2016
01/25

Category:
Secured Financing

TAG:

COMMENTS:
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CIT Group Inc. (CIT) Downgraded by Zacks Investment Research

CIT Group (NYSE:CIT) last announced its quarterly earnings data on Tuesday, November 3rd. The financial services provider reported $0.26 earnings per share (EPS) for the quarter, missing the Thomson Reuters consensus estimate of $0.75 by $0.49. During the same period last year, the company earned $2.76 EPS. Analysts predict that CIT Group will post $5.81 earnings per share for the current fiscal year.

CIT has been the subject of several other research reports. Macquarie raised shares of CIT Group from a neutral rating to an outperform rating and raised their price objective for the stock from $39.88 to $65.00 in a research note on Thursday, October 22nd. