Stifel Nicolaus lowered shares of CIT Group Inc. (NYSE:CIT) from a buy rating to a hold rating in a research report sent to investors on Friday morning. They currently have $41.00 price target on the financial services provider’s stock, up from their prior price target of $40.00.
Other equities analysts have also issued research reports about the stock. TheStreet upgraded shares of CIT Group from a hold rating to a buy rating in a research report on Monday, August 8th. Zacks Investment Research upgraded shares of CIT Group from a hold rating to a buy rating and set a $40.00 price target for the company in a research report on Wednesday, September 28th. BTIG Research restated a buy rating and set a $52.00 price target on shares of CIT Group in a research report on Wednesday, August 17th. Barclays PLC reduced their price target on shares of CIT Group from $37.00 to $35.00 and set an equal weight rating for the company in a research report on Friday, July 29th. Finally, Deutsche Bank AG restated a hold rating on shares of CIT Group in a research report on Wednesday, June 15th. Eleven investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. The company currently has an average rating of Hold and a consensus price target of $42.81.
CIT Group (NYSE:CIT) opened at 36.48 on Friday. CIT Group has a 12 month low of $25.19 and a 12 month high of $46.51. The stock has a 50 day moving average of $35.97 and a 200 day moving average of $33.81. The firm has a market capitalization of $7.37 billion, a PE ratio of 7.28 and a beta of 1.52.
CIT Group (NYSE:CIT) last announced its earnings results on Thursday, July 28th. The financial services provider reported $0.90 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.77 by $0.13. The company 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%. The firm’s revenue for the quarter was up 58.7% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.66 earnings per share. On average, equities analysts predict that CIT Group will post $2.33 earnings per share for the current fiscal year.
Large investors have recently made changes to their positions in the stock. Geode Capital Management LLC increased its stake 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 in the last quarter. Kingstown Capital Management L.P. acquired a new position in CIT Group during the first quarter valued at approximately $62,060,000. Legal & General Group Plc increased its position in 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 valued at $25,720,000 after buying an additional 2,864 shares during the period. Price Michael F increased its position in CIT Group by 11.8% in the first quarter. Price Michael F now owns 520,000 shares of the financial services provider’s stock valued at $16,136,000 after buying an additional 55,000 shares during the period. Finally, Royal Bank of Canada increased its position in CIT Group by 32.8% in the first quarter. Royal Bank of Canada now owns 681,112 shares of the financial services provider’s stock valued at $21,136,000 after buying an additional 168,305 shares during the period. 98.46% of the stock is currently owned by institutional investors and hedge funds.
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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