BMO Capital Markets restated their sell rating on shares of CIT Group Inc (DEL) (NYSE:CIT) in a research note issued to investors on Friday morning. BMO Capital Markets currently has a $31.00 target price on the financial services provider’s stock.

Other research analysts have also recently issued research reports about the stock. ValuEngine cut shares of CIT Group Inc (DEL) from a buy rating to a hold rating in a research report on Wednesday, July 19th. CIBC reaffirmed an outperform rating on shares of CIT Group Inc (DEL) in a research report on Tuesday, July 11th. Oppenheimer Holdings, Inc. reaffirmed an outperform rating on shares of CIT Group Inc (DEL) in a research report on Tuesday, July 11th. BTIG Research reaffirmed a buy rating and issued a $57.00 target price on shares of CIT Group Inc (DEL) in a research report on Tuesday, July 25th. They noted that the move was a valuation call. Finally, BidaskClub cut shares of CIT Group Inc (DEL) from a strong-buy rating to a buy rating in a research report on Monday, July 24th. Two research analysts have rated the stock with a sell rating, six have given a hold rating and eight have issued a buy rating to the company’s stock. CIT Group Inc (DEL) has a consensus rating of Hold and a consensus target price of $46.20.

CIT Group Inc (NYSE CIT) traded down 0.02% during midday trading on Friday, hitting $49.37. 775,024 shares of the stock traded hands. CIT Group Inc has a 52-week low of $35.14 and a 52-week high of $50.40. The firm’s market cap is $6.69 billion. The stock has a 50-day moving average of $46.23 and a 200 day moving average of $46.26.

CIT Group Inc (DEL) (NYSE:CIT) last announced its quarterly earnings results on Tuesday, July 25th. The financial services provider reported $0.68 earnings per share for the quarter, beating the consensus estimate of $0.60 by $0.08. The firm had revenue of $605.00 million for the quarter, compared to analysts’ expectations of $500.05 million. CIT Group Inc (DEL) had a negative net margin of 20.50% and a positive return on equity of 5.66%. The company’s revenue was down 6.6% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.07 EPS. Equities analysts forecast that CIT Group Inc will post $2.79 EPS for the current year.

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CIT Group Inc (DEL) announced that its Board of Directors has initiated a stock buyback program on Wednesday, June 28th that allows the company to buyback $225.00 million in outstanding shares. This buyback authorization allows the financial services provider to buy up to 2.3% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s board believes its shares are undervalued.

In other news, insider James L. Hudak sold 2,100 shares of the stock in a transaction dated Friday, August 11th. The shares were sold at an average price of $46.18, for a total transaction of $96,978.00. Following the sale, the insider now owns 57,083 shares of the company’s stock, valued at $2,636,092.94. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Steve Solk sold 1,460 shares of the stock in a transaction dated Friday, August 25th. The stock was sold at an average price of $45.00, for a total transaction of $65,700.00. Following the sale, the insider now directly owns 14,832 shares in the company, valued at approximately $667,440. The disclosure for this sale can be found here. 0.47% of the stock is currently owned by corporate insiders.

Several institutional investors and hedge funds have recently modified their holdings of the company. WINTON GROUP Ltd acquired a new stake in shares of CIT Group Inc (DEL) during the second quarter worth about $438,000. Colony Group LLC purchased a new stake in shares of CIT Group Inc (DEL) during the second quarter worth approximately $207,000. Nomura Holdings Inc. increased its stake in shares of CIT Group Inc (DEL) by 42.5% during the second quarter. Nomura Holdings Inc. now owns 480,229 shares of the financial services provider’s stock worth $23,392,000 after buying an additional 143,143 shares during the period. Cubist Systematic Strategies LLC increased its stake in shares of CIT Group Inc (DEL) by 294.2% during the second quarter. Cubist Systematic Strategies LLC now owns 11,500 shares of the financial services provider’s stock worth $560,000 after buying an additional 8,583 shares during the period. Finally, New Mountain Vantage Advisers L.L.C. increased its stake in shares of CIT Group Inc (DEL) by 22.9% during the second quarter. New Mountain Vantage Advisers L.L.C. now owns 1,290,283 shares of the financial services provider’s stock worth $62,837,000 after buying an additional 240,184 shares during the period.

About CIT Group Inc (DEL)

CIT Group Inc (CIT) is a bank holding company (BHC) and a financial holding company (FHC). The Company, together with its subsidiaries, provides financing, leasing and advisory services to middle market companies in a range of industries in North America. The Company’s segments include Commercial Banking, Consumer Banking, Non-Strategic Portfolios, and Corporate and Other.

Analyst Recommendations for CIT Group Inc (DEL) (NYSE:CIT)

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