CIT Group (CIT) Upgraded to “Hold” at ValuEngine

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ValuEngine upgraded shares of CIT Group (NYSE:CIT) from a sell rating to a hold rating in a research note published on Wednesday morning.

Other analysts also recently issued research reports about the stock. TheStreet raised shares of CIT Group from a c+ rating to a b- rating in a research report on Wednesday, July 18th. Morgan Stanley decreased their price target on shares of CIT Group from $58.00 to $57.50 and set an equal weight rating for the company in a research report on Tuesday, September 18th. Stephens downgraded shares of CIT Group from an overweight rating to an equal weight rating and set a $60.00 price target for the company. in a research report on Monday, August 27th. BMO Capital Markets decreased their price target on shares of CIT Group from $46.00 to $44.00 and set a market perform rating for the company in a research report on Wednesday, July 25th. Finally, Zacks Investment Research downgraded shares of CIT Group from a hold rating to a sell rating in a research report on Wednesday, October 10th. One research analyst has rated the stock with a sell rating, nine have issued a hold rating and two have assigned a buy rating to the company’s stock. The company has a consensus rating of Hold and a consensus price target of $54.29.

Shares of CIT stock traded up $0.10 during trading hours on Wednesday, hitting $47.48. 25,409 shares of the company were exchanged, compared to its average volume of 1,268,902. The firm has a market cap of $5.22 billion, a P/E ratio of 15.45, a PEG ratio of 1.15 and a beta of 1.28. CIT Group has a 1 year low of $43.80 and a 1 year high of $56.14. The company has a debt-to-equity ratio of 1.43, a current ratio of 1.04 and a quick ratio of 1.04.

CIT Group (NYSE:CIT) last posted its quarterly earnings results on Tuesday, October 23rd. The financial services provider reported $1.15 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.14 by $0.01. CIT Group had a net margin of 8.00% and a return on equity of 7.39%. The firm had revenue of $476.00 million for the quarter, compared to analyst estimates of $475.48 million. During the same quarter last year, the firm posted $1.42 earnings per share. CIT Group’s revenue for the quarter was up 2.6% compared to the same quarter last year. Analysts expect that CIT Group will post 4.01 earnings per share for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Tuesday, November 27th. Shareholders of record on Tuesday, November 13th will be paid a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 2.11%. The ex-dividend date of this dividend is Friday, November 9th. CIT Group’s payout ratio is 32.57%.

Hedge funds have recently bought and sold shares of the business. Stifel Financial Corp acquired a new position in CIT Group during the first quarter worth about $584,000. Millennium Management LLC lifted its holdings in shares of CIT Group by 110.7% during the first quarter. Millennium Management LLC now owns 323,288 shares of the financial services provider’s stock worth $16,649,000 after buying an additional 169,822 shares during the last quarter. CIBC World Markets Inc. acquired a new position in shares of CIT Group during the first quarter worth approximately $472,000. Suntrust Banks Inc. acquired a new position in shares of CIT Group during the first quarter worth approximately $1,505,000. Finally, State of Alaska Department of Revenue lifted its holdings in shares of CIT Group by 11.1% during the second quarter. State of Alaska Department of Revenue now owns 29,318 shares of the financial services provider’s stock worth $1,477,000 after buying an additional 2,920 shares during the last quarter.

CIT Group Company Profile

CIT Group Inc operates as the bank holding company for CIT Bank, National Association that provides banking and related services to commercial and individual customers. The company operates through three segments: Commercial Banking, Consumer Banking, and Non-Strategic Portfolios (NSP). 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; and equipment leasing and secured financing to railroads and non-rail companies.

Further Reading: Cost of Debt

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Analyst Recommendations for CIT Group (NYSE:CIT)

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