CIT Group Inc. (CIT) Receives Buy Rating from JMP Securities
CIT Group Inc. (NYSE:CIT)‘s stock had its “buy” rating reiterated by analysts at JMP Securities in a report released on Monday.
Several other equities analysts also recently weighed in on CIT. BTIG Research set a $52.00 target price on CIT Group and gave the company a “buy” rating in a research report on Saturday. Barclays PLC dropped their target price 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. Zacks Investment Research raised CIT Group from a “sell” rating to a “hold” rating in a research report on Tuesday, June 14th. Deutsche Bank AG reaffirmed a “hold” rating on shares of CIT Group in a research report on Wednesday, June 15th. Finally, BMO Capital Markets reissued a “hold” rating on shares of CIT Group in a research report on Monday. Eleven analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus target price of $42.81.
Shares of CIT Group (NYSE:CIT) traded down 1.20% during trading on Monday, hitting $36.32. 1,343,071 shares of the company traded hands. The company has a 50-day moving average of $35.95 and a 200-day moving average of $33.77. The stock has a market capitalization of $7.34 billion, a PE ratio of 7.25 and a beta of 1.52. CIT Group has a 52-week low of $25.19 and a 52-week high of $46.51.
CIT Group (NYSE:CIT) last released its earnings results on Thursday, July 28th. The financial services provider reported $0.90 earnings per share for the quarter, beating the consensus estimate of $0.77 by $0.13. The company earned $645.10 million during the quarter, compared to the consensus estimate of $620.33 million. CIT Group had a return on equity of 5.54% and a net margin of 22.45%. CIT Group’s revenue was up 58.7% compared to the same quarter last year. During the same period in the previous year, the company posted $0.66 EPS. Equities analysts expect that CIT Group will post $2.33 EPS for the current year.
Large investors have recently added to or reduced their stakes in the company. Geode Capital Management LLC boosted its stake in CIT Group by 6.3% in the first quarter. Geode Capital Management LLC now owns 1,196,226 shares of the financial services provider’s stock valued at $37,100,000 after buying an additional 70,889 shares during the period. Kingstown Capital Management L.P. bought a new stake in CIT Group during the first quarter valued at approximately $62,060,000. Legal & General Group Plc boosted its stake in CIT Group by 0.3% in the first quarter. Legal & General Group Plc now owns 828,832 shares of the financial services provider’s stock valued at $25,720,000 after buying an additional 2,864 shares during the period. Price Michael F boosted its stake in CIT Group by 11.8% in the first quarter. Price Michael F now owns 520,000 shares of the financial services provider’s stock valued at $16,136,000 after buying an additional 55,000 shares during the period. Finally, Royal Bank of Canada boosted its stake in CIT Group by 32.8% in the first quarter. Royal Bank of Canada now owns 681,112 shares of the financial services provider’s stock valued at $21,136,000 after buying an additional 168,305 shares during the period. Institutional investors and hedge funds own 98.46% of the company’s stock.
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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