT Group by 27,895.1% in the second quarter. Canada Pension Plan Investment Board now owns 4,132,920 shares of the financial services provider’s stock worth $131,881,000 after buying an additional 4,118,157 shares in the last quarter. 98.46% of the stock is currently owned by institutional investors.
About CIT Group
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.
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