CIT Group Inc (DEL)’s (CIT) “Buy” Rating Reiterated at Oppenheimer Holdings, Inc. – Dispatch Tribunal


Oppenheimer Holdings, Inc. reissued their buy rating on shares of CIT Group Inc (DEL) (NYSE:CIT) in a research note published on Tuesday. Oppenheimer Holdings also issued estimates for CIT Group Inc (DEL)’s Q2 2018 earnings at $0.90 EPS, Q3 2018 earnings at $1.10 EPS and Q4 2018 earnings at $1.07 EPS.

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 research note on Wednesday, August 9th. Zacks Investment Research upgraded shares of CIT Group Inc (DEL) from a sell rating to a hold rating in a research note on Thursday, July 27th. Keefe, Bruyette & Woods restated a hold rating and set a $47.00 target price on shares of CIT Group Inc (DEL) in a research note on Tuesday, October 3rd. Citigroup Inc. assumed coverage on shares of CIT Group Inc (DEL) in a research note on Monday, October 16th. They set a buy rating and a $60.00 target price for the company. Finally, ValuEngine upgraded shares of CIT Group Inc (DEL) from a hold rating to a buy rating in a research note on Thursday, July 27th. Two analysts have rated the stock with a sell rating, four have assigned a hold rating and nine have assigned a buy rating to the stock. The stock has a consensus rating of Hold and an average target price of $49.89.

CIT Group Inc (NYSE CIT) traded up 1.38% on Tuesday, reaching $47.84. 736,199 shares of the company’s stock were exchanged. The firm’s 50-day moving average is $47.68 and its 200-day moving average is $46.92. The firm’s market cap is $6.48 billion. CIT Group Inc has a 12 month low of $35.14 and a 12 month high of $50.40.

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, beating analysts’ consensus estimates of $0.82 by $0.20. The firm had revenue of $592.90 million during the quarter, compared to analysts’ expectations of $488.00 million. CIT Group Inc (DEL) had a negative net margin of 20.05% and a positive return on equity of 5.89%. During the same quarter last year, the company posted $0.65 earnings per share. On average, equities analysts forecast that CIT Group Inc will post $2.81 earnings per share for the current year.

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The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 24th. Shareholders of record on Friday, November 10th will be paid a $0.16 dividend. This is a boost from CIT Group Inc (DEL)’s previous quarterly dividend of $0.15. The ex-dividend date of this dividend is Thursday, November 9th. This represents a $0.64 annualized dividend and a yield of 1.34%. CIT Group Inc (DEL)’s payout ratio is -25.32%.

In other CIT Group Inc (DEL) news, insider James L. Hudak sold 2,100 shares of CIT Group Inc (DEL) 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 completion of the sale, the insider now owns 57,083 shares in the company, valued at approximately $2,636,092.94. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Steve Solk sold 1,460 shares of CIT Group Inc (DEL) 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 sale, the insider now owns 14,832 shares of the company’s stock, valued at approximately $667,440. The disclosure for this sale can be found here. 0.47% of the stock is owned by insiders.

A number of institutional investors have recently modified their holdings of the business. Capital World Investors raised its stake in CIT Group Inc (DEL) by 0.8% in the 2nd quarter. Capital World Investors now owns 10,063,466 shares of the financial services provider’s stock worth $490,091,000 after purchasing an additional 75,966 shares in the last quarter. BlackRock Inc. raised its stake in CIT Group Inc (DEL) by 4,285.9% in the 1st quarter. BlackRock Inc. now owns 9,901,353 shares of the financial services provider’s stock worth $425,067,000 after purchasing an additional 9,675,599 shares in the last quarter. LSV Asset Management raised its stake in CIT Group Inc (DEL) by 2.5% in the 2nd quarter. LSV Asset Management now owns 3,430,812 shares of the financial services provider’s stock worth $167,080,000 after purchasing an additional 84,300 shares in the last quarter. Dimensional Fund Advisors LP raised its stake in CIT Group Inc (DEL) by 3.6% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,534,004 shares of the financial services provider’s stock worth $74,706,000 after purchasing an additional 52,792 shares in the last quarter. Finally, New Mountain Vantage Advisers L.L.C. raised its stake in CIT Group Inc (DEL) by 22.9% in the 2nd quarter. New Mountain Vantage Advisers L.L.C. now owns 1,290,283 shares of the financial services provider’s stock worth $62,837,000 after purchasing an additional 240,184 shares in the last quarter.

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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