CIT Group (CIT) Downgraded by ValuEngine to Hold

CIT Group (NYSE:CIT) was downgraded by analysts at ValuEngine from a “buy” rating to a “hold” rating in a note issued to investors on Thursday.

A number of other brokerages have also weighed in on CIT. Zacks Investment Research lowered CIT Group from a “buy” rating to a “hold” rating in a research note on Tuesday, March 6th. TheStreet upgraded CIT Group from a “c+” rating to a “b-” rating in a research note on Tuesday, March 20th. BMO Capital Markets dropped their price target on CIT Group from $49.00 to $46.00 and set a “market perform” rating on the stock in a research note on Wednesday, April 25th. Barclays set a $53.00 price target on CIT Group and gave the stock a “hold” rating in a research note on Friday, January 12th. Finally, Morgan Stanley boosted their price target on CIT Group from $54.00 to $57.00 and gave the stock an “equal weight” rating in a research note on Monday, February 5th. One analyst has rated the stock with a sell rating, nine have given a hold rating and six have issued a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus target price of $54.83.

Shares of CIT stock traded down $0.39 during trading hours on Thursday, reaching $52.12. 947,111 shares of the company’s stock were exchanged, compared to its average volume of 970,032. CIT Group has a 1 year low of $43.25 and a 1 year high of $56.14. The firm has a market capitalization of $6,717.77, a price-to-earnings ratio of 16.98, a PEG ratio of 1.29 and a beta of 1.30. The company has a debt-to-equity ratio of 1.28, a quick ratio of 1.03 and a current ratio of 1.03.

CIT Group (NYSE:CIT) last issued its quarterly earnings results on Tuesday, April 24th. The financial services provider reported $0.74 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.96 by ($0.22). CIT Group had a return on equity of 7.69% and a net margin of 11.93%. The business had revenue of $495.00 million for the quarter, compared to analysts’ expectations of $481.00 million. During the same quarter in the previous year, the firm posted $0.54 EPS. equities analysts forecast that CIT Group will post 4.1 earnings per share for the current year.

In related news, insider James L. Hudak sold 2,000 shares of the company’s stock in a transaction that occurred on Thursday, March 1st. The stock was sold at an average price of $53.63, for a total value of $107,260.00. The sale was disclosed in a document filed with the SEC, which is available at this link. 0.27% of the stock is owned by corporate insiders.

A number of hedge funds and other institutional investors have recently modified their holdings of CIT. Aperio Group LLC boosted its position in CIT Group by 1.0% in the 4th quarter. Aperio Group LLC now owns 105,723 shares of the financial services provider’s stock worth $5,205,000 after purchasing an additional 1,062 shares in the last quarter. Amalgamated Bank boosted its position in CIT Group by 8.0% in the 4th quarter. Amalgamated Bank now owns 14,441 shares of the financial services provider’s stock worth $711,000 after purchasing an additional 1,075 shares in the last quarter. American Century Companies Inc. boosted its position in CIT Group by 11.3% in the 1st quarter. American Century Companies Inc. now owns 12,550 shares of the financial services provider’s stock worth $646,000 after purchasing an additional 1,277 shares in the last quarter. Raymond James & Associates boosted its position in CIT Group by 19.0% in the 4th quarter. Raymond James & Associates now owns 8,087 shares of the financial services provider’s stock worth $398,000 after purchasing an additional 1,293 shares in the last quarter. Finally, California State Teachers Retirement System boosted its position in CIT Group by 0.6% in the 4th quarter. California State Teachers Retirement System now owns 242,210 shares of the financial services provider’s stock worth $11,924,000 after purchasing an additional 1,470 shares in the last quarter.

About CIT Group

CIT Group Inc operates as the bank holding company for CIT Bank, National Association that provides banking and related services to commercial and individual customers. The company operates through three segments: Commercial Banking, Consumer Banking, and Non-Strategic Portfolios (NSP). The Commercial Banking segment offers lending, leasing, and other financial and advisory services primarily to small and middle-market companies; factoring, receivables management products, and secured supply chain financing; and equipment leasing and secured financing to railroads and non-rail companies.

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Analyst Recommendations for CIT Group (NYSE:CIT)

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