Keefe, Bruyette & Woods Upgrades CIT Group (NYSE:CIT) to “Outperform”


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CIT Group (NYSE:CIT) was upgraded by stock analysts at Keefe, Bruyette & Woods from a “market perform” rating to an “outperform” rating in a report released on Monday, The Fly reports.

Several other brokerages also recently commented on CIT. Citigroup Inc. 3% Minimum Coupon Principal Protected Based Upon Russell lifted their target price on CIT Group from $47.00 to $52.00 in a report on Wednesday, April 14th. Citigroup upped their price target on CIT Group from $47.00 to $52.00 in a research note on Wednesday, April 14th. Finally, Wells Fargo & Company upped their price target on CIT Group from $24.00 to $38.00 and gave the stock an “equal weight” rating in a research note on Wednesday, January 27th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and two have assigned a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus target price of $37.15.

CIT stock traded up $0.17 during midday trading on Monday, reaching $52.99. 23,451 shares of the stock were exchanged, compared to its average volume of 920,675. The stock has a market capitalization of $5.23 billion, a PE ratio of -10.04 and a beta of 1.61. CIT Group has a 52 week low of $12.31 and a 52 week high of $54.68. The company has a debt-to-equity ratio of 1.39, a current ratio of 0.96 and a quick ratio of 0.96. The company has a fifty day moving average price of $50.49 and a 200 day moving average price of $38.85.

CIT Group (NYSE:CIT) last issued its quarterly earnings data on Monday, January 25th. The financial services provider reported $1.50 earnings per share for the quarter, topping analysts’ consensus estimates of $0.57 by $0.93. The business had revenue of $496.00 million for the quarter, compared to analyst estimates of $451.85 million. CIT Group had a negative return on equity of 1.46% and a negative net margin of 16.59%. CIT Group’s quarterly revenue was up 7.6% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.27 EPS. As a group, analysts anticipate that CIT Group will post -1.66 earnings per share for the current fiscal year.

In other news, Director Michael L. Brosnan sold 5,901 shares of the company’s stock in a transaction that occurred on Thursday, March 11th. The stock was sold at an average price of $50.96, for a total value of $300,714.96. Following the completion of the transaction, the director now directly owns 13,883 shares of the company’s stock, valued at $707,477.68. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, EVP Edward K. Sperling sold 1,300 shares of the company’s stock in a transaction that occurred on Tuesday, March 2nd. The shares were sold at an average price of $47.32, for a total value of $61,516.00. Following the completion of the transaction, the executive vice president now directly owns 18,025 shares of the company’s stock, valued at $852,943. The disclosure for this sale can be found here. Insiders have sold a total of 23,201 shares of company stock valued at $1,058,761 over the last three months. Corporate insiders own 0.65% of the company’s stock.

Several hedge funds have recently added to or reduced their stakes in CIT. Amundi Pioneer Asset Management Inc. grew its holdings in shares of CIT Group by 28.3% in the first quarter. Amundi Pioneer Asset Management Inc. now owns 275,604 shares of the financial services provider’s stock valued at $13,221,000 after acquiring an additional 60,845 shares in the last quarter. Morgan Stanley grew its holdings in shares of CIT Group by 18.4% in the third quarter. Morgan Stanley now owns 678,757 shares of the financial services provider’s stock valued at $12,021,000 after acquiring an additional 105,263 shares in the last quarter. ExodusPoint Capital Management LP bought a new position in shares of CIT Group in the third quarter valued at approximately $340,000. California State Teachers Retirement System grew its holdings in shares of CIT Group by 1.2% in the third quarter. California State Teachers Retirement System now owns 161,265 shares of the financial services provider’s stock valued at $2,856,000 after acquiring an additional 1,864 shares in the last quarter. Finally, Great West Life Assurance Co. Can grew its holdings in CIT Group by 1.4% during the third quarter. Great West Life Assurance Co. Can now owns 56,412 shares of the financial services provider’s stock valued at $999,000 after purchasing an additional 768 shares during the period. 90.45% of the stock is owned by institutional investors.

CIT Group Company Profile

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 provides a range of commercial lending, leasing, and deposit products; loans comprising revolving lines of credit, term loans, unsecured loans, collateral-backed loans, asset-based loans, commercial real estate loans, and cash flow loans; and ancillary services and products, including cash management, capital markets, and advisory services primarily to small and middle market companies.

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Analyst Recommendations for CIT Group (NYSE:CIT)

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