Stifel Nicolaus lowered shares of CIT Group Inc. (NYSE:CIT) from a buy rating to a hold rating in a research note released on Friday morning. They currently have $41.00 price objective on the financial services provider’s stock, up from their previous price objective of $40.00.

CIT has been the topic of several other research reports. Zacks Investment Research upgraded shares of CIT Group from a hold rating to a buy rating and set a $40.00 price objective on the stock in a report on Wednesday, September 28th. BTIG Research set a $52.00 price objective on shares of CIT Group and gave the company a buy rating in a report on Thursday, July 28th. Nomura upped their price objective 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. Barclays PLC cut their price objective 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. Finally, Credit Suisse Group AG cut 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. One research analyst has rated the stock with a sell rating, ten have issued a hold rating and nine have assigned a buy rating to the stock. The company currently has an average rating of Hold and an average price target of $43.03.

Shares of CIT Group (NYSE:CIT) traded down 0.05% during trading on Friday, reaching $36.91. 1,451,269 shares of the company’s stock traded hands. The company has a 50 day moving average price of $35.93 and a 200-day moving average price of $33.75. CIT Group has a one year low of $25.19 and a one year high of $46.51. The stock has a market cap of $7.46 billion, a P/E ratio of 7.37 and a beta of 1.52.

CIT Group (NYSE:CIT) last released its quarterly earnings results on Thursday, July 28th. The financial services provider reported $0.90 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.77 by $0.13. The business earned $645.10 million during 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%. The company’s quarterly revenue was up 58.7% on a year-over-year basis. During the same period in the prior year, the firm posted $0.66 earnings per share. On average, equities research analysts expect that CIT Group will post $2.33 EPS for the current fiscal year.

Institutional investors have recently made changes to their positions in the stock. Toronto Dominion Bank boosted its position in shares of CIT Group by 5.7% in the second quarter. Toronto Dominion Bank now owns 3,130 shares of the financial services provider’s stock valued at $100,000 after buying an additional 168 shares during the last quarter. Mizuho Asset Management Co. Ltd. boosted its position in shares of 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 valued at $108,000 after buying an additional 2,157 shares during the last quarter. Lorber David A bought a new position in shares of CIT Group during the first quarter valued at about $114,000. Global X Management Co. LLC boosted its position in shares of 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 valued at $119,000 after buying an additional 1,393 shares during the last quarter. Finally, Pacer Advisors Inc. boosted its position in shares of CIT Group by 9.4% in the second quarter. Pacer Advisors Inc. now owns 3,771 shares of the financial services provider’s stock valued at $120,000 after buying an additional 323 shares during 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.

5 Day Chart for NYSE:CIT

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