CIT Group (CIT) Receives New Coverage from Analysts at Compass Point

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Research analysts at Compass Point initiated coverage on shares of CIT Group (NYSE:CIT) in a research report issued to clients and investors on Friday. The firm set a “buy” rating and a $60.00 price target on the financial services provider’s stock. Compass Point’s price objective would indicate a potential upside of 19.02% from the stock’s previous close.

CIT has been the topic of several other reports. TheStreet cut shares of CIT Group from a “b-” rating to a “c+” rating in a report on Thursday, June 14th. ValuEngine cut shares of CIT Group from a “buy” rating to a “hold” rating in a research note on Thursday, May 3rd. BMO Capital Markets dropped their target price on shares of 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. Zacks Investment Research cut shares of CIT Group from a “buy” rating to a “hold” rating in a research note on Tuesday, March 6th. Finally, UBS Group started coverage on shares of CIT Group in a research note on Tuesday, March 27th. They issued a “neutral” rating and a $56.00 target price on the stock. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating and seven have assigned a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus target price of $54.59.

CIT Group stock opened at $50.41 on Friday. CIT Group has a fifty-two week low of $43.25 and a fifty-two week high of $56.14. The stock has a market cap of $6.31 billion, a P/E ratio of 13.60, a PEG ratio of 1.24 and a beta of 1.26. The company has a debt-to-equity ratio of 1.53, a quick ratio of 1.09 and a current ratio of 1.09.

CIT Group (NYSE:CIT) last released its quarterly earnings results on Tuesday, April 24th. The financial services provider reported $0.74 earnings per share for the quarter, missing the consensus estimate of $0.96 by ($0.22). CIT Group had a return on equity of 7.76% and a net margin of 11.93%. The firm had revenue of $495.00 million for the quarter, compared to analysts’ expectations of $481.00 million. During the same quarter last year, the firm posted $0.54 earnings per share. research analysts anticipate that CIT Group will post 3.99 earnings per share for the current year.

In other news, Director Sheila A. Stamps sold 3,350 shares of the business’s stock in a transaction that occurred on Thursday, June 7th. The shares were sold at an average price of $52.12, for a total value of $174,602.00. Following the sale, the director now owns 4,666 shares of the company’s stock, valued at $243,191.92. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, EVP Edward K. Sperling sold 1,765 shares of the business’s stock in a transaction that occurred on Thursday, June 14th. The shares were sold at an average price of $51.44, for a total transaction of $90,791.60. Following the completion of the sale, the executive vice president now directly owns 10,491 shares in the company, valued at approximately $539,657.04. The disclosure for this sale can be found here. Insiders own 0.27% of the company’s stock.

Hedge funds and other institutional investors have recently bought and sold shares of the company. Avestar Capital LLC bought a new stake in shares of CIT Group in the fourth quarter valued at approximately $132,000. Assetmark Inc. bought a new stake in shares of CIT Group in the first quarter valued at approximately $155,000. Virtu Financial LLC bought a new stake in shares of CIT Group in the fourth quarter valued at approximately $240,000. Seven Eight Capital LP bought a new stake in shares of CIT Group in the first quarter valued at approximately $271,000. Finally, Focused Wealth Management Inc bought a new stake in shares of CIT Group in the fourth quarter valued at approximately $268,000. 96.74% of the stock is currently owned by institutional investors.

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.

Analyst Recommendations for CIT Group (NYSE:CIT)

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