CIT Group Inc. (CIT) Rating Reiterated by JMP Securities
CIT Group Inc. (NYSE:CIT)‘s stock had its “buy” rating reaffirmed by JMP Securities in a research report issued to clients and investors on Monday.
A number of other equities analysts also recently issued reports on the stock. Credit Suisse Group AG decreased 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 note on Monday, August 15th. TheStreet raised shares of CIT Group from a “hold” rating to a “buy” rating in a research note on Monday, August 8th. Zacks Investment Research raised shares of CIT Group from a “sell” rating to a “hold” rating in a research note on Friday, July 8th. Stifel Nicolaus downgraded shares of CIT Group from a “buy” rating to a “hold” rating and raised their target price for the company from $40.00 to $41.00 in a research note on Friday. Finally, Bank of America Corp. raised shares of CIT Group from an “underperform” rating to a “neutral” rating and set a $39.00 target price for the company in a research note on Tuesday. Eleven equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $42.81.
CIT Group (NYSE:CIT) traded down 1.102% during trading on Monday, reaching $36.355. The company’s stock had a trading volume of 1,403,214 shares. CIT Group has a one year low of $25.19 and a one year high of $46.51. The company has a 50-day moving average of $35.95 and a 200 day moving average of $33.77. The firm has a market cap of $7.34 billion, a PE ratio of 7.258 and a beta of 1.52.
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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 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate 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 earned $645.10 million during the quarter, compared to the consensus estimate of $620.33 million. During the same period in the prior year, the firm earned $0.66 earnings per share. CIT Group’s revenue was up 58.7% on a year-over-year basis. Analysts expect that CIT Group will post $2.33 EPS for the current fiscal year.
A number of hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. increased its stake in shares of CIT Group by 4.0% in the second quarter. Vanguard Group Inc. now owns 14,092,961 shares of the financial services provider’s stock worth $449,706,000 after buying an additional 539,701 shares in the last quarter. State Street Corp increased its stake in shares of CIT Group by 13.7% in the second quarter. State Street Corp now owns 7,010,683 shares of the financial services provider’s stock worth $223,717,000 after buying an additional 847,112 shares in the last quarter. Capital World Investors bought a new stake in shares of CIT Group during the second quarter worth about $203,905,000. BlackRock Institutional Trust Company N.A. increased its stake in shares of CIT Group by 5.4% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 4,400,060 shares of the financial services provider’s stock worth $140,406,000 after buying an additional 223,454 shares in the last quarter. Finally, Canada Pension Plan Investment Board increased its stake in shares of CIT Group by 27,895.1% in the second quarter. Canada Pension Plan Investment Board now owns 4,132,920 shares of the financial services provider’s stock worth $131,881,000 after buying an additional 4,118,157 shares in the last quarter. 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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