Shares of CIT Group Inc (DEL) (NYSE:CIT) have been given a consensus recommendation of “Hold” by the sixteen analysts that are presently covering the stock, MarketBeat reports. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating and eight have issued a buy rating on the company. The average 1 year target price among brokerages that have issued ratings on the stock in the last year is $48.96.

A number of analysts have issued reports on the company. Keefe, Bruyette & Woods reaffirmed a “hold” rating and issued a $47.00 price objective on shares of CIT Group Inc (DEL) in a research note on Tuesday. Zacks Investment Research raised CIT Group Inc (DEL) from a “hold” rating to a “buy” rating and set a $53.00 price objective on the stock in a research note on Monday, September 25th. Morgan Stanley lifted their price objective on CIT Group Inc (DEL) from $50.00 to $51.00 and gave the stock an “equal weight” rating in a research note on Monday, September 18th. BidaskClub downgraded CIT Group Inc (DEL) from a “hold” rating to a “sell” rating in a research note on Wednesday, August 9th. Finally, ValuEngine raised CIT Group Inc (DEL) from a “hold” rating to a “buy” rating in a research note on Thursday, July 27th.

Shares of CIT Group Inc (NYSE CIT) traded down 0.02% during mid-day trading on Friday, reaching $49.37. The company’s stock had a trading volume of 775,024 shares. The company’s 50-day moving average price is $46.23 and its 200-day moving average price is $46.26. The stock’s market capitalization is $6.69 billion. CIT Group Inc has a 12-month low of $35.14 and a 12-month high of $50.40.

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

CIT Group Inc (DEL) declared that its board has initiated a share buyback plan on Wednesday, June 28th that allows the company to buyback $225.00 million in shares. This buyback authorization allows the financial services provider to buy up to 2.3% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s leadership believes its shares are undervalued.

In related news, insider Steve Solk sold 1,460 shares of the business’s stock in a transaction on Friday, August 25th. The stock was sold at an average price of $45.00, for a total transaction of $65,700.00. Following the completion of the transaction, the insider now owns 14,832 shares in the company, valued at approximately $667,440. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider James L. Hudak sold 2,100 shares of the business’s stock in a transaction on Friday, August 11th. The shares were sold at an average price of $46.18, for a total value of $96,978.00. Following the transaction, the insider now owns 57,083 shares of the company’s stock, valued at approximately $2,636,092.94. The disclosure for this sale can be found here. 0.47% of the stock is owned by insiders.

Institutional investors and hedge funds have recently bought and sold shares of the stock. SG Americas Securities LLC boosted its holdings in CIT Group Inc (DEL) by 103.5% during the 2nd quarter. SG Americas Securities LLC now owns 5,437 shares of the financial services provider’s stock valued at $265,000 after acquiring an additional 2,765 shares during the period. Schwab Charles Investment Management Inc. boosted its holdings in CIT Group Inc (DEL) by 9.9% during the 1st quarter. Schwab Charles Investment Management Inc. now owns 683,988 shares of the financial services provider’s stock valued at $29,364,000 after acquiring an additional 61,670 shares during the period. LSV Asset Management boosted its holdings in CIT Group Inc (DEL) by 2.5% during the 2nd quarter. LSV Asset Management now owns 3,430,812 shares of the financial services provider’s stock valued at $167,080,000 after acquiring an additional 84,300 shares during the period. OppenheimerFunds Inc. purchased a new position in CIT Group Inc (DEL) during the 1st quarter valued at $21,506,000. Finally, Credit Suisse AG boosted its holdings in CIT Group Inc (DEL) by 5.9% during the 1st quarter. Credit Suisse AG now owns 528,491 shares of the financial services provider’s stock valued at $22,688,000 after acquiring an additional 29,496 shares during the period.

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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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