CIT Group Inc. (CIT) Upgraded by Zacks Investment Research to “Buy”
Zacks Investment Research upgraded shares of CIT Group Inc. (NYSE:CIT) from a hold rating to a buy rating in a research note issued to investors on Wednesday morning. They currently have $40.00 target price on the financial services provider’s stock.
According to Zacks, “Estimates have been going up ahead of CIT Group’s third-quarter 2016 earnings release. The company's access to low-cost debt and steady capital deployment activities will continue to impress shareholders. Also, the persistent streamlining initiatives will help the company focusing more on the U.S. operations, which in turn will help to improve profitability. In addition, the company has been aggressively restructuring its balance sheet which continues to aid net finance margin growth. However, deteriorating asset quality, due to persistent increase in provision for credit losses, along with mounting costs and stringent regulations remain matters of concern.”
A number of other equities analysts have also weighed in on the stock. BTIG Research reiterated a buy rating and issued a $52.00 price target on shares of CIT Group in a report on Wednesday, August 17th. Credit Suisse Group AG decreased their price target on shares of CIT Group from $42.00 to $34.55 and set a neutral rating on the stock in a report on Monday, August 15th. TheStreet upgraded shares of CIT Group from a hold rating to a buy rating in a report on Monday, August 8th. Nomura lifted their price target on shares of CIT Group from $33.00 to $35.00 and gave the company a neutral rating in a report on Friday, July 29th. Finally, Barclays PLC decreased their price target on shares of CIT Group from $37.00 to $35.00 and set an equal weight rating on the stock in a report on Friday, July 29th. One research analyst has rated the stock with a sell rating, nine have given a hold rating and ten have assigned a buy rating to the stock. The stock has an average rating of Hold and a consensus price target of $43.56.
Shares of CIT Group (NYSE:CIT) traded up 0.14% during trading on Wednesday, hitting $36.52. 166,512 shares of the company were exchanged. The company’s 50-day moving average price is $35.67 and its 200 day moving average price is $33.64. The stock has a market cap of $7.38 billion, a P/E ratio of 7.29 and a beta of 1.52. CIT Group has a 12 month low of $25.19 and a 12 month high of $46.51.
CIT Group (NYSE:CIT) last announced its quarterly earnings results on Thursday, July 28th. The financial services provider reported $0.90 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.77 by $0.13. The company had revenue of $645.10 million for the quarter, compared to analyst estimates of $620.33 million. CIT Group had a net margin of 22.45% and a return on equity of 5.54%. CIT Group’s revenue for the quarter was up 58.7% on a year-over-year basis. During the same quarter last year, the business earned $0.66 EPS. On average, equities analysts predict that CIT Group will post $2.32 earnings per share for the current fiscal year.
Hedge funds have recently added to or reduced their stakes in the company. Toronto Dominion Bank increased its stake in CIT Group by 5.7% in the second quarter. Toronto Dominion Bank now owns 3,130 shares of the financial services provider’s stock worth $100,000 after buying an additional 168 shares during the last quarter. Mizuho Asset Management Co. Ltd. raised its stake in CIT Group by 174.1% in the second quarter. Mizuho Asset Management Co. Ltd. now owns 3,396 shares of the financial services provider’s stock worth $108,000 after buying an additional 2,157 shares in the last quarter. Lorber David A purchased a new stake in CIT Group during the first quarter worth about $114,000. Global X Management Co. LLC raised its stake in CIT Group by 59.5% in the second quarter. Global X Management Co. LLC now owns 3,733 shares of the financial services provider’s stock worth $119,000 after buying an additional 1,393 shares in the last quarter. Finally, Pacer Advisors Inc. raised its stake in CIT Group by 9.4% in the second quarter. Pacer Advisors Inc. now owns 3,771 shares of the financial services provider’s stock worth $120,000 after buying an additional 323 shares in the last quarter. Institutional investors and hedge funds own 98.46% 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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