CIT Group Inc. (NYSE:CIT)‘s stock had its “hold” rating reiterated by analysts at BMO Capital Markets in a research report issued on Monday.
Several other equities research analysts have also recently weighed in on the company. BTIG Research set a $52.00 price objective on CIT Group and gave the stock a “buy” rating in a report on Saturday. Stifel Nicolaus cut CIT Group from a “buy” rating to a “hold” rating and increased their price objective for the stock from $40.00 to $41.00 in a report on Friday, October 7th. Zacks Investment Research upgraded CIT Group from a “hold” rating to a “buy” rating and set a $40.00 price objective for the company in a report on Wednesday, September 28th. Credit Suisse Group AG dropped their price objective on CIT Group from $42.00 to $34.55 and set a “neutral” rating for the company in a report on Monday, August 15th. Finally, TheStreet upgraded CIT Group from a “hold” rating to a “buy” rating in a research note on Monday, August 8th. Eleven investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company. The stock presently has an average rating of “Hold” and an average price target of $42.81.
Shares of CIT Group (NYSE:CIT) opened at 36.57 on Monday. The company’s 50-day moving average price is $35.97 and its 200 day moving average price is $33.79. The company has a market cap of $7.39 billion, a P/E ratio of 7.30 and a beta of 1.52. CIT Group has a one year low of $25.19 and a one year high of $46.51.
CIT Group (NYSE:CIT) last released its quarterly earnings data on Thursday, July 28th. The financial services provider reported $0.90 earnings per share for the quarter, topping the consensus estimate of $0.77 by $0.13. CIT Group had a return on equity of 5.54% and a net margin of 22.45%. The business earned $645.10 million during the quarter, compared to analysts’ expectations of $620.33 million. During the same quarter last year, the business posted $0.66 EPS. The business’s revenue was up 58.7% on a year-over-year basis. On average, equities research analysts anticipate that CIT Group will post $2.33 earnings per share for the current year.
A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Commonwealth Equity Services Inc bought a new position in CIT Group during the first quarter worth $341,000. Aperio Group LLC raised its position in CIT Group by 73.5% in the first quarter. Aperio Group LLC now owns 45,723 shares of the financial services provider’s stock worth $1,419,000 after buying an additional 19,371 shares during the period. IFP Advisors Inc raised its position in CIT Group by 4.6% in the first quarter. IFP Advisors Inc now owns 4,998 shares of the financial services provider’s stock worth $155,000 after buying an additional 219 shares during the period. Pacad Investment Ltd. bought a new position in CIT Group during the first quarter worth $379,000. Finally, TIAA CREF Investment Management LLC raised its position in CIT Group by 1.8% in the first quarter. TIAA CREF Investment Management LLC now owns 1,294,832 shares of the financial services provider’s stock worth $40,179,000 after buying an additional 23,028 shares during the period. 98.46% of the stock is 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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