Bank of America Corp. Upgrades CIT Group Inc. (CIT) to Neutral
CIT Group Inc. (NYSE:CIT) was upgraded by equities researchers at Bank of America Corp. from an “underperform” rating to a “neutral” rating in a research report issued on Tuesday. The brokerage currently has a $39.00 target price on the financial services provider’s stock. Bank of America Corp.’s target price indicates a potential upside of 6.09% from the stock’s current price.
A number of other research analysts have also weighed in on CIT. BTIG Research set a $52.00 target price on CIT Group and gave the company a “buy” rating in a report on Saturday. Barclays PLC dropped their target price on CIT Group from $37.00 to $35.00 and set an “equal weight” rating on the stock in a report on Friday, July 29th. Zacks Investment Research upgraded CIT Group from a “sell” rating to a “hold” rating in a report on Tuesday, June 14th. Deutsche Bank AG restated a “hold” rating on shares of CIT Group in a report on Wednesday, June 15th. Finally, BMO Capital Markets restated a “hold” rating on shares of CIT Group in a report on Monday. Eleven research analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus target price of $42.81.
Shares of CIT Group (NYSE:CIT) traded down 0.90% on Tuesday, reaching $36.43. The company’s stock had a trading volume of 1,252,658 shares. The firm’s 50 day moving average is $35.95 and its 200-day moving average is $33.77. The stock has a market cap of $7.36 billion, a P/E ratio of 7.27 and a beta of 1.52. CIT Group has a 52-week low of $25.19 and a 52-week high of $46.51.
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CIT Group (NYSE:CIT) last posted its earnings results on Thursday, July 28th. The financial services provider reported $0.90 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.77 by $0.13. CIT Group had a return on equity of 5.54% and a net margin of 22.45%. The company had revenue of $645.10 million for the quarter, compared to analyst estimates of $620.33 million. During the same quarter last year, the company earned $0.66 earnings per share. The company’s revenue for the quarter was up 58.7% on a year-over-year basis. On average, equities research analysts forecast that CIT Group will post $2.33 EPS for the current year.
Hedge funds have recently added to or reduced their stakes in the company. Commonwealth Equity Services Inc purchased a new stake in CIT Group during the first quarter worth about $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 worth $1,419,000 after buying an additional 19,371 shares in 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 worth $155,000 after buying an additional 219 shares in the last quarter. Pacad Investment Ltd. purchased a new stake in CIT Group during the first quarter worth about $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 worth $40,179,000 after buying an additional 23,028 shares in the last quarter. 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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