CIT Group Inc (DEL) (NYSE:CIT)‘s stock had its “hold” rating restated by equities researchers at Keefe, Bruyette & Woods in a report released on Tuesday. They presently have a $47.00 price target on the financial services provider’s stock. Keefe, Bruyette & Woods’ price target points to a potential downside of 3.79% from the stock’s current price.

Several other equities research analysts have also recently commented on CIT. BidaskClub cut CIT Group Inc (DEL) from a “hold” rating to a “sell” rating in a research note on Wednesday, August 9th. Zacks Investment Research raised shares of CIT Group Inc (DEL) from a “sell” rating to a “hold” rating in a research note on Thursday, July 27th. ValuEngine raised shares of CIT Group Inc (DEL) from a “hold” rating to a “buy” rating in a research note on Thursday, July 27th. JMP Securities lifted their price objective on shares of CIT Group Inc (DEL) from $49.00 to $54.00 and gave the company a “market outperform” rating in a report on Thursday, July 13th. Finally, Oppenheimer Holdings Inc. reiterated an “outperform” rating on shares of CIT Group Inc (DEL) in a report on Tuesday, July 11th. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating and eight have given a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus target price of $47.96.

Shares of CIT Group Inc (NYSE CIT) traded down 0.71% during midday trading on Tuesday, hitting $48.85. The company had a trading volume of 704,253 shares. CIT Group Inc has a 12-month low of $35.14 and a 12-month high of $50.40. The firm’s 50-day moving average is $45.95 and its 200-day moving average is $46.17. The firm’s market capitalization is $6.62 billion.

CIT Group Inc (DEL) (NYSE:CIT) last posted its quarterly earnings data on Tuesday, July 25th. The financial services provider reported $0.68 earnings per share for the quarter, topping the consensus estimate of $0.60 by $0.08. The company had revenue of $605.00 million during the quarter, compared to analysts’ expectations of $500.05 million. CIT Group Inc (DEL) had a positive return on equity of 5.66% and a negative net margin of 20.50%. CIT Group Inc (DEL)’s revenue for the quarter was down 6.6% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.07 earnings per share. On average, analysts predict that CIT Group Inc will post $2.82 earnings per share for the current fiscal year.

CIT Group Inc (DEL) declared that its Board of Directors has authorized a share repurchase program on Wednesday, June 28th that allows the company to buyback $225.00 million in outstanding shares. This buyback authorization allows the financial services provider to reacquire up to 2.3% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s leadership believes its shares are undervalued.

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In other news, insider James L. Hudak sold 2,100 shares of the firm’s stock in a transaction that occurred on Friday, August 11th. The stock was sold at an average price of $46.18, for a total value of $96,978.00. Following the completion of the sale, the insider now directly owns 57,083 shares of the company’s stock, valued at $2,636,092.94. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Steve Solk sold 1,460 shares of the firm’s stock in a transaction that occurred on Friday, August 25th. The shares were sold at an average price of $45.00, for a total value of $65,700.00. Following the completion of the sale, the insider now directly owns 14,832 shares of the company’s stock, valued at $667,440. The disclosure for this sale can be found here. 0.47% of the stock is owned by insiders.

Hedge funds and other institutional investors have recently modified their holdings of the company. BlackRock Inc. increased its holdings in shares of CIT Group Inc (DEL) by 4,285.9% during the 1st quarter. BlackRock Inc. now owns 9,901,353 shares of the financial services provider’s stock worth $425,067,000 after acquiring an additional 9,675,599 shares during the last quarter. Lakewood Capital Management LP raised its stake in CIT Group Inc (DEL) by 202.8% in the 1st quarter. Lakewood Capital Management LP now owns 4,177,926 shares of the financial services provider’s stock valued at $179,358,000 after acquiring an additional 2,798,116 shares during the period. Sachem Head Capital Management LP acquired a new stake in CIT Group Inc (DEL) during the 1st quarter valued at $69,547,000. Janus Henderson Group PLC lifted its holdings in CIT Group Inc (DEL) by 4,090.9% during the 2nd quarter. Janus Henderson Group PLC now owns 1,199,346 shares of the financial services provider’s stock valued at $58,408,000 after purchasing an additional 1,170,728 shares during the last quarter. Finally, Vanguard Group Inc. lifted its holdings in CIT Group Inc (DEL) by 4.6% during the 1st quarter. Vanguard Group Inc. now owns 16,193,912 shares of the financial services provider’s stock valued at $695,205,000 after purchasing an additional 708,221 shares during the last quarter.

About CIT Group Inc (DEL)

CIT Group Inc (CIT) is a bank holding company (BHC) and a financial holding company (FHC). The Company, together with its subsidiaries, provides financing, leasing and advisory services to middle market companies in a range of industries in North America. The Company’s segments include Commercial Banking, Consumer Banking, Non-Strategic Portfolios, and Corporate and Other.

Analyst Recommendations for CIT Group Inc (DEL) (NYSE:CIT)

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