CIT Group Inc. (NYSE:CIT) – Stock analysts at Oppenheimer Holdings cut their FY2017 earnings per share estimates for CIT Group in a report released on Wednesday. Oppenheimer Holdings analyst C. Kotowski now forecasts that the brokerage will post earnings of $3.40 per share for the year, down from their prior estimate of $3.86.
A number of other brokerages have also recently commented on CIT. BTIG Research set a $52.00 price target on shares of CIT Group and gave the company a “buy” rating in a research note on Thursday, July 28th. JMP Securities reiterated a “buy” rating on shares of CIT Group in a research note on Monday, October 10th. Zacks Investment Research upgraded shares of CIT Group from a “sell” rating to a “hold” rating in a research note on Monday, July 18th. Stifel Nicolaus cut shares of CIT Group from a “buy” rating to a “hold” rating and raised their target price for the stock from $40.00 to $41.00 in a research note on Friday, October 7th. Finally, Nomura raised their target price on shares of CIT Group from $33.00 to $35.00 and gave the stock a “neutral” rating in a research note on Friday, July 29th. Twelve research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. The stock presently has an average rating of “Hold” and an average price target of $42.81.
CIT Group (NYSE:CIT) traded up 0.80% during mid-day trading on Monday, reaching $36.38. 1,311,837 shares of the company were exchanged. CIT Group has a 12-month low of $25.19 and a 12-month high of $46.51. The company’s 50 day moving average price is $35.98 and its 200-day moving average price is $33.92. The stock has a market capitalization of $7.35 billion, a price-to-earnings ratio of 7.26 and a beta of 1.52.
CIT Group (NYSE:CIT) last posted its earnings results on Thursday, July 28th. The financial services provider reported $0.90 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.77 by $0.13. The business had revenue of $645.10 million for the quarter, compared to analysts’ expectations of $620.33 million. CIT Group had a net margin of 22.45% and a return on equity of 5.54%. The firm’s revenue for the quarter was up 58.7% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.66 earnings per share.
Large investors have recently made changes to their positions in the stock. Toronto Dominion Bank raised its stake in shares of CIT Group by 5.7% in the second quarter. Toronto Dominion Bank now owns 3,130 shares of the financial services provider’s stock valued at $100,000 after buying an additional 168 shares during the period. Mizuho Asset Management Co. Ltd. raised its stake in shares of CIT Group by 174.1% in the second quarter. Mizuho Asset Management Co. Ltd. now owns 3,396 shares of the financial services provider’s stock valued at $108,000 after buying an additional 2,157 shares during the period. Lorber David A bought a new stake in shares of CIT Group during the first quarter valued at about $114,000. Global X Management Co. LLC raised its stake in shares of CIT Group by 59.5% in the second quarter. Global X Management Co. LLC now owns 3,733 shares of the financial services provider’s stock valued at $119,000 after buying an additional 1,393 shares during the period. Finally, Pacer Advisors Inc. raised its stake in shares of CIT Group by 9.4% in the second quarter. Pacer Advisors Inc. now owns 3,771 shares of the financial services provider’s stock valued at $120,000 after buying an additional 323 shares during the period. 98.51% 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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