CIT Group (NYSE:CIT) Downgraded to “C+” at TheStreet

TheStreet cut shares of CIT Group (NYSE:CIT) from a b rating to a c+ rating in a research note published on Monday morning, TheStreetRatingsTable reports.

A number of other equities research analysts also recently commented on CIT. Oppenheimer increased their price objective on CIT Group from $63.00 to $71.00 and gave the company an outperform rating in a research report on Wednesday, April 24th. UBS Group increased their price objective on CIT Group from $55.00 to $60.00 and gave the company a buy rating in a research report on Wednesday, April 24th. Citigroup increased their price objective on CIT Group from $55.00 to $62.00 and gave the company a buy rating in a research report on Wednesday, April 24th. BMO Capital Markets increased their price objective on CIT Group from $49.00 to $50.00 and gave the company a market perform rating in a research report on Wednesday, July 24th. Finally, Zacks Investment Research upgraded CIT Group from a sell rating to a hold rating in a research report on Monday, April 22nd. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and three have given a buy rating to the stock. The company currently has a consensus rating of Hold and an average target price of $56.25.

Shares of NYSE:CIT opened at $42.21 on Monday. CIT Group has a one year low of $35.50 and a one year high of $55.23. The stock has a fifty day moving average of $48.11 and a 200-day moving average of $49.64. The company has a market capitalization of $4.01 billion, a PE ratio of 10.45, a price-to-earnings-growth ratio of 0.85 and a beta of 1.53. The company has a debt-to-equity ratio of 1.13, a quick ratio of 0.94 and a current ratio of 0.94.

CIT Group (NYSE:CIT) last announced its quarterly earnings data on Tuesday, July 23rd. The financial services provider reported $1.32 EPS for the quarter, beating analysts’ consensus estimates of $1.13 by $0.19. CIT Group had a return on equity of 9.02% and a net margin of 14.72%. The company had revenue of $466.80 million during the quarter, compared to the consensus estimate of $463.21 million. During the same quarter in the prior year, the firm earned $1.00 EPS. The company’s quarterly revenue was down 11.0% compared to the same quarter last year. As a group, research analysts forecast that CIT Group will post 5 EPS for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Friday, August 23rd. Shareholders of record on Friday, August 9th will be paid a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a yield of 3.32%. The ex-dividend date of this dividend is Thursday, August 8th. CIT Group’s dividend payout ratio (DPR) is currently 34.65%.

In other news, insider Robert C. Rubino bought 6,930 shares of the business’s stock in a transaction on Tuesday, August 13th. The shares were bought at an average cost of $43.22 per share, with a total value of $299,514.60. Following the purchase, the insider now directly owns 74,234 shares in the company, valued at $3,208,393.48. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, EVP John J. Fawcett bought 7,000 shares of the business’s stock in a transaction on Tuesday, August 13th. The shares were purchased at an average cost of $43.96 per share, for a total transaction of $307,720.00. Following the completion of the purchase, the executive vice president now owns 15,802 shares in the company, valued at $694,655.92. The disclosure for this purchase can be found here. Over the last three months, insiders have acquired 30,430 shares of company stock worth $1,316,860. Company insiders own 0.42% of the company’s stock.

Large investors have recently made changes to their positions in the business. Geode Capital Management LLC boosted its holdings in CIT Group by 21.9% in the fourth quarter. Geode Capital Management LLC now owns 1,245,400 shares of the financial services provider’s stock worth $47,631,000 after acquiring an additional 223,475 shares in the last quarter. IFM Investors Pty Ltd boosted its holdings in CIT Group by 8.6% in the first quarter. IFM Investors Pty Ltd now owns 6,700 shares of the financial services provider’s stock worth $321,000 after acquiring an additional 528 shares in the last quarter. Virginia Retirement Systems ET AL boosted its holdings in CIT Group by 16.2% in the first quarter. Virginia Retirement Systems ET AL now owns 162,100 shares of the financial services provider’s stock worth $7,776,000 after acquiring an additional 22,600 shares in the last quarter. Los Angeles Capital Management & Equity Research Inc. acquired a new stake in CIT Group in the first quarter worth about $1,548,000. Finally, BNP Paribas Arbitrage SA boosted its holdings in CIT Group by 541.8% in the first quarter. BNP Paribas Arbitrage SA now owns 215,737 shares of the financial services provider’s stock worth $10,349,000 after acquiring an additional 182,123 shares in the last quarter.

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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Analyst Recommendations for CIT Group (NYSE:CIT)

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