CIT Group Inc. (CIT) Downgraded by Zacks Investment Research to Hold
According to Zacks, “Estimates have been relatively stable ahead of CIT Group’s third-quarter 2016 earnings release. The company announced the sale of its aircraft leasing business with an aim to become a leading national middle-market bank. Further, the company's amended capital plan to buy back $2.975 million worth shares will enhance investors' confidence in the stock. In addition, the company has been aggressively restructuring its balance sheet which continues to aid net finance margin growth. However, deteriorating asset quality, due to persistent increase in provision for credit losses, remains a major concern. Further, mounting costs and stringent regulations makes us apprehensive.”
CIT has been the subject of several other reports. BMO Capital Markets reiterated a hold rating on shares of CIT Group in a research note on Monday, October 10th. BTIG Research reiterated a buy rating and set a $52.00 price objective on shares of CIT Group in a research note 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 note on Monday, August 15th. 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 note on Friday, July 29th. Finally, TheStreet upgraded CIT Group from a hold rating to a buy rating in a research note on Monday, August 8th. Twelve investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. CIT Group presently has a consensus rating of Hold and an average target price of $42.81.
Shares of CIT Group (NYSE:CIT) traded down 0.03% during midday trading on Monday, hitting $36.08. The stock had a trading volume of 237,217 shares. The firm’s 50 day moving average price is $35.98 and its 200 day moving average price is $33.92. The firm has a market cap of $7.29 billion, a price-to-earnings ratio of 7.20 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 posted its quarterly earnings data on Thursday, July 28th. The financial services provider reported $0.90 EPS for the quarter, topping 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 company earned $645.10 million during the quarter, compared to analyst estimates of $620.33 million. During the same period in the previous year, the business earned $0.66 EPS. CIT Group’s quarterly revenue was up 58.7% on a year-over-year basis. On average, equities research analysts expect that CIT Group will post $2.33 earnings per share for the current year.
Several institutional investors have recently added to or reduced their stakes in the company. Gulf International Bank UK Ltd raised its position in CIT Group by 1.6% in the third quarter. Gulf International Bank UK Ltd now owns 116,700 shares of the financial services provider’s stock worth $4,236,000 after buying an additional 1,800 shares in the last quarter. Macquarie Group Ltd. raised its stake in shares of CIT Group by 655.3% in the second quarter. Macquarie Group Ltd. now owns 35,500 shares of the financial services provider’s stock worth $1,133,000 after buying an additional 30,800 shares in the last quarter. IFP Advisors Inc raised its stake in shares of CIT Group by 23.6% in the second quarter. IFP Advisors Inc now owns 6,177 shares of the financial services provider’s stock worth $197,000 after buying an additional 1,179 shares in the last quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund raised its stake in shares of CIT Group by 22.3% in the second quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 65,076 shares of the financial services provider’s stock worth $2,077,000 after buying an additional 11,856 shares in the last quarter. Finally, Pine River Capital Management L.P. acquired a new stake in shares of CIT Group during the second quarter worth $703,000. 98.51% of the stock is currently owned by hedge funds and other institutional investors.
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.
Receive News & Stock Ratings for CIT Group Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for CIT Group Inc. and related stocks with our FREE daily email newsletter.