CIT Group Inc. (CIT) Downgraded by BMO Capital Markets to “Underperform”
BMO Capital Markets cut shares of CIT Group Inc. (NYSE:CIT) from a market perform rating to an underperform rating in a research report report published on Friday morning. They currently have $33.00 target price on the financial services provider’s stock. The analysts noted that the move was a valuation call.
CIT has been the subject of a number of other reports. Zacks Investment Research cut CIT Group from a buy rating to a hold rating in a research report on Monday, October 17th. Stifel Nicolaus cut CIT Group from a buy rating to a hold rating and raised their price objective for the company from $40.00 to $41.00 in a research report on Friday, October 7th. Bank of America Corp. raised CIT Group from an underperform rating to a neutral rating and set a $39.00 price objective for the company in a research report on Tuesday, October 11th. BTIG Research set a $52.00 price objective on CIT Group and gave the company a buy rating in a research report on Thursday, July 28th. Finally, Stephens started coverage on CIT Group in a research report on Tuesday, November 1st. They issued an equal weight rating for the company. Two investment analysts have rated the stock with a sell rating, twelve have issued a hold rating and seven have issued a buy rating to the company. CIT Group currently has an average rating of Hold and an average price target of $41.27.
CIT Group (NYSE:CIT) traded down 0.15% during mid-day trading on Friday, hitting $40.87. 391,190 shares of the stock were exchanged. The stock has a market cap of $8.26 billion, a PE ratio of 18.87 and a beta of 1.51. The stock’s 50 day moving average is $36.99 and its 200 day moving average is $34.68. CIT Group has a 52-week low of $25.19 and a 52-week high of $43.57.
CIT Group (NYSE:CIT) last issued its quarterly earnings results on Tuesday, October 25th. The financial services provider reported $0.65 EPS for the quarter, missing the consensus estimate of $0.79 by $0.14. CIT Group had a net margin of 9.61% and a return on equity of 6.37%. The company had revenue of $608.70 million for the quarter, compared to analyst estimates of $622.98 million. During the same period last year, the company posted $3.61 earnings per share. The business’s revenue for the quarter was down 5.6% on a year-over-year basis. Analysts forecast that CIT Group will post $2.24 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Friday, November 25th. Investors of record on Friday, November 11th will be given a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 1.47%. The ex-dividend date is Tuesday, November 8th. CIT Group’s payout ratio is 27.65%.
A number of hedge funds have recently modified their holdings of CIT. Geode Capital Management LLC raised its stake in shares of 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. FSI Group LLC bought a new stake in shares of CIT Group during the second quarter worth approximately $1,915,000. Mizuho Trust & Banking Co. Ltd. raised its stake in shares of CIT Group by 1.3% in the third quarter. Mizuho Trust & Banking Co. Ltd. now owns 527,765 shares of the financial services provider’s stock worth $19,158,000 after buying an additional 6,752 shares in the last quarter. Legal & General Group Plc raised its stake in shares of 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. Finally, BlackRock Advisors LLC raised its stake in shares of CIT Group by 8.2% in the second quarter. BlackRock Advisors LLC now owns 215,638 shares of the financial services provider’s stock worth $6,881,000 after buying an additional 16,413 shares in the last quarter. 96.91% of the stock is owned by institutional investors and hedge funds.
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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