CIT Group Inc. (CIT) Lowered to “Hold” at Stifel Nicolaus
CIT Group Inc. (NYSE:CIT) was downgraded by Stifel Nicolaus from a “buy” rating to a “hold” rating in a note issued to investors on Friday. They currently have a $41.00 price objective on the financial services provider’s stock, up from their prior price objective of $40.00. Stifel Nicolaus’ price objective points to a potential upside of 12.64% from the stock’s current price.
A number of other research analysts have also commented on the stock. 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. Credit Suisse Group AG reduced their price target on shares of CIT Group from $42.00 to $34.55 and set a “neutral” rating for the company in a research report on Monday, August 15th. TheStreet upgraded shares of CIT Group from a “hold” rating to a “buy” rating in a research report on Monday, August 8th. Finally, Nomura boosted their price target on shares of CIT Group from $33.00 to $35.00 and gave the company a “neutral” rating in a research report on Friday, July 29th. One analyst has rated the stock with a sell rating, ten have given a hold rating and nine have issued a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus price target of $43.03.
Shares of CIT Group (NYSE:CIT) traded up 1.04% on Friday, hitting $36.78. The stock had a trading volume of 3,680,706 shares. CIT Group has a 1-year low of $25.19 and a 1-year high of $46.51. The company has a market capitalization of $7.43 billion, a PE ratio of 7.34 and a beta of 1.52. The firm has a 50-day moving average of $35.90 and a 200 day moving average of $33.74.
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CIT Group (NYSE:CIT) last released its quarterly 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 firm earned $645.10 million during the quarter, compared to analyst estimates of $620.33 million. CIT Group had a net margin of 22.45% and a return on equity of 5.54%. The business’s revenue for the quarter was up 58.7% on a year-over-year basis. During the same period in the previous year, the business earned $0.66 EPS. On average, equities analysts anticipate that CIT Group will post $2.33 earnings per share for the current fiscal year.
Several large investors have recently modified their holdings of the company. Price Michael F raised its stake in shares of 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 last quarter. Geode Capital Management LLC increased its position in 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 valued at $37,100,000 after buying an additional 70,889 shares during the period. Meeder Asset Management Inc. purchased a new position in CIT Group during the first quarter valued at about $743,000. Rafferty Asset Management LLC increased its position in CIT Group by 49.3% in the first quarter. Rafferty Asset Management LLC now owns 22,966 shares of the financial services provider’s stock valued at $713,000 after buying an additional 7,579 shares during the period. Finally, Credit Agricole S A increased its position in CIT Group by 401.3% in the first quarter. Credit Agricole S A now owns 152,640 shares of the financial services provider’s stock valued at $4,737,000 after buying an additional 122,189 shares during the period. 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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