CIT Group (NYSE:CIT) Shares Up 8%

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CIT Group Inc. (NYSE:CIT)’s share price shot up 8% during mid-day trading on Monday . The company traded as high as $20.73 and last traded at $20.73, 2,362,795 shares changed hands during mid-day trading. A decline of 10% from the average session volume of 2,613,773 shares. The stock had previously closed at $19.20.

A number of research firms recently issued reports on CIT. Citigroup lifted their price target on CIT Group from $27.00 to $31.00 and gave the company a “buy” rating in a report on Thursday, June 18th. ValuEngine raised CIT Group from a “sell” rating to a “hold” rating in a report on Wednesday, April 22nd. Morgan Stanley boosted their price objective on CIT Group from $20.00 to $26.00 and gave the stock an “equal weight” rating in a report on Monday, June 8th. TheStreet cut CIT Group from a “c” rating to a “d” rating in a report on Tuesday, April 21st. Finally, Oppenheimer began coverage on CIT Group in a report on Tuesday, April 21st. They set a “buy” rating and a $54.00 price objective for the company. Four investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company. The company currently has a consensus rating of “Hold” and an average target price of $35.67.

The company has a market capitalization of $2.04 billion, a price-to-earnings ratio of 14.30 and a beta of 1.88. The company has a 50-day moving average price of $20.18 and a 200-day moving average price of $30.66. The company has a debt-to-equity ratio of 1.52, a quick ratio of 0.98 and a current ratio of 0.98.

CIT Group (NYSE:CIT) last posted its earnings results on Tuesday, April 21st. The financial services provider reported ($2.43) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.83 by ($3.26). The company had revenue of $496.00 million for the quarter, compared to analyst estimates of $492.99 million. CIT Group had a positive return on equity of 2.77% and a negative net margin of 6.87%. CIT Group’s quarterly revenue was up 6.4% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.18 earnings per share. As a group, sell-side analysts anticipate that CIT Group Inc. will post -1.99 earnings per share for the current fiscal year.

Several institutional investors have recently bought and sold shares of the company. BlackRock Inc. grew its position in shares of CIT Group by 14.2% during the 1st quarter. BlackRock Inc. now owns 9,272,694 shares of the financial services provider’s stock worth $160,047,000 after buying an additional 1,152,140 shares during the period. Capital World Investors grew its position in shares of CIT Group by 40.6% in the 4th quarter. Capital World Investors now owns 7,530,095 shares of the financial services provider’s stock valued at $343,598,000 after purchasing an additional 2,175,834 shares during the period. State Street Corp grew its position in shares of CIT Group by 28.9% in the 1st quarter. State Street Corp now owns 3,706,827 shares of the financial services provider’s stock valued at $63,980,000 after purchasing an additional 831,523 shares during the period. Lakewood Capital Management LP grew its position in shares of CIT Group by 8.7% in the 4th quarter. Lakewood Capital Management LP now owns 3,214,217 shares of the financial services provider’s stock valued at $146,665,000 after purchasing an additional 257,000 shares during the period. Finally, Fuller & Thaler Asset Management Inc. grew its position in shares of CIT Group by 190.7% in the 1st quarter. Fuller & Thaler Asset Management Inc. now owns 2,759,452 shares of the financial services provider’s stock valued at $47,628,000 after purchasing an additional 1,810,360 shares during the period. Institutional investors own 92.99% of the company’s stock.

About CIT Group (NYSE:CIT)

CIT Group Inc operates as the holding company for CIT Bank, N.A. that provides banking and related services to commercial and individual customers. The company operates through Commercial Banking and Consumer Banking segments. The Commercial Banking segment offers lending, leasing, and other financial and advisory services primarily to small and middle-market companies; factoring, receivables management products, and secured supply chain financing; equipment leasing and secured financing to railroads and non-rail companies; equipment financing to small businesses.

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