CIT Group Inc. (CIT) Lifted to “Neutral” at Bank of America Corp.
CIT Group Inc. (NYSE:CIT) was upgraded by Bank of America Corp. from an “underperform” rating to a “neutral” rating in a research note issued on Tuesday, The Fly reports.
Other research analysts have also recently issued research reports about the stock. BMO Capital Markets reaffirmed a “hold” rating on shares of CIT Group in a report on Monday. Zacks Investment Research raised shares of CIT Group from a “sell” rating to a “hold” rating in a report on Friday, July 8th. BTIG Research reaffirmed a “buy” rating and issued a $52.00 price target on shares of CIT Group in a report on Tuesday, July 19th. Credit Suisse Group AG decreased their price target on shares of CIT Group from $42.00 to $34.55 and set a “neutral” rating on the stock in a report on Monday, August 15th. Finally, Barclays PLC decreased their price target on shares of CIT Group from $37.00 to $35.00 and set an “equal weight” rating on the stock in a report on Friday, July 29th. Eleven analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. The stock has an average rating of “Hold” and a consensus target price of $43.03.
CIT Group (NYSE:CIT) opened at 36.76 on Tuesday. CIT Group has a 52 week low of $25.19 and a 52 week high of $46.51. The company has a market cap of $7.43 billion, a price-to-earnings ratio of 7.34 and a beta of 1.52. The stock’s 50 day moving average price is $35.95 and its 200-day moving average price is $33.77.
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CIT Group (NYSE:CIT) last issued its earnings results on Thursday, July 28th. The financial services provider reported $0.90 earnings per share (EPS) for the quarter, beating 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 business had revenue of $645.10 million for the quarter, compared to analysts’ expectations of $620.33 million. During the same quarter in the previous year, the firm posted $0.66 EPS. The business’s revenue for the quarter was up 58.7% compared to the same quarter last year. On average, equities research analysts forecast that CIT Group will post $2.33 earnings per share for the current fiscal year.
Hedge funds have recently bought and sold shares of the company. Geode Capital Management LLC raised its stake 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 worth $37,100,000 after buying an additional 70,889 shares in the last quarter. Kingstown Capital Management L.P. bought a new position in CIT Group during the first quarter worth about $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 worth $25,720,000 after buying an additional 2,864 shares during the last quarter. 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 worth $16,136,000 after buying an additional 55,000 shares during the last quarter. 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 worth $21,136,000 after buying an additional 168,305 shares during the last quarter. Institutional investors 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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