JMP Securities Reaffirms Buy Rating for CIT Group Inc. (CIT)
A number of other research firms also recently weighed in on CIT. TheStreet raised CIT Group from a hold rating to a buy rating in a research report on Monday, August 8th. Zacks Investment Research raised CIT Group from a hold rating to a buy rating and set a $40.00 price target for the company in a research report on Wednesday, September 28th. BTIG Research reaffirmed a buy rating and set a $52.00 price target on shares of CIT Group in a research report on Wednesday, August 17th. Barclays PLC reduced their price target 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. Finally, Stifel Nicolaus downgraded CIT Group from a buy rating to a hold rating and upped their price target for the stock from $40.00 to $41.00 in a research report on Friday, October 7th. Eleven investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. CIT Group has an average rating of Hold and an average target price of $42.81.
CIT Group (NYSE:CIT) opened at 36.48 on Monday. The company’s 50-day moving average is $35.97 and its 200 day moving average is $33.81. CIT Group has a 12 month low of $25.19 and a 12 month high of $46.51. The company has a market cap of $7.37 billion, a price-to-earnings ratio of 7.28 and a beta of 1.52.
CIT Group (NYSE:CIT) last issued its quarterly earnings data on Thursday, July 28th. The financial services provider reported $0.90 earnings per share (EPS) for the quarter, beating 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 business earned $645.10 million during the quarter, compared to analyst estimates of $620.33 million. During the same period in the previous year, the firm earned $0.66 EPS. CIT Group’s quarterly revenue was up 58.7% compared to the same quarter last year. Equities analysts forecast that CIT Group will post $2.33 earnings per share for the current fiscal year.
A number of hedge funds and other institutional investors have recently modified their holdings of CIT. Vanguard Group Inc. raised its position in shares of 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 in the last quarter. State Street Corp raised its stake 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 valued at $223,717,000 after buying an additional 847,112 shares during the period. Capital World Investors bought a new stake in CIT Group during the second quarter valued at about $203,905,000. BlackRock Institutional Trust Company N.A. raised its stake 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 valued at $140,406,000 after buying an additional 223,454 shares during the period. Finally, Canada Pension Plan Investment Board raised its stake 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 valued at $131,881,000 after buying an additional 4,118,157 shares during the period. 98.46% of the stock is currently owned by hedge funds and other 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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