CIT Group Inc. (CIT) Earns “Hold” Rating from BMO Capital Markets
CIT Group Inc. (NYSE:CIT)‘s stock had its “hold” rating reissued by equities research analysts at BMO Capital Markets in a note issued to investors on Monday.
Other equities research analysts also recently issued research reports about the company. Stifel Nicolaus downgraded CIT Group from a “buy” rating to a “hold” rating and boosted their price objective for the company from $40.00 to $41.00 in a report on Friday. BTIG Research set a $52.00 price objective on CIT Group and gave the company a “buy” rating in a report on Saturday. Zacks Investment Research upgraded CIT Group from a “sell” rating to a “hold” rating in a report on Tuesday, June 14th. Deutsche Bank AG reiterated a “hold” rating on shares of CIT Group in a report on Wednesday, June 15th. Finally, TheStreet upgraded CIT Group from a “hold” rating to a “buy” rating in a report on Monday, August 8th. One analyst has rated the stock with a sell rating, ten have issued a hold rating and nine have given a buy rating to the company. The company has an average rating of “Hold” and an average target price of $43.03.
CIT Group (NYSE:CIT) traded down 0.51% during midday trading on Monday, reaching $36.74. The company’s stock had a trading volume of 896,295 shares. The stock’s 50-day moving average price is $35.93 and its 200 day moving average price is $33.75. The firm has a market capitalization of $7.42 billion, a PE ratio of 7.33 and a beta of 1.52. CIT Group has a 1-year low of $25.19 and a 1-year high of $46.51.
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CIT Group (NYSE:CIT) last posted its quarterly earnings data on Thursday, July 28th. The financial services provider reported $0.90 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.77 by $0.13. The firm had revenue of $645.10 million for the quarter, compared to the consensus estimate of $620.33 million. CIT Group had a return on equity of 5.54% and a net margin of 22.45%. The company’s quarterly revenue was up 58.7% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.66 EPS. Equities analysts anticipate that CIT Group will post $2.33 EPS for the current fiscal year.
Several hedge funds have recently bought and sold shares of CIT. Macquarie Group Ltd. increased its stake in CIT Group by 655.3% in the second quarter. Macquarie Group Ltd. now owns 35,500 shares of the financial services provider’s stock valued at $1,133,000 after buying an additional 30,800 shares during the last quarter. IFP Advisors Inc increased its stake in CIT Group by 23.6% in the second quarter. IFP Advisors Inc now owns 6,177 shares of the financial services provider’s stock valued at $197,000 after buying an additional 1,179 shares during the last quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund increased its stake in CIT Group by 22.3% in the second quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 65,076 shares of the financial services provider’s stock valued at $2,077,000 after buying an additional 11,856 shares during the last quarter. Pine River Capital Management L.P. purchased a new stake in CIT Group during the second quarter valued at $703,000. Finally, Amalgamated Bank purchased a new stake in CIT Group during the second quarter valued at $208,000. 98.46% of the stock is owned by institutional investors and hedge funds.
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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