Equities Analysts Issue Forecasts for CIT Group Inc.’s FY2017 Earnings (CIT)
CIT Group Inc. (NYSE:CIT) – Analysts at Oppenheimer Holdings cut their FY2017 earnings per share estimates for shares of CIT Group in a research note issued on Wednesday. Oppenheimer Holdings analyst C. Kotowski now anticipates that the firm will post earnings of $3.40 per share for the year, down from their prior estimate of $3.86.
CIT Group (NYSE:CIT) last posted 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. The business earned $645.10 million during the quarter, compared to analysts’ expectations of $620.33 million. CIT Group had a net margin of 22.45% and a return on equity of 5.54%. The business’s quarterly revenue was up 58.7% on a year-over-year basis. During the same quarter last year, the company posted $0.66 earnings per share.
A number of other equities research analysts also recently issued reports on CIT. BMO Capital Markets reaffirmed a “hold” rating on shares of CIT Group in a research note on Monday, October 10th. Zacks Investment Research raised shares of CIT Group from a “sell” rating to a “hold” rating in a research note on Friday, July 8th. BTIG Research reaffirmed a “buy” rating and set a $52.00 target price on shares of CIT Group in a research note on Tuesday, July 19th. Credit Suisse Group AG cut their target price on shares of CIT Group from $42.00 to $34.55 and set a “neutral” rating on the stock in a research note on Monday, August 15th. Finally, Barclays PLC cut their target price on shares of CIT Group from $37.00 to $35.00 and set an “equal weight” rating on the stock in a research note on Friday, July 29th. Eleven equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. The company presently has an average rating of “Hold” and an average price target of $42.81.
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CIT Group (NYSE:CIT) opened at 36.18 on Monday. CIT Group has a 12-month low of $25.19 and a 12-month high of $46.51. The stock has a market cap of $7.31 billion, a PE ratio of 7.22 and a beta of 1.52. The firm has a 50 day moving average of $35.97 and a 200-day moving average of $33.85.
Hedge funds have recently added to or reduced their stakes in the stock. Capital World Investors acquired a new stake in CIT Group during the second quarter valued at approximately $203,905,000. Canada Pension Plan Investment Board increased its position 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 during the last quarter. Kingstown Capital Management L.P. purchased a new position in shares of CIT Group during the first quarter worth approximately $62,060,000. Emerald Acquisition Ltd. purchased a new position in shares of CIT Group during the second quarter worth approximately $32,426,000. Finally, State Street Corp increased its position 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 during the last quarter. Hedge funds and other institutional investors own 98.51% 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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