Weekly Analysts’ Ratings Updates for CIT Group (CIT)
Several analysts have recently updated their ratings and price targets for CIT Group (NYSE: CIT):
- 10/11/2016 – CIT Group was upgraded by analysts at Bank of America Corp. from an “underperform” rating to a “neutral” rating. They now have a $39.00 price target on the stock.
- 10/10/2016 – CIT Group had its “buy” rating reaffirmed by analysts at JMP Securities.
- 10/10/2016 – CIT Group had its “hold” rating reaffirmed by analysts at BMO Capital Markets.
- 10/8/2016 – CIT Group was given a new $52.00 price target on by analysts at BTIG Research. They now have a “buy” rating on the stock.
- 10/7/2016 – CIT Group was downgraded by analysts at Stifel Nicolaus from a “buy” rating to a “hold” rating. They now have a $41.00 price target on the stock, up previously from $40.00.
- 9/28/2016 – CIT Group was upgraded by analysts at Zacks Investment Research from a “hold” rating to a “buy” rating. They now have a $40.00 price target on the stock. According to Zacks, “Estimates have been going up ahead of CIT Group’s third-quarter 2016 earnings release. The company's access to low-cost debt and steady capital deployment activities will continue to impress shareholders. Also, the persistent streamlining initiatives will help the company focusing more on the U.S. operations, which in turn will help to improve profitability. In addition, the company has been aggressively restructuring its balance sheet which continues to aid net finance margin growth. However, deteriorating asset quality, due to persistent increase in provision for credit losses, along with mounting costs and stringent regulations remain matters of concern.”
- 8/17/2016 – CIT Group had its “buy” rating reaffirmed by analysts at BTIG Research. They now have a $52.00 price target on the stock.
- 8/15/2016 – CIT Group had its price target lowered by analysts at Credit Suisse Group AG from $42.00 to $34.55. They now have a “neutral” rating on the stock.
CIT Group Inc. (NYSE:CIT) traded down 0.25% on Wednesday, hitting $36.48. 1,909,924 shares of the company’s stock traded hands. The stock has a 50 day moving average price of $35.97 and a 200-day moving average price of $33.79. The stock has a market cap of $7.37 billion, a P/E ratio of 7.28 and a beta of 1.52. CIT Group Inc. has a 12 month low of $25.19 and a 12 month high of $46.51.
CIT Group (NYSE:CIT) last announced its quarterly earnings data on Thursday, July 28th. The financial services provider reported $0.90 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.77 by $0.13. The company earned $645.10 million during 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 firm’s revenue was up 58.7% on a year-over-year basis. During the same period in the previous year, the company posted $0.66 EPS. Equities analysts predict that CIT Group Inc. will post $2.33 earnings per share for the current fiscal year.
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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