CIT Group Inc (DEL)’s (CIT) Sell Rating Reiterated at BMO Capital Markets

BMO Capital Markets reiterated their sell rating on shares of CIT Group Inc (DEL) (NYSE:CIT) in a report issued on Friday. They currently have a $31.00 price target on the financial services provider’s stock.

Several other equities research analysts have also recently weighed in on the stock. BTIG Research reiterated a buy rating and set a $57.00 price objective on shares of CIT Group Inc (DEL) in a research report on Tuesday, July 25th. They noted that the move was a valuation call. Credit Suisse Group reiterated a hold rating and set a $48.00 price objective on shares of CIT Group Inc (DEL) in a research report on Sunday, July 2nd. CIBC reiterated an outperform rating on shares of CIT Group Inc (DEL) in a research report on Tuesday, July 11th. ValuEngine cut shares of CIT Group Inc (DEL) from a buy rating to a hold rating in a research report on Wednesday, July 19th. Finally, Stephens upgraded shares of CIT Group Inc (DEL) from an equal weight rating to an overweight rating in a research report on Monday, July 17th. Two analysts have rated the stock with a sell rating, five have issued a hold rating and eight have given a buy rating to the stock. The company has a consensus rating of Hold and a consensus price target of $46.78.

CIT Group Inc (CIT) opened at 49.37 on Friday. The stock has a 50 day moving average of $46.23 and a 200 day moving average of $46.26. CIT Group Inc has a one year low of $35.14 and a one year high of $50.40. The firm’s market cap is $6.69 billion.

CIT Group Inc (DEL) (NYSE:CIT) last posted its quarterly earnings data on Tuesday, July 25th. The financial services provider reported $0.68 earnings per share for the quarter, topping the Thomson Reuters’ 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 company had revenue of $605.00 million during the quarter, compared to analysts’ expectations of $500.05 million. During the same period in the prior year, the company posted $0.07 earnings per share. CIT Group Inc (DEL)’s revenue for the quarter was down 6.6% compared to the same quarter last year. Equities research analysts predict that CIT Group Inc will post $2.79 EPS for the current fiscal year.

ILLEGAL ACTIVITY WARNING: “CIT Group Inc (DEL)’s (CIT) Sell Rating Reiterated at BMO Capital Markets” was originally reported by The Ledger Gazette and is the property of of The Ledger Gazette. If you are accessing this news story on another website, it was illegally copied and republished in violation of US & international copyright & trademark law. The legal version of this news story can be read at https://ledgergazette.com/2017/10/09/cit-group-inc-dels-cit-sell-rating-reiterated-at-bmo-capital-markets.html.

CIT Group Inc (DEL) announced that its board has approved a share repurchase program on Wednesday, June 28th that authorizes the company to repurchase $225.00 million in shares. This repurchase authorization authorizes the financial services provider to purchase up to 2.3% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s management believes its stock is undervalued.

In other news, insider Steve Solk sold 1,460 shares of CIT Group Inc (DEL) stock in a transaction dated Friday, August 25th. The shares were 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 directly owns 14,832 shares in the company, valued at $667,440. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, 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 transaction of $96,978.00. Following the transaction, the insider now owns 57,083 shares of the company’s stock, valued at $2,636,092.94. The disclosure for this sale can be found here. Company insiders own 0.47% of the company’s stock.

Several hedge funds and other institutional investors have recently modified their holdings of the company. M&T Bank Corp grew its holdings in shares of CIT Group Inc (DEL) by 0.6% during the second quarter. M&T Bank Corp now owns 5,210 shares of the financial services provider’s stock valued at $253,000 after buying an additional 30 shares during the last quarter. Advisor Group Inc. grew its holdings in shares of CIT Group Inc (DEL) by 2.2% during the second quarter. Advisor Group Inc. now owns 3,030 shares of the financial services provider’s stock valued at $146,000 after buying an additional 66 shares during the last quarter. Pacer Advisors Inc. grew its holdings in shares of CIT Group Inc (DEL) by 3.2% during the first quarter. Pacer Advisors Inc. now owns 3,848 shares of the financial services provider’s stock valued at $165,000 after buying an additional 121 shares during the last quarter. Janney Montgomery Scott LLC grew its holdings in shares of CIT Group Inc (DEL) by 4.0% during the second quarter. Janney Montgomery Scott LLC now owns 5,059 shares of the financial services provider’s stock valued at $246,000 after buying an additional 193 shares during the last quarter. Finally, Paradigm Asset Management Co. LLC grew its holdings in shares of CIT

