CIT Group Inc. (CIT) Lifted to “Neutral” at Bank of America Corp.
CIT Group Inc. (NYSE:CIT) was upgraded by equities research analysts at Bank of America Corp. from an “underperform” rating to a “neutral” rating in a research report issued to clients and investors on Tuesday.
CIT has been the subject of several other research reports. BMO Capital Markets reiterated a “hold” rating on shares of CIT Group in a research report on Monday. Zacks Investment Research upgraded CIT Group from a “sell” rating to a “hold” rating in a research report on Friday, July 8th. BTIG Research reiterated a “buy” rating and issued a $52.00 price objective on shares of CIT Group in a research report on Tuesday, July 19th. Credit Suisse Group AG cut their price objective on CIT Group from $42.00 to $34.55 and set a “neutral” rating for the company in a research report on Monday, August 15th. Finally, Barclays PLC cut their price objective on CIT Group from $37.00 to $35.00 and set an “equal weight” rating for the company in a research report on Friday, July 29th. Eleven equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. The stock has a consensus rating of “Hold” and an average target price of $43.03.
Shares of CIT Group (NYSE:CIT) opened at 36.76 on Tuesday. The firm has a market capitalization of $7.43 billion, a price-to-earnings ratio of 7.34 and a beta of 1.52. The firm has a 50-day moving average price of $35.95 and a 200 day moving average price of $33.77. CIT Group has a 12 month low of $25.19 and a 12 month high of $46.51.
CIT Group (NYSE:CIT) last issued its quarterly earnings data on Thursday, July 28th. The financial services provider reported $0.90 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.77 by $0.13. CIT Group had a return on equity of 5.54% and a net margin of 22.45%. The firm earned $645.10 million during the quarter, compared to the consensus estimate of $620.33 million. During the same quarter in the previous year, the company posted $0.66 EPS. The business’s revenue for the quarter was up 58.7% compared to the same quarter last year. On average, analysts anticipate that CIT Group will post $2.33 EPS for the current fiscal year.
Several hedge funds and other institutional investors have recently bought and sold shares of CIT. Capital World Investors purchased a new position in CIT Group during the second quarter valued at $203,905,000. Canada Pension Plan Investment Board boosted its position in CIT Group by 27,895.1% in the second quarter. Canada Pension Plan Investment Board now owns 4,132,920 shares of the financial services provider’s stock valued at $131,881,000 after buying an additional 4,118,157 shares in the last quarter. Kingstown Capital Management L.P. purchased a new position in CIT Group during the first quarter valued at $62,060,000. Emerald Acquisition Ltd. purchased a new position in CIT Group during the second quarter valued at $32,426,000. Finally, State Street Corp boosted its position in CIT Group by 13.7% in the second quarter. State Street Corp now owns 7,010,683 shares of the financial services provider’s stock valued at $223,717,000 after buying an additional 847,112 shares in the last quarter. 98.46% of the stock is owned by institutional investors.
About CIT Group
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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