Oppenheimer Holdings, Inc. Reiterates “Buy” Rating for CIT Group Inc (DEL) (NYSE:CIT)

CIT Group Inc (DEL) (NYSE:CIT)‘s stock had its “buy” rating reiterated by stock analysts at Oppenheimer Holdings, Inc. in a report released on Tuesday, October 24th. Oppenheimer Holdings also issued estimates for CIT Group Inc (DEL)’s Q2 2018 earnings at $0.90 EPS, Q3 2018 earnings at $1.10 EPS and Q4 2018 earnings at $1.07 EPS.

CIT has been the subject of several other research reports. JMP Securities lifted their price target on CIT Group Inc (DEL) from $49.00 to $54.00 and gave the stock a “market outperform” rating in a research report on Thursday, July 13th. Keefe, Bruyette & Woods reaffirmed a “hold” rating and issued a $47.00 price target on shares of CIT Group Inc (DEL) in a research report on Tuesday, October 3rd. Zacks Investment Research raised CIT Group Inc (DEL) from a “sell” rating to a “hold” rating in a research report on Friday, July 14th. ValuEngine raised CIT Group Inc (DEL) from a “hold” rating to a “buy” rating in a research report on Thursday, July 27th. Finally, CIBC reiterated an “outperform” rating on shares of CIT Group Inc (DEL) in a report on Tuesday, July 11th. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and eight have assigned a buy rating to the company. CIT Group Inc (DEL) currently has an average rating of “Hold” and a consensus price target of $49.89.

CIT Group Inc (CIT) opened at $44.69 on Tuesday. The company has a quick ratio of 1.10, a current ratio of 1.05 and a debt-to-equity ratio of 1.20. CIT Group Inc has a fifty-two week low of $37.87 and a fifty-two week high of $50.40. The stock has a market cap of $5,865.96, a P/E ratio of 14.65 and a beta of 1.47.

CIT Group Inc (DEL) (NYSE:CIT) last announced its quarterly earnings data on Tuesday, October 24th. The financial services provider reported $1.02 EPS for the quarter, beating the consensus estimate of $0.82 by $0.20. The business had revenue of $592.90 million during the quarter, compared to analyst estimates of $488.00 million. CIT Group Inc (DEL) had a positive return on equity of 6.22% and a negative net margin of 20.05%. During the same quarter last year, the firm posted $0.65 earnings per share. research analysts forecast that CIT Group Inc will post 2.89 EPS for the current fiscal year.

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In related news, EVP Denise M. Menelly sold 8,951 shares of the business’s stock in a transaction that occurred on Wednesday, November 1st. The stock was sold at an average price of $46.84, for a total value of $419,264.84. Following the transaction, the executive vice president now directly owns 41,546 shares of the company’s stock, valued at approximately $1,946,014.64. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider Steve Solk sold 1,460 shares of the company’s stock in a transaction that occurred on Friday, August 25th. The stock was sold at an average price of $45.00, for a total value of $65,700.00. Following the sale, the insider now directly owns 14,832 shares in the company, valued at $667,440. The disclosure for this sale can be found here. Insiders own 0.47% of the company’s stock.

Several institutional investors and hedge funds have recently modified their holdings of the company. M&T Bank Corp raised its holdings in shares of CIT Group Inc (DEL) by 0.6% during the 2nd quarter. M&T Bank Corp now owns 5,210 shares of the financial services provider’s stock worth $253,000 after acquiring an additional 30 shares in the last quarter. Advisor Group Inc. raised its holdings in CIT Group Inc (DEL) by 2.2% during the 2nd quarter. Advisor Group Inc. now owns 3,030 shares of the financial services provider’s stock valued at $146,000 after buying an additional 66 shares during the period. Janney Montgomery Scott LLC raised its holdings in CIT Group Inc (DEL) by 4.0% during the 2nd quarter. Janney Montgomery Scott LLC now owns 5,059 shares of the financial services provider’s stock valued at $246,000 after buying an additional 193 shares during the period. Paradigm Asset Management Co. LLC raised its holdings in CIT Group Inc (DEL) by 1.4% during the 2nd quarter. Paradigm Asset Management Co. LLC now owns 14,060 shares of the financial services provider’s stock valued at $685,000 after buying an additional 200 shares during the period. Finally, Pacer Advisors Inc. raised its holdings in CIT Group Inc (DEL) by 8.2% during the 2nd quarter. Pacer Advisors Inc. now owns 4,164 shares of the financial services provider’s stock valued at $203,000 after buying an additional 316 shares during the period.

About CIT Group Inc (DEL)

CIT Group Inc (CIT) is a bank holding company (BHC) and a financial holding company (FHC). The Company, together with its subsidiaries, provides financing, leasing and advisory services to middle market companies in a range of industries in North America. The Company’s segments include Commercial Banking, Consumer Banking, Non-Strategic Portfolios, and Corporate and Other.

Analyst Recommendations for CIT Group Inc (DEL) (NYSE:CIT)

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