Several other equities research analysts have also recently weighed in on the stock. BTIG Research reiterated a buy rating and set a $57.00 price objective on shares of CIT Group Inc (DEL) in a research report on Tuesday, July 25th. They noted that the move was a valuation call. Credit Suisse Group reiterated a hold rating and set a $48.00 price objective on shares of CIT Group Inc (DEL) in a research report on Sunday, July 2nd. CIBC reiterated an outperform rating on shares of CIT Group Inc (DEL) in a research report on Tuesday, July 11th. ValuEngine cut shares of CIT Group Inc (DEL) from a buy rating to a hold rating in a research report on Wednesday, July 19th. Finally, Stephens upgraded shares of CIT Group Inc (DEL) from an equal weight rating to an overweight rating in a research report on Monday, July 17th. Two analysts have rated the stock with a sell rating, five have issued a hold rating and eight have given a buy rating to the stock. The company has a consensus rating of Hold and a consensus price target of $46.78.

CIT Group Inc (CIT) opened at 49.37 on Friday. The stock has a 50 day moving average of $46.23 and a 200 day moving average of $46.26. CIT Group Inc has a one year low of $35.14 and a one year high of $50.40. The firm’s market cap is $6.69 billion.

CIT Group Inc (DEL) (NYSE:CIT) last posted its quarterly earnings data on Tuesday, July 25th. The financial services provider reported $0.68 earnings per share for the quarter, topping the Thomson Reuters’ 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 company had revenue of $605.00 million during the quarter, compared to analysts’ expectations of $500.05 million. During the same period in the prior year, the company posted $0.07 earnings per share. CIT Group Inc (DEL)’s revenue for the quarter was down 6.6% compared to the same quarter last year. Equities research analysts predict that CIT Group Inc will post $2.79 EPS for the current fiscal year.

ILLEGAL ACTIVITY WARNING: “CIT Group Inc (DEL)’s (CIT) Sell Rating Reiterated at BMO Capital Markets” was originally reported by The Ledger Gazette and is the property of of The Ledger Gazette. If you are accessing this news story on another website, it was illegally copied and republished in violation of US & international copyright & trademark law. The legal version of this news story can be read at https://ledgergazette.com/2017/10/09/cit-group-inc-dels-cit-sell-rating-reiterated-at-bmo-capital-markets.html.

CIT Group Inc (DEL) announced that its board has approved a share repurchase program on Wednesday, June 28th that authorizes the company to repurchase $225.00 million in shares. This repurchase authorization authorizes the financial services provider to purchase up to 2.3% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s management believes its stock is undervalued.

In other news, insider Steve Solk sold 1,460 shares of CIT Group Inc (DEL) stock in a transaction dated Friday, August 25th. The shares were 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 directly owns 14,832 shares in the company, valued at $667,440. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, 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 transaction of $96,978.00. Following the transaction, the insider now owns 57,083 shares of the company’s stock, valued at $2,636,092.94. The disclosure for this sale can be found here. Company insiders own 0.47% of the company’s stock.

Several hedge funds and other institutional investors have recently modified their holdings of the company. M&T Bank Corp grew its holdings in shares of CIT Group Inc (DEL) by 0.6% during the second quarter. M&T Bank Corp now owns 5,210 shares of the financial services provider’s stock valued at $253,000 after buying an additional 30 shares during the last quarter. Advisor Group Inc. grew its holdings in shares of CIT Group Inc (DEL) by 2.2% during the second quarter. Advisor Group Inc. now owns 3,030 shares of the financial services provider’s stock valued at $146,000 after buying an additional 66 shares during the last quarter. Pacer Advisors Inc. grew its holdings in shares of CIT Group Inc (DEL) by 3.2% during the first quarter. Pacer Advisors Inc. now owns 3,848 shares of the financial services provider’s stock valued at $165,000 after buying an additional 121 shares during the last quarter. Janney Montgomery Scott LLC grew its holdings in shares of CIT Group Inc (DEL) by 4.0% during the second quarter. Janney Montgomery Scott LLC now owns 5,059 shares of the financial services provider’s stock valued at $246,000 after buying an additional 193 shares during the last quarter. Finally, Paradigm Asset Management Co. LLC grew its holdings in shares of CIT Group Inc (DEL) by 1.4% during the second quarter. Paradigm Asset Management Co. LLC now owns 14,060 shares of the financial services provider’s stock valued at $685,000 after buying an additional 200 shares during the last quarter.

About CIT Group Inc (DEL)

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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