CIT Group Inc. (CIT) Stock Rating Reaffirmed by BMO Capital Markets
CIT Group Inc. (NYSE:CIT)‘s stock had its “hold” rating reiterated by analysts at BMO Capital Markets in a research note issued on Monday.
Other equities research analysts have also recently issued research reports about the stock. TheStreet upgraded shares of CIT Group from a “hold” rating to a “buy” rating in a research note 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 target price on the stock in a research note on Wednesday, September 28th. BTIG Research restated a “buy” rating and set a $52.00 target price on shares of CIT Group in a research note on Wednesday, August 17th. Barclays PLC reduced their price objective on shares of CIT Group from $37.00 to $35.00 and set an “equal weight” rating on the stock in a research report on Friday, July 29th. Finally, Stifel Nicolaus cut shares of CIT Group from a “buy” rating to a “hold” rating and lifted their price objective for the company from $40.00 to $41.00 in a research report on Friday. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating and nine have assigned a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average price target of $43.03.
CIT Group (NYSE:CIT) traded down 0.81% during midday trading on Monday, reaching $36.63. 955,560 shares of the company were exchanged. The firm has a market capitalization of $7.40 billion, a PE ratio of 7.31 and a beta of 1.52. CIT Group has a 52 week low of $25.19 and a 52 week high of $46.51. The company has a 50-day moving average of $35.93 and a 200 day moving average of $33.75.
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CIT Group (NYSE:CIT) last released its earnings results on Thursday, July 28th. The financial services provider reported $0.90 EPS for the quarter, topping analysts’ consensus estimates of $0.77 by $0.13. CIT Group had a net margin of 22.45% and a return on equity of 5.54%. The company 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 EPS. The firm’s revenue was up 58.7% compared to the same quarter last year. Equities analysts predict that CIT Group will post $2.33 earnings per share for the current year.
Hedge funds have recently added to or reduced their stakes in the company. Toronto Dominion Bank increased its stake in CIT Group by 5.7% in the second quarter. Toronto Dominion Bank now owns 3,130 shares of the financial services provider’s stock valued at $100,000 after buying an additional 168 shares during the period. Mizuho Asset Management Co. Ltd. increased its stake in CIT Group by 174.1% in the second quarter. Mizuho Asset Management Co. Ltd. now owns 3,396 shares of the financial services provider’s stock valued at $108,000 after buying an additional 2,157 shares during the period. Lorber David A acquired a new stake in CIT Group during the first quarter valued at $114,000. Global X Management Co. LLC increased its stake in CIT Group by 59.5% in the second quarter. Global X Management Co. LLC now owns 3,733 shares of the financial services provider’s stock valued at $119,000 after buying an additional 1,393 shares during the period. Finally, Pacer Advisors Inc. increased its stake in CIT Group by 9.4% in the second quarter. Pacer Advisors Inc. now owns 3,771 shares of the financial services provider’s stock valued at $120,000 after buying an additional 323 shares during the period. Institutional investors and hedge funds own 98.46% of the company’s stock.
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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