CIT Group Inc. (NYSE:CIT) – Analysts at Oppenheimer Holdings issued their FY2018 earnings per share estimates for CIT Group in a report released on Wednesday. Oppenheimer Holdings analyst C. Kotowski expects that the brokerage will post earnings per share of $4.02 for the year.
Several other equities analysts have also commented on the stock. JMP Securities reissued a “buy” rating on shares of CIT Group in a report on Monday, October 10th. Bank of America Corp. raised shares of CIT Group from an “underperform” rating to a “neutral” rating and set a $39.00 target price on the stock in a report on Tuesday, October 11th. BMO Capital Markets reissued a “hold” rating on shares of CIT Group in a report on Monday, October 10th. BTIG Research set a $52.00 target price on shares of CIT Group and gave the company a “buy” rating in a report on Saturday, October 8th. Finally, Stifel Nicolaus lowered shares of CIT Group from a “buy” rating to a “hold” rating and raised their target price for the company from $40.00 to $41.00 in a report on Friday, October 7th. Eleven analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. CIT Group presently has a consensus rating of “Hold” and a consensus target price of $42.81.
Shares of CIT Group (NYSE:CIT) opened at 36.18 on Friday. The company has a market capitalization of $7.31 billion, a P/E ratio of 7.22 and a beta of 1.52. The company’s 50 day moving average is $35.97 and its 200-day moving average is $33.85. CIT Group has a 1-year low of $25.19 and a 1-year high of $46.51.
CIT Group (NYSE:CIT) last posted its quarterly earnings results on Thursday, July 28th. The financial services provider reported $0.90 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.77 by $0.13. The business earned $645.10 million during the quarter, compared to the consensus estimate of $620.33 million. CIT Group had a net margin of 22.45% and a return on equity of 5.54%. CIT Group’s revenue for the quarter was up 58.7% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.66 earnings per share.
Hedge funds and other institutional investors have recently modified their holdings of the company. Legal & General Group Plc increased its position in shares of CIT Group by 0.3% in the first quarter. Legal & General Group Plc now owns 828,832 shares of the financial services provider’s stock worth $25,720,000 after buying an additional 2,864 shares during the period. Price Michael F increased its position in shares of CIT Group by 11.8% in the first quarter. Price Michael F now owns 520,000 shares of the financial services provider’s stock worth $16,136,000 after buying an additional 55,000 shares during the period. Geode Capital Management LLC increased its position in shares of CIT Group by 6.3% in the first quarter. Geode Capital Management LLC now owns 1,196,226 shares of the financial services provider’s stock worth $37,100,000 after buying an additional 70,889 shares during the period. Meeder Asset Management Inc. purchased a new position in shares of CIT Group during the first quarter worth about $743,000. Finally, Rafferty Asset Management LLC increased its position in shares of CIT Group by 49.3% in the first quarter. Rafferty Asset Management LLC now owns 22,966 shares of the financial services provider’s stock worth $713,000 after buying an additional 7,579 shares during the period. Hedge funds and other institutional investors own 98.46% of the company’s stock.
CIT Group Company Profile
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.
Receive News & Ratings for CIT Group Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for CIT Group Inc. and related companies with MarketBeat.com's FREE daily email newsletter.