FY2018 Earnings Estimate for CIT Group Inc. (CIT) Issued By Oppenheimer Holdings
CIT Group Inc. (NYSE:CIT) – Investment analysts at Oppenheimer Holdings issued their FY2018 earnings per share (EPS) estimates for shares of CIT Group in a report issued on Wednesday. Oppenheimer Holdings analyst C. Kotowski expects that the brokerage will post earnings of $4.02 per share for the year.
CIT Group (NYSE:CIT) last announced its earnings results on Thursday, July 28th. The financial services provider reported $0.90 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.77 by $0.13. CIT Group had a net margin of 22.45% and a return on equity of 5.54%. The company had revenue of $645.10 million for the quarter, compared to analysts’ expectations of $620.33 million. During the same quarter in the previous year, the company posted $0.66 EPS. The firm’s quarterly revenue was up 58.7% on a year-over-year basis.
Several other equities research analysts also recently weighed in on the company. BTIG Research set a $52.00 price target on CIT Group and gave the stock a “buy” rating in a report on Saturday, October 8th. Barclays PLC decreased their price target on CIT Group from $37.00 to $35.00 and set an “equal weight” rating for the company in a report on Friday, July 29th. BMO Capital Markets reaffirmed a “hold” rating on shares of CIT Group in a report on Monday, October 10th. Nomura increased their price target on CIT Group from $33.00 to $35.00 and gave the stock a “neutral” rating in a report on Friday, July 29th. Finally, Zacks Investment Research raised CIT Group from a “sell” rating to a “hold” rating in a report on Monday, July 18th. Eleven investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. CIT Group presently has a consensus rating of “Hold” and a consensus target price of $42.81.
Shares of CIT Group (NYSE:CIT) traded up 0.84% during midday trading on Friday, reaching $36.18. 1,890,198 shares of the company’s stock traded hands. CIT Group has a 52 week low of $25.19 and a 52 week high of $46.51. The company has a market capitalization of $7.31 billion, a PE ratio of 7.22 and a beta of 1.52. The stock’s 50 day moving average is $35.97 and its 200-day moving average is $33.85.
A number of hedge funds have recently bought and sold shares of the company. 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 worth $25,720,000 after buying an additional 2,864 shares in the last quarter. 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 worth $16,136,000 after buying an additional 55,000 shares in the last quarter. 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 worth $37,100,000 after buying an additional 70,889 shares in the last quarter. Meeder Asset Management Inc. bought a new stake in CIT Group during the first quarter worth approximately $743,000. Finally, Rafferty Asset Management LLC boosted its stake in CIT Group by 49.3% in the first quarter. Rafferty Asset Management LLC now owns 22,966 shares of the financial services provider’s stock worth $713,000 after buying an additional 7,579 shares in the last quarter. Hedge funds and other institutional investors 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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