CIT Group (CIT) Upgraded by ValuEngine to “Hold”

ValuEngine upgraded shares of CIT Group (NYSE:CIT) from a sell rating to a hold rating in a report released on Saturday morning, ValuEngine reports.

A number of other research firms have also commented on CIT. Zacks Investment Research lowered CIT Group from a buy rating to a hold rating in a research note on Wednesday, January 23rd. UBS Group raised CIT Group from a neutral rating to a buy rating in a research note on Wednesday, January 9th. Oppenheimer increased their price objective on CIT Group from $61.00 to $63.00 and gave the company an outperform rating in a research note on Tuesday, March 26th. TheStreet raised CIT Group from a c+ rating to a b rating in a research note on Monday, March 25th. Finally, Barclays set a $47.00 price objective on CIT Group and gave the company a hold rating in a research note on Friday, December 14th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and four have assigned a buy rating to the company. CIT Group has a consensus rating of Hold and a consensus price target of $53.29.

CIT opened at $51.10 on Friday. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 1.44. The firm has a market cap of $5.06 billion, a P/E ratio of 12.65, a P/E/G ratio of 1.05 and a beta of 1.48. CIT Group has a 52 week low of $35.50 and a 52 week high of $55.78.

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 analysts’ consensus estimates of $1.10 by $0.11. The business had revenue of $421.00 million for the quarter, compared to analyst estimates of $507.00 million. CIT Group had a return on equity of 7.80% and a net margin of 13.66%. During the same quarter last year, the company earned $0.99 earnings per share. Equities analysts predict that CIT Group will post 4.84 earnings per share for the current fiscal year.

In other CIT Group news, EVP Edward K. Sperling sold 2,224 shares of the firm’s stock in a transaction dated Wednesday, March 6th. The stock was sold at an average price of $50.16, for a total value of $111,555.84. Following the sale, the executive vice president now directly owns 10,336 shares of the company’s stock, valued at approximately $518,453.76. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Matthew Galligan sold 997 shares of the firm’s stock in a transaction dated Friday, March 8th. The stock was sold at an average price of $48.65, for a total value of $48,504.05. Following the completion of the sale, the insider now directly owns 30,575 shares in the company, valued at $1,487,473.75. The disclosure for this sale can be found here. Over the last three months, insiders sold 10,896 shares of company stock worth $552,081. 0.27% of the stock is owned by corporate insiders.

A number of large investors have recently modified their holdings of CIT. Enlightenment Research LLC acquired a new position in shares of CIT Group in the 4th quarter valued at about $31,000. First Mercantile Trust Co. lifted its stake in shares of CIT Group by 82.0% in the 4th quarter. First Mercantile Trust Co. now owns 910 shares of the financial services provider’s stock valued at $35,000 after purchasing an additional 410 shares in the last quarter. Pearl River Capital LLC acquired a new position in shares of CIT Group in the 4th quarter valued at about $55,000. Bessemer Group Inc. lifted its stake in shares of CIT Group by 58.2% in the 4th quarter. Bessemer Group Inc. now owns 2,857 shares of the financial services provider’s stock valued at $109,000 after purchasing an additional 1,051 shares in the last quarter. Finally, Tower Research Capital LLC TRC acquired a new position in shares of CIT Group in the 3rd quarter valued at about $123,000.

About CIT Group

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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