CIT Group Inc (DEL) (CIT) Downgraded by Zacks Investment Research to “Hold”
CIT Group Inc (DEL) (NYSE:CIT) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued on Friday.
According to Zacks, “Shares of CIT Group have underperformed the industry over the past twelve months. Yet, the company has surpassed the Zacks Consensus Estimate for earnings in three of the trailing four quarters. Its third-quarter 2017 results were aided by lower expenses and a fall in provisions. The company's business streamlining initiatives should improve efficiency, going forward. Also, given a solid capital and balance sheet position, the company is expected to continue to enhance shareholder value through efficient capital deployment activities. However, mounting expenses are expected to hurt bottom-line growth in the near term. Further, worsening credit quality and sluggish growth in the industries where CIT Group provides finance continue to be key concerns.”
Other research analysts have also issued research reports about the company. ValuEngine raised CIT Group Inc (DEL) from a “hold” rating to a “buy” rating in a research report on Thursday, July 27th. JMP Securities upped their price target on CIT Group Inc (DEL) from $49.00 to $54.00 and gave the company a “market outperform” rating in a research report on Thursday, July 13th. BMO Capital Markets increased their target price on CIT Group Inc (DEL) from $31.00 to $48.60 and gave the stock an “underperform” rating in a research report on Wednesday, July 26th. BTIG Research reissued a “buy” rating and issued a $57.00 target price on shares of CIT Group Inc (DEL) in a research report on Tuesday, July 25th. They noted that the move was a valuation call. Finally, BidaskClub lowered CIT Group Inc (DEL) from a “buy” rating to a “hold” rating in a research report on Monday, July 31st. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and eight have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus price target of $49.89.
CIT Group Inc (DEL) (NYSE:CIT) last released its quarterly earnings results on Tuesday, October 24th. The financial services provider reported $1.02 EPS for the quarter, beating analysts’ consensus estimates of $0.82 by $0.20. The business had revenue of $592.90 million during the quarter, compared to analyst estimates of $488.00 million. CIT Group Inc (DEL) had a positive return on equity of 5.89% and a negative net margin of 20.05%. During the same quarter in the prior year, the company posted $0.65 EPS.
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In related news, insider Steve Solk sold 1,460 shares of the firm’s stock in a transaction that occurred on Friday, August 25th. The stock was sold at an average price of $45.00, for a total transaction of $65,700.00. Following the completion of the transaction, the insider now owns 14,832 shares of the company’s stock, valued at approximately $667,440. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider James L. Hudak sold 2,100 shares of the firm’s stock in a transaction that occurred on Friday, August 11th. The shares were sold at an average price of $46.18, for a total value of $96,978.00. Following the transaction, the insider now directly owns 57,083 shares of the company’s stock, valued at approximately $2,636,092.94. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 12,511 shares of company stock valued at $581,943. 0.47% of the stock is owned by corporate insiders.
A number of institutional investors and hedge funds have recently modified their holdings of CIT. SG Americas Securities LLC purchased a new stake in CIT Group Inc (DEL) during the 1st quarter valued at $115,000. PNC Financial Services Group Inc. boosted its stake in CIT Group Inc (DEL) by 9.9% during the 1st quarter. PNC Financial Services Group Inc. now owns 14,065 shares of the financial services provider’s stock valued at $604,000 after purchasing an additional 1,268 shares during the last quarter. Dimensional Fund Advisors LP boosted its stake in CIT Group Inc (DEL) by 4.6% during the 1st quarter. Dimensional Fund Advisors LP now owns 1,481,212 shares of the financial services provider’s stock valued at $63,591,000 after purchasing an additional 64,784 shares during the last quarter. Amalgamated Bank boosted its stake in CIT Group Inc (DEL) by 9.4% during the 1st quarter. Amalgamated Bank now owns 10,816 shares of the financial services provider’s stock valued at $464,000 after purchasing an additional 932 shares during the last quarter. Finally, Oppenheimer Asset Management Inc. purchased a new stake in CIT Group Inc (DEL) during the 1st quarter valued at $199,000.
CIT Group Inc (DEL) Company Profile
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.
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