Research Analysts Issue Forecasts for CIT Group Inc.’s Q4 2017 Earnings (CIT)
CIT Group Inc. (NYSE:CIT) – Stock analysts at Oppenheimer raised their Q4 2017 earnings per share (EPS) estimates for CIT Group in a report issued on Tuesday. Oppenheimer analyst C. Kotowski now anticipates that the financial services provider will post earnings of $0.85 per share for the quarter, up from their prior forecast of $0.84. Oppenheimer currently has a “Buy” rating on the stock. Oppenheimer also issued estimates for CIT Group’s Q1 2018 earnings at $1.12 EPS, Q3 2018 earnings at $1.30 EPS and Q4 2018 earnings at $1.23 EPS.
Other equities research analysts also recently issued research reports about the stock. Morgan Stanley increased their target price on shares of CIT Group from $51.00 to $54.00 and gave the company an “equal weight” rating in a research note on Wednesday, December 13th. Stephens set a $60.00 target price on shares of CIT Group and gave the stock a “buy” rating in a report on Wednesday. Zacks Investment Research upgraded shares of CIT Group from a “hold” rating to a “buy” rating and set a $55.00 price target on the stock in a report on Tuesday. Keefe, Bruyette & Woods reissued a “hold” rating and set a $53.00 price target on shares of CIT Group in a research report on Friday, December 29th. Finally, Wells Fargo & Co started coverage on shares of CIT Group in a research note on Friday, December 1st. They set a “market perform” rating and a $52.00 price objective on the stock. Two analysts have rated the stock with a sell rating, five have given a hold rating and nine have given a buy rating to the stock. CIT Group has a consensus rating of “Hold” and a consensus target price of $52.00.
CIT Group (NYSE:CIT) last issued its earnings results on Tuesday, October 24th. The financial services provider reported $1.02 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.82 by $0.20. The business had revenue of $592.90 million during the quarter, compared to analysts’ expectations of $488.00 million. CIT Group had a negative net margin of 20.05% and a positive return on equity of 6.22%. During the same period in the previous year, the company earned $0.65 earnings per share.
Institutional investors and hedge funds have recently modified their holdings of the stock. Advisor Group Inc. raised its holdings in CIT Group by 2.2% in the 2nd quarter. Advisor Group Inc. now owns 3,030 shares of the financial services provider’s stock valued at $146,000 after buying an additional 66 shares during the period. Schroder Investment Management Group raised its holdings in CIT Group by 82.0% in the 3rd quarter. Schroder Investment Management Group now owns 3,063 shares of the financial services provider’s stock valued at $149,000 after buying an additional 1,380 shares during the period. Pacer Advisors Inc. raised its holdings in CIT Group by 8.2% in the 2nd quarter. Pacer Advisors Inc. now owns 4,164 shares of the financial services provider’s stock valued at $203,000 after buying an additional 316 shares during the period. Colony Group LLC purchased a new stake in CIT Group in the 2nd quarter valued at about $207,000. Finally, Seven Eight Capital LP purchased a new stake in CIT Group in the 2nd quarter valued at about $236,000.
In related news, EVP Denise M. Menelly sold 8,951 shares of the business’s stock in a transaction dated Wednesday, November 1st. The shares were sold at an average price of $46.84, for a total value of $419,264.84. Following the sale, the executive vice president now directly owns 41,546 shares in the company, valued at approximately $1,946,014.64. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.47% of the stock is currently owned by insiders.
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About CIT Group
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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