Oppenheimer Analysts Boost Earnings Estimates for CIT Group Inc. (CIT)
CIT Group Inc. (NYSE:CIT) – Stock analysts at Oppenheimer upped their Q4 2017 earnings per share (EPS) estimates for CIT Group in a report issued on Tuesday. Oppenheimer analyst C. Kotowski now expects that the financial services provider will earn $0.85 per share for the quarter, up from their previous forecast of $0.84. Oppenheimer currently has a “Buy” rating on the stock. Oppenheimer also issued estimates for CIT Group’s Q1 2018 earnings at $1.12 EPS, Q3 2018 earnings at $1.30 EPS and Q4 2018 earnings at $1.23 EPS.
Other equities research analysts have also issued research reports about the company. Zacks Investment Research raised CIT Group from a “hold” rating to a “buy” rating and set a $55.00 target price on the stock in a research report on Tuesday. Keefe, Bruyette & Woods reissued a “hold” rating and set a $53.00 target price on shares of CIT Group in a research report on Friday, December 29th. BMO Capital Markets raised their target price on CIT Group from $31.00 to $35.00 and gave the stock an “underperform” rating in a research report on Wednesday, October 25th. Citigroup began coverage on CIT Group in a research report on Monday, October 16th. They set a “buy” rating and a $60.00 target price on the stock. Finally, Morgan Stanley raised their target price on CIT Group from $50.00 to $51.00 and gave the stock an “equal weight” rating in a research report on Monday, September 18th. Two research analysts have rated the stock with a sell rating, five have issued a hold rating and nine have issued a buy rating to the company. CIT Group currently has an average rating of “Hold” and a consensus price target of $52.00.
Shares of CIT Group (NYSE CIT) opened at $51.16 on Thursday. The company has a debt-to-equity ratio of 1.20, a quick ratio of 1.05 and a current ratio of 1.05. CIT Group has a 12-month low of $39.48 and a 12-month high of $51.73. The firm has a market capitalization of $6,699.45, a PE ratio of 16.73 and a beta of 1.49.
CIT Group (NYSE:CIT) last issued its earnings results on Tuesday, October 24th. The financial services provider reported $1.02 earnings per share for the quarter, topping the consensus estimate of $0.82 by $0.20. CIT Group had a positive return on equity of 6.22% and a negative net margin of 20.05%. The business had revenue of $592.90 million for the quarter, compared to analyst estimates of $488.00 million. During the same quarter last year, the company earned $0.65 EPS.
In other CIT Group news, EVP Denise M. Menelly sold 8,951 shares of CIT Group stock in a transaction that occurred on Wednesday, November 1st. The stock was sold at an average price of $46.84, for a total transaction of $419,264.84. Following the transaction, the executive vice president now owns 41,546 shares of the company’s stock, valued at $1,946,014.64. The transaction was disclosed in a filing with the SEC, which is available at this link. Insiders own 0.47% of the company’s stock.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in CIT. Janus Henderson Group PLC increased its position in CIT Group by 4,090.9% during the second quarter. Janus Henderson Group PLC now owns 1,199,346 shares of the financial services provider’s stock worth $58,408,000 after buying an additional 1,170,728 shares during the period. Jacobs Asset Management LLC grew its stake in shares of CIT Group by 78.6% in the 3rd quarter. Jacobs Asset Management LLC now owns 844,175 shares of the financial services provider’s stock valued at $41,407,000 after purchasing an additional 371,609 shares during the last quarter. Schwab Charles Investment Management Inc. grew its stake in shares of CIT Group by 61.7% in the 3rd quarter. Schwab Charles Investment Management Inc. now owns 866,738 shares of the financial services provider’s stock valued at $42,514,000 after purchasing an additional 330,875 shares during the last quarter. JPMorgan Chase & Co. grew its stake in shares of CIT Group by 209.7% in the 3rd quarter. JPMorgan Chase & Co. now owns 485,271 shares of the financial services provider’s stock valued at $23,661,000 after purchasing an additional 328,586 shares during the last quarter. Finally, Redwood Capital Management LLC grew its stake in shares of CIT Group by 296.4% in the 2nd quarter. Redwood Capital Management LLC now owns 396,400 shares of the financial services provider’s stock valued at $19,305,000 after purchasing an additional 296,400 shares during the last quarter.
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About CIT Group
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.
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