Analysts Offer Predictions for CIT Group Inc.’s FY2018 Earnings (CIT)
CIT Group Inc. (NYSE:CIT) – Analysts at Oppenheimer Holdings issued their FY2018 earnings per share estimates for shares of CIT Group in a research report issued to clients and investors on Wednesday. Oppenheimer Holdings analyst C. Kotowski expects that the firm will earn $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, beating the consensus estimate of $0.77 by $0.13. The business had revenue of $645.10 million for the quarter, compared to analysts’ expectations of $620.33 million. CIT Group had a return on equity of 5.54% and a net margin of 22.45%. The business’s revenue for the quarter was up 58.7% on a year-over-year basis. During the same quarter last year, the firm earned $0.66 EPS.
A number of other research analysts have also recently commented on CIT. Zacks Investment Research upgraded CIT Group from a “sell” rating to a “hold” rating in a report on Friday, July 8th. BTIG Research reiterated a “buy” rating and issued a $52.00 price objective on shares of CIT Group in a report on Tuesday, July 19th. Barclays PLC decreased their price objective on CIT Group from $37.00 to $35.00 and set an “equal weight” rating on the stock in a report on Friday, July 29th. Nomura upped their price objective on CIT Group from $33.00 to $35.00 and gave the company a “neutral” rating in a report on Friday, July 29th. Finally, TheStreet upgraded CIT Group from a “hold” rating to a “buy” rating in a report on Monday, August 8th. Eleven equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. The company has an average rating of “Hold” and an average target price of $42.81.
CIT Group (NYSE:CIT) traded up 0.84% during mid-day trading on Friday, hitting $36.18. The stock had a trading volume of 1,890,198 shares. The stock has a market cap of $7.31 billion, a P/E ratio of 7.22 and a beta of 1.52. CIT Group has a 52-week low of $25.19 and a 52-week high of $46.51. The firm has a 50-day moving average of $35.96 and a 200-day moving average of $33.83.
Institutional investors have recently added to or reduced their stakes in the stock. Toronto Dominion Bank increased its position in CIT Group by 5.7% in the second quarter. Toronto Dominion Bank now owns 3,130 shares of the financial services provider’s stock valued at $100,000 after buying an additional 168 shares in the last quarter. Mizuho Asset Management Co. Ltd. increased its position in CIT Group by 174.1% in the second quarter. Mizuho Asset Management Co. Ltd. now owns 3,396 shares of the financial services provider’s stock valued at $108,000 after buying an additional 2,157 shares in the last quarter. Lorber David A bought a new position in CIT Group during the first quarter valued at about $114,000. Global X Management Co. LLC increased its position in CIT Group by 59.5% in the second quarter. Global X Management Co. LLC now owns 3,733 shares of the financial services provider’s stock valued at $119,000 after buying an additional 1,393 shares in the last quarter. Finally, Pacer Advisors Inc. increased its position in CIT Group by 9.4% in the second quarter. Pacer Advisors Inc. now owns 3,771 shares of the financial services provider’s stock valued at $120,000 after buying an additional 323 shares in the last quarter. 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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