CIT Group Inc (DEL) (CIT) Earns Market Perform Rating from Analysts at Wells Fargo & Company

Investment analysts at Wells Fargo & Company began coverage on shares of CIT Group Inc (DEL) (NYSE:CIT) in a report issued on Friday, Marketbeat Ratings reports. The firm set a “market perform” rating and a $52.00 price target on the financial services provider’s stock. Wells Fargo & Company’s target price would suggest a potential upside of 5.01% from the stock’s current price.

CIT has been the topic of a number of other reports. Oppenheimer reaffirmed a “buy” rating on shares of CIT Group Inc (DEL) in a report on Tuesday, October 24th. BMO Capital Markets reaffirmed a “sell” rating and set a $31.00 price objective on shares of CIT Group Inc (DEL) in a report on Friday, October 6th. Citigroup assumed coverage on CIT Group Inc (DEL) in a report on Monday, October 16th. They set a “buy” rating and a $60.00 price objective on the stock. Keefe, Bruyette & Woods reaffirmed a “hold” rating and set a $47.00 price objective on shares of CIT Group Inc (DEL) in a report on Tuesday, October 3rd. Finally, BidaskClub downgraded CIT Group Inc (DEL) from a “hold” rating to a “sell” rating in a report on Wednesday, August 9th. Two analysts have rated the stock with a sell rating, six have given a hold rating and eight have assigned a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus target price of $50.10.

Shares of CIT Group Inc (CIT) traded down $0.32 on Friday, reaching $49.52. The company had a trading volume of 1,290,466 shares, compared to its average volume of 1,969,283. CIT Group Inc has a 1 year low of $39.48 and a 1 year high of $50.51. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 1.20. The company has a market capitalization of $6,540.00, a price-to-earnings ratio of 15.99 and a beta of 1.47.

CIT Group Inc (DEL) (NYSE:CIT) last issued its quarterly earnings results on Tuesday, October 24th. The financial services provider reported $1.02 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.82 by $0.20. CIT Group Inc (DEL) had a positive return on equity of 6.22% and a negative net margin of 20.05%. The firm had revenue of $592.90 million for the quarter, compared to analyst estimates of $488.00 million. During the same period in the previous year, the company posted $0.65 earnings per share. equities research analysts expect that CIT Group Inc will post 2.92 earnings per share for the current fiscal year.

In other news, EVP Denise M. Menelly sold 8,951 shares of the business’s stock in a transaction that occurred on Wednesday, November 1st. The stock was sold at an average price of $46.84, for a total value of $419,264.84. Following the transaction, the executive vice president now directly owns 41,546 shares of the company’s stock, valued at approximately $1,946,014.64. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.47% of the stock is owned by insiders.

Institutional investors and hedge funds have recently made changes to their positions in the company. Janus Henderson Group PLC raised its position in CIT Group Inc (DEL) by 4,090.9% in the 2nd quarter. Janus Henderson Group PLC now owns 1,199,346 shares of the financial services provider’s stock worth $58,408,000 after purchasing an additional 1,170,728 shares during the last quarter. Jacobs Asset Management LLC raised its position in CIT Group Inc (DEL) by 78.6% in the 3rd quarter. Jacobs Asset Management LLC now owns 844,175 shares of the financial services provider’s stock worth $41,407,000 after purchasing an additional 371,609 shares during the last quarter. Schwab Charles Investment Management Inc. raised its position in CIT Group Inc (DEL) by 61.7% in the 3rd quarter. Schwab Charles Investment Management Inc. now owns 866,738 shares of the financial services provider’s stock worth $42,514,000 after purchasing an additional 330,875 shares during the last quarter. JPMorgan Chase & Co. raised its position in CIT Group Inc (DEL) by 209.7% in the 3rd quarter. JPMorgan Chase & Co. now owns 485,271 shares of the financial services provider’s stock worth $23,661,000 after purchasing an additional 328,586 shares during the last quarter. Finally, Redwood Capital Management LLC raised its position in CIT Group Inc (DEL) by 296.4% in the 2nd quarter. Redwood Capital Management LLC now owns 396,400 shares of the financial services provider’s stock worth $19,305,000 after purchasing an additional 296,400 shares during the last quarter.

WARNING: “CIT Group Inc (DEL) (CIT) Earns Market Perform Rating from Analysts at Wells Fargo & Company” was first published by American Banking News and is the property of of American Banking News. If you are reading this article on another domain, it was illegally stolen and reposted in violation of US and international trademark & copyright legislation. The legal version of this article can be read at https://www.americanbankingnews.com/2017/12/01/cit-group-inc-del-cit-earns-market-perform-rating-from-analysts-at-wells-fargo-company.html.

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)

Receive News & Ratings for CIT Group Inc (DEL) Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for CIT Group Inc (DEL) and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply