ValuEngine Upgrades CIT Group (CIT) to “Hold”

ValuEngine upgraded shares of CIT Group (NYSE:CIT) from a sell rating to a hold rating in a report published on Monday, February 4th.

Other equities analysts have also issued research reports about the company. Zacks Investment Research raised CIT Group from a hold rating to a buy rating and set a $48.00 price objective on the stock in a research note on Tuesday, January 15th. UBS Group raised CIT Group from a neutral rating to a buy rating in a research note on Wednesday, January 9th. TheStreet lowered CIT Group from a b rating to a c rating in a research note on Thursday, November 15th. Morgan Stanley lowered their price objective on CIT Group from $56.00 to $52.00 and set an equal weight rating on the stock in a research note on Tuesday, December 11th. Finally, Barclays set a $47.00 price target on CIT Group and gave the company a hold rating in a research note on Friday, December 14th. Seven equities research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. The company presently has an average rating of Hold and an average target price of $53.36.

Shares of CIT Group stock traded up $0.28 on Monday, reaching $51.25. The company’s stock had a trading volume of 543,590 shares, compared to its average volume of 937,949. The stock has a market capitalization of $5.42 billion, a PE ratio of 12.69, a price-to-earnings-growth ratio of 1.04 and a beta of 1.46. CIT Group has a 52-week low of $35.50 and a 52-week high of $56.14. The company has a debt-to-equity ratio of 1.45, a current ratio of 1.02 and a quick ratio of 1.02.

CIT Group (NYSE:CIT) last posted its quarterly earnings data on Tuesday, January 29th. The financial services provider reported $1.21 EPS for the quarter, beating the Zacks’ consensus estimate of $1.10 by $0.11. The business had revenue of $421.00 million during the quarter, compared to analysts’ expectations of $507.00 million. CIT Group had a return on equity of 7.58% and a net margin of 13.66%. During the same period in the previous year, the business earned $0.99 earnings per share. On average, equities research analysts anticipate that CIT Group will post 4.91 EPS for the current fiscal year.

The company also recently announced a quarterly dividend, which was paid on Friday, February 22nd. Investors of record on Friday, February 8th were paid a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 1.95%. The ex-dividend date was Thursday, February 7th. CIT Group’s payout ratio is 24.75%.

In related news, insider Matthew Galligan sold 2,300 shares of the stock in a transaction dated Monday, February 25th. The stock was sold at an average price of $51.68, for a total transaction of $118,864.00. Following the transaction, the insider now owns 33,841 shares of the company’s stock, valued at approximately $1,748,902.88. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. 0.27% of the stock is currently owned by corporate insiders.

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Schroder Investment Management Group raised its holdings in shares of CIT Group by 102.2% in the second quarter. Schroder Investment Management Group now owns 254,531 shares of the financial services provider’s stock valued at $12,635,000 after purchasing an additional 128,650 shares during the last quarter. Northern Trust Corp increased its holdings in CIT Group by 17.8% during the second quarter. Northern Trust Corp now owns 978,011 shares of the financial services provider’s stock worth $49,301,000 after buying an additional 147,833 shares during the last quarter. United Services Automobile Association increased its holdings in CIT Group by 31.7% during the second quarter. United Services Automobile Association now owns 61,130 shares of the financial services provider’s stock worth $3,082,000 after buying an additional 14,699 shares during the last quarter. Bank of Montreal Can increased its holdings in CIT Group by 21.9% during the third quarter. Bank of Montreal Can now owns 13,914 shares of the financial services provider’s stock worth $718,000 after buying an additional 2,504 shares during the last quarter. Finally, PGGM Investments increased its holdings in CIT Group by 1.3% during the third quarter. PGGM Investments now owns 324,691 shares of the financial services provider’s stock worth $16,757,000 after buying an additional 4,191 shares during the last quarter.

CIT Group Company Profile

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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To view ValuEngine’s full report, visit ValuEngine’s official website.

Analyst Recommendations for CIT Group (NYSE:CIT)

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