Several other research analysts have also recently issued reports on the stock. Credit Suisse Group AG cut their target price 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. TheStreet upgraded shares of CIT Group from a hold rating to a buy rating in a report on Monday, August 8th. Zacks Investment Research upgraded shares of CIT Group from a sell rating to a hold rating in a report on Friday, July 8th. Bank of America Corp. upgraded 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. Finally, 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 report on Friday, October 7th. Eleven equities research analysts have rated the stock with a hold rating and nine have assigned 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 35.88 on Monday. The firm’s 50-day moving average is $35.96 and its 200-day moving average is $33.83. The company has a market cap of $7.25 billion, a price-to-earnings ratio of 7.16 and a beta of 1.52. CIT Group has a 52 week low of $25.19 and a 52 week high of $46.51.
CIT Group (NYSE:CIT) last issued its earnings results on Thursday, July 28th. The financial services provider reported $0.90 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.77 by $0.13. CIT Group had a net margin of 22.45% and a return on equity of 5.54%. The firm had revenue of $645.10 million for the quarter, compared to analysts’ expectations of $620.33 million. During the same quarter last year, the business earned $0.66 earnings per share. The business’s revenue was up 58.7% on a year-over-year basis. Equities research analysts predict that CIT Group will post $2.33 earnings per share for the current year.
Large investors have recently added to or reduced their stakes in the company. Commonwealth Equity Services Inc acquired a new stake in CIT Group during the first quarter valued at approximately $341,000. Aperio Group LLC increased its stake 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 valued at $1,419,000 after buying an additional 19,371 shares during the last quarter. IFP Advisors Inc increased its stake 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 valued at $155,000 after buying an additional 219 shares during the last quarter. Pacad Investment Ltd. acquired a new stake in CIT Group during the first quarter valued at approximately $379,000. Finally, TIAA CREF Investment Management LLC increased its stake 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 valued at $40,179,000 after buying an additional 23,028 shares during the last quarter. Institutional investors own 98.46% of the company’s stock.
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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