CIT Group Inc (DEL) (CIT) PT Raised to $51.00

CIT Group Inc (DEL) (NYSE:CIT) had its price objective increased by Morgan Stanley from $50.00 to $51.00 in a research note issued on Monday. The brokerage presently has an “equal weight” rating on the financial services provider’s stock. Morgan Stanley’s price objective indicates a potential upside of 10.15% from the company’s current price.

A number of other analysts have also recently commented on CIT. BidaskClub cut shares of CIT Group Inc (DEL) from a “hold” rating to a “sell” rating in a report on Wednesday, August 9th. Zacks Investment Research upgraded shares of CIT Group Inc (DEL) from a “sell” rating to a “hold” rating in a report on Thursday, July 27th. Keefe, Bruyette & Woods set a $46.00 target price on shares of CIT Group Inc (DEL) and gave the company a “hold” rating in a report on Saturday, May 27th. ValuEngine upgraded shares of CIT Group Inc (DEL) from a “hold” rating to a “buy” rating in a report on Thursday, July 27th. Finally, JMP Securities boosted their target price 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. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating and seven have given a buy rating to the company. The stock currently has an average rating of “Hold” and an average target price of $46.56.

CIT Group Inc (CIT) opened at 46.30 on Monday. The company’s market capitalization is $6.27 billion. The firm has a 50 day moving average of $45.72 and a 200-day moving average of $45.74. CIT Group Inc has a 1-year low of $34.89 and a 1-year high of $50.40.

CIT Group Inc (DEL) (NYSE:CIT) last announced its earnings results on Tuesday, July 25th. The financial services provider reported $0.68 EPS for the quarter, beating the Zacks’ consensus estimate of $0.60 by $0.08. CIT Group Inc (DEL) had a negative net margin of 20.50% and a positive return on equity of 5.66%. The firm had revenue of $605.00 million for the quarter, compared to analysts’ expectations of $500.05 million. During the same quarter in the previous year, the business posted $0.07 EPS. The company’s quarterly revenue was down 6.6% on a year-over-year basis. On average, equities research analysts anticipate that CIT Group Inc will post $2.82 earnings per share for the current fiscal year.

CIT Group Inc (DEL) declared that its Board of Directors has initiated a share buyback program on Wednesday, June 28th that permits the company to repurchase $225.00 million in outstanding shares. This repurchase authorization permits the financial services provider to buy up to 2.3% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s board of directors believes its stock is undervalued.

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In related news, insider James L. Hudak sold 2,100 shares of the company’s stock in a transaction dated Friday, August 11th. The shares were sold at an average price of $46.18, for a total value of $96,978.00. Following the transaction, the insider now owns 57,083 shares in the company, valued at approximately $2,636,092.94. The sale was disclosed in a document filed with the SEC, which is accessible through 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 approximately $667,440. The disclosure for this sale can be found here. Insiders own 0.47% of the company’s stock.

Institutional investors have recently made changes to their positions in the stock. SG Americas Securities LLC boosted its stake in CIT Group Inc (DEL) by 103.5% in the 2nd quarter. SG Americas Securities LLC now owns 5,437 shares of the financial services provider’s stock worth $265,000 after purchasing an additional 2,765 shares in the last quarter. Schwab Charles Investment Management Inc. lifted its stake in CIT Group Inc (DEL) by 9.9% during the 1st quarter. Schwab Charles Investment Management Inc. now owns 683,988 shares of the financial services provider’s stock valued at $29,364,000 after acquiring an additional 61,670 shares during the period. OppenheimerFunds Inc. bought a new position in CIT Group Inc (DEL) during the 1st quarter valued at about $21,506,000. Twin Tree Management LP lifted its stake in CIT Group Inc (DEL) by 35.8% during the 1st quarter. Twin Tree Management LP now owns 50,583 shares of the financial services provider’s stock valued at $2,172,000 after acquiring an additional 13,324 shares during the period. Finally, Credit Suisse AG lifted its stake in CIT Group Inc (DEL) by 5.9% during the 1st quarter. Credit Suisse AG now owns 528,491 shares of the financial services provider’s stock valued at $22,688,000 after acquiring an additional 29,496 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.

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

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