CIT Group (NYSE:CIT) was upgraded by investment analysts at TheStreet from a “c+” rating to a “b” rating in a research note issued on Friday, TheStreetRatingsTable reports.
Separately, Morgan Stanley decreased their price objective on CIT Group from $54.00 to $53.00 and set an “equal weight” rating for the company in a report on Thursday, October 3rd. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and three have given a buy rating to the company’s stock. CIT Group presently has an average rating of “Hold” and a consensus target price of $55.86.
Shares of CIT Group stock opened at $45.25 on Friday. CIT Group has a one year low of $35.50 and a one year high of $54.02. The firm has a market capitalization of $4.31 billion, a price-to-earnings ratio of 11.20, a PEG ratio of 0.91 and a beta of 1.60. The business has a 50-day simple moving average of $44.63 and a 200 day simple moving average of $46.76. The company has a debt-to-equity ratio of 1.13, a current ratio of 0.97 and a quick ratio of 0.97.
CIT Group (NYSE:CIT) last announced its quarterly earnings results on Tuesday, October 22nd. The financial services provider reported $1.29 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.21 by $0.08. CIT Group had a return on equity of 8.99% and a net margin of 15.11%. The business had revenue of $454.00 million for the quarter, compared to analyst estimates of $460.02 million. During the same quarter in the prior year, the company earned $1.15 earnings per share. The company’s quarterly revenue was down 4.6% on a year-over-year basis. On average, sell-side analysts expect that CIT Group will post 4.98 EPS for the current year.
In other CIT Group news, EVP John J. Fawcett bought 14,000 shares of the stock in a transaction that occurred on Wednesday, November 13th. The shares were bought at an average price of $25.00 per share, for a total transaction of $350,000.00. Following the acquisition, the executive vice president now directly owns 14,000 shares of the company’s stock, valued at approximately $350,000. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Ellen R. Alemany purchased 30,000 shares of the company’s stock in a transaction that occurred on Wednesday, November 13th. The stock was acquired at an average cost of $25.00 per share, for a total transaction of $750,000.00. Following the transaction, the chief executive officer now owns 30,000 shares in the company, valued at approximately $750,000. The disclosure for this purchase can be found here. Insiders have bought 48,600 shares of company stock valued at $1,215,000 over the last quarter. Corporate insiders own 0.42% of the company’s stock.
A number of hedge funds have recently added to or reduced their stakes in CIT. C M Bidwell & Associates Ltd. purchased a new stake in shares of CIT Group in the second quarter worth approximately $31,000. SRS Capital Advisors Inc. bought a new stake in CIT Group during the second quarter worth $51,000. NumerixS Investment Technologies Inc bought a new stake in CIT Group during the second quarter worth $53,000. Coastal Investment Advisors Inc. purchased a new stake in CIT Group in the 2nd quarter valued at $118,000. Finally, Metropolitan Life Insurance Co NY raised its position in CIT Group by 9.2% in the 3rd quarter. Metropolitan Life Insurance Co NY now owns 2,669 shares of the financial services provider’s stock valued at $121,000 after buying an additional 224 shares during the last quarter. Institutional investors and hedge funds own 99.68% of the company’s stock.
CIT Group Company Profile
CIT Group Inc operates as the holding company for CIT Bank, N.A. that provides banking and related services to commercial and individual customers. The company operates through Commercial Banking and Consumer Banking segments. 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; equipment leasing and secured financing to railroads and non-rail companies; equipment financing to small businesses.
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