Equities Analysts Issue Forecasts for CIT Group Inc.’s FY2017 Earnings (CIT)
CIT Group Inc. (NYSE:CIT) – Research analysts at Oppenheimer Holdings decreased their FY2017 earnings per share (EPS) estimates for CIT Group in a research report issued on Wednesday. Oppenheimer Holdings analyst C. Kotowski now forecasts that the brokerage will post earnings per share of $3.40 for the year, down from their previous forecast of $3.86.
CIT Group (NYSE:CIT) last issued its earnings results on Thursday, July 28th. The financial services provider reported $0.90 EPS for the quarter, beating analysts’ consensus estimates 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 return on equity of 5.54% and a net margin of 22.45%. CIT Group’s revenue was up 58.7% on a year-over-year basis. During the same period in the prior year, the company posted $0.66 earnings per share.
Other research analysts also recently issued reports about the company. TheStreet upgraded CIT Group from a “hold” rating to a “buy” rating in a research note on Monday, August 8th. Zacks Investment Research upgraded CIT Group from a “hold” rating to a “buy” rating and set a $40.00 price target for the company in a research note on Wednesday, September 28th. BTIG Research restated a “buy” rating and issued a $52.00 price target on shares of CIT Group in a research note on Wednesday, August 17th. JMP Securities restated a “buy” rating on shares of CIT Group in a research note on Monday, October 10th. Finally, 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 research note on Friday, July 29th. Eleven analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. CIT Group presently has a consensus rating of “Hold” and an average target price of $42.81.
CIT Group (NYSE:CIT) opened at 36.18 on Monday. CIT Group has a 52 week low of $25.19 and a 52 week high of $46.51. The company has a 50 day moving average price of $35.97 and a 200-day moving average price of $33.85. The firm has a market capitalization of $7.31 billion, a price-to-earnings ratio of 7.22 and a beta of 1.52.
Several institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. boosted its position in CIT Group by 4.0% in the second quarter. Vanguard Group Inc. now owns 14,092,961 shares of the financial services provider’s stock worth $449,706,000 after buying an additional 539,701 shares during the period. 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 worth $223,717,000 after buying an additional 847,112 shares during the period. Capital World Investors acquired a new position in CIT Group during the second quarter worth approximately $203,905,000. BlackRock Institutional Trust Company N.A. boosted its position in CIT Group by 5.4% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 4,400,060 shares of the financial services provider’s stock worth $140,406,000 after buying an additional 223,454 shares during the period. Finally, 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 worth $131,881,000 after buying an additional 4,118,157 shares during the period. 98.51% 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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