Bank of America Corp. upgraded shares of CIT Group Inc. (NYSE:CIT) from an underperform rating to a neutral rating in a report published on Tuesday. They currently have $39.00 target price on the financial services provider’s stock.
Other research analysts also recently issued research reports about the stock. BTIG Research set a $52.00 target price on shares of CIT Group and gave the company a buy rating in a research report on Saturday, October 8th. Zacks Investment Research upgraded shares of CIT Group from a sell rating to a hold rating in a report on Tuesday, June 14th. Deutsche Bank AG restated a hold rating on shares of CIT Group in a report on Wednesday, June 15th. TheStreet upgraded shares of CIT Group from a hold rating to a buy rating in a report on Monday, August 8th. Finally, Credit Suisse Group AG lowered their price target on shares of CIT Group from $42.00 to $34.55 and set a neutral rating on the stock in a report on Monday, August 15th. Eleven research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. The stock presently has an average rating of Hold and a consensus price target of $42.81.
CIT Group (NYSE:CIT) opened at 36.18 on Tuesday. CIT Group has a 52-week low of $25.19 and a 52-week high of $46.51. The firm has a market capitalization of $7.31 billion, a price-to-earnings ratio of 7.22 and a beta of 1.52. The company’s 50-day moving average price is $35.97 and its 200 day moving average price is $33.85.
CIT Group (NYSE:CIT) last posted its earnings results on Thursday, July 28th. The financial services provider reported $0.90 EPS for the quarter, beating analysts’ consensus estimates of $0.77 by $0.13. The business had revenue of $645.10 million for 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%. The company’s revenue for the quarter was up 58.7% on a year-over-year basis. During the same quarter last year, the firm posted $0.66 EPS. Equities analysts predict that CIT Group will post $2.33 earnings per share for the current fiscal year.
Institutional investors have recently bought and sold shares of the stock. Gulf International Bank UK Ltd raised its position in CIT Group by 1.6% in the third quarter. Gulf International Bank UK Ltd now owns 116,700 shares of the financial services provider’s stock valued at $4,236,000 after buying an additional 1,800 shares during the period. Macquarie Group Ltd. raised its position in CIT Group by 655.3% in the second quarter. Macquarie Group Ltd. now owns 35,500 shares of the financial services provider’s stock valued at $1,133,000 after buying an additional 30,800 shares during the period. IFP Advisors Inc raised its position in CIT Group by 23.6% in the second quarter. IFP Advisors Inc now owns 6,177 shares of the financial services provider’s stock valued at $197,000 after buying an additional 1,179 shares during the period. Fjarde AP Fonden Fourth Swedish National Pension Fund raised its position in CIT Group by 22.3% in the second quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 65,076 shares of the financial services provider’s stock valued at $2,077,000 after buying an additional 11,856 shares during the period. Finally, Pine River Capital Management L.P. purchased a new position in CIT Group during the second quarter valued at $703,000. 98.51% of the stock is owned by hedge funds and other institutional investors.
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.
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