CIT Group Inc (DEL) (NYSE:CIT) Lowered to “Hold” at Zacks Investment Research

CIT Group Inc (DEL) (NYSE:CIT) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report issued on Friday, November 3rd.

According to Zacks, “Shares of CIT Group have underperformed the industry over the past twelve months. Yet, the company has surpassed the Zacks Consensus Estimate for earnings in three of the trailing four quarters. Its third-quarter 2017 results were aided by lower expenses and a fall in provisions. The company's business streamlining initiatives should improve efficiency, going forward. Also, given a solid capital and balance sheet position, the company is expected to continue to enhance shareholder value through efficient capital deployment activities. However, mounting expenses are expected to hurt bottom-line growth in the near term. Further, worsening credit quality and sluggish growth in the industries where CIT Group provides finance continue to be key concerns.”

Other equities analysts also recently issued research reports about the stock. Barclays PLC lowered their price target on shares of CIT Group Inc (DEL) from $45.00 to $44.00 and set an “equal weight” rating on the stock in a report on Wednesday, October 25th. JMP Securities lifted their price target on shares of CIT Group Inc (DEL) from $49.00 to $54.00 and gave the company a “market outperform” rating in a report on Thursday, July 13th. Keefe, Bruyette & Woods reaffirmed a “hold” rating and set a $47.00 price target on shares of CIT Group Inc (DEL) in a report on Tuesday, October 3rd. Oppenheimer Holdings, Inc. reissued an “outperform” rating on shares of CIT Group Inc (DEL) in a report on Tuesday, July 11th. Finally, ValuEngine raised shares of CIT Group Inc (DEL) from a “hold” rating to a “buy” rating in a report on Thursday, July 27th. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating and eight have assigned a buy rating to the company’s stock. CIT Group Inc (DEL) presently has an average rating of “Hold” and a consensus price target of $49.89.

Shares of CIT Group Inc (NYSE:CIT) traded up $0.33 during mid-day trading on Friday, hitting $47.94. 701,595 shares of the stock were exchanged, compared to its average volume of 1,992,298. CIT Group Inc has a 52-week low of $39.48 and a 52-week high of $50.40. The company has a market capitalization of $6,383.12, a price-to-earnings ratio of 15.94 and a beta of 1.47. The company has a debt-to-equity ratio of 1.20, a current ratio of 1.05 and a quick ratio of 1.05.

CIT Group Inc (DEL) (NYSE:CIT) last announced its quarterly earnings results on Tuesday, October 24th. The financial services provider reported $1.02 EPS for the quarter, topping analysts’ consensus estimates of $0.82 by $0.20. The firm had revenue of $592.90 million during the quarter, compared to analyst estimates of $488.00 million. CIT Group Inc (DEL) had a negative net margin of 20.05% and a positive return on equity of 6.22%. During the same period in the previous year, the business posted $0.65 earnings per share. sell-side analysts forecast that CIT Group Inc will post 2.92 EPS for the current year.

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In other news, EVP Denise M. Menelly sold 8,951 shares of the company’s stock in a transaction dated Wednesday, November 1st. The shares were sold at an average price of $46.84, for a total value of $419,264.84. Following the transaction, the executive vice president now directly owns 41,546 shares in the company, valued at $1,946,014.64. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Steve Solk sold 1,460 shares of the company’s stock in a transaction dated 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 $667,440. The disclosure for this sale can be found here. Insiders own 0.47% of the company’s stock.

Several hedge funds and other institutional investors have recently bought and sold shares of the company. M&T Bank Corp grew its holdings in shares of CIT Group Inc (DEL) by 0.6% in the second quarter. M&T Bank Corp now owns 5,210 shares of the financial services provider’s stock worth $253,000 after purchasing an additional 30 shares during the last quarter. Advisor Group Inc. lifted its stake in CIT Group Inc (DEL) by 2.2% in the second quarter. Advisor Group Inc. now owns 3,030 shares of the financial services provider’s stock worth $146,000 after acquiring an additional 66 shares during the period. Janney Montgomery Scott LLC lifted its stake in CIT Group Inc (DEL) by 4.0% in the second quarter. Janney Montgomery Scott LLC now owns 5,059 shares of the financial services provider’s stock worth $246,000 after acquiring an additional 193 shares during the period. Paradigm Asset Management Co. LLC lifted its stake in CIT Group Inc (DEL) by 1.4% in the second quarter. Paradigm Asset Management Co. LLC now owns 14,060 shares of the financial services provider’s stock worth $685,000 after acquiring an additional 200 shares during the period. Finally, Pacer Advisors Inc. lifted its stake in CIT Group Inc (DEL) by 8.2% in the second quarter. Pacer Advisors Inc. now owns 4,164 shares of the financial services provider’s stock worth $203,000 after acquiring an additional 316 shares during the period.

CIT Group Inc (DEL) Company Profile

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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Analyst Recommendations for CIT Group Inc (DEL) (NYSE:CIT)

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