TheStreet Upgrades CIT Group (CIT) to B
CIT Group (NYSE:CIT) was upgraded by research analysts at TheStreet from a “c+” rating to a “b” rating in a research note issued on Monday.
A number of other equities analysts have also commented on the company. Oppenheimer raised their price objective on CIT Group from $61.00 to $63.00 and gave the stock an “outperform” rating in a research note on Tuesday. ValuEngine lowered CIT Group from a “hold” rating to a “sell” rating in a research note on Monday. Zacks Investment Research lowered CIT Group from a “buy” rating to a “hold” rating in a research note on Wednesday, January 23rd. UBS Group upgraded CIT Group from a “neutral” rating to a “buy” rating in a research note on Wednesday, January 9th. Finally, Barclays set a $47.00 price target on CIT Group and gave the company a “hold” rating in a research note on Friday, December 14th. One analyst has rated the stock with a sell rating, six have assigned a hold rating and four have given a buy rating to the company. The stock has a consensus rating of “Hold” and an average target price of $53.56.
CIT Group stock opened at $47.39 on Monday. CIT Group has a one year low of $35.50 and a one year high of $55.78. The company has a debt-to-equity ratio of 1.44, a quick ratio of 1.04 and a current ratio of 1.04. The firm has a market cap of $4.65 billion, a price-to-earnings ratio of 11.73, a P/E/G ratio of 0.94 and a beta of 1.49.
In other news, EVP Edward K. Sperling sold 2,224 shares of CIT Group stock in a transaction on Wednesday, March 6th. The stock was sold at an average price of $50.16, for a total value of $111,555.84. Following the transaction, the executive vice president now owns 10,336 shares in the company, valued at approximately $518,453.76. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Matthew Galligan sold 5,375 shares of CIT Group stock in a transaction on Tuesday, February 19th. The shares were sold at an average price of $50.82, for a total value of $273,157.50. The disclosure for this sale can be found here. In the last quarter, insiders sold 10,896 shares of company stock worth $552,081. Corporate insiders own 0.27% of the company’s stock.
Institutional investors and hedge funds have recently modified their holdings of the company. Enlightenment Research LLC bought a new stake in CIT Group during the 4th quarter worth $31,000. First Mercantile Trust Co. grew its position in CIT Group by 82.0% during the 4th quarter. First Mercantile Trust Co. now owns 910 shares of the financial services provider’s stock worth $35,000 after acquiring an additional 410 shares during the last quarter. Pearl River Capital LLC bought a new stake in CIT Group during the 4th quarter worth $55,000. Bessemer Group Inc. grew its position in CIT Group by 58.2% during the 4th quarter. Bessemer Group Inc. now owns 2,857 shares of the financial services provider’s stock worth $109,000 after acquiring an additional 1,051 shares during the last quarter. Finally, Tower Research Capital LLC TRC bought a new stake in CIT Group during the 3rd quarter worth $123,000.
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 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; equipment leasing and secured financing to railroads and non-rail companies; equipment financing to small businesses.
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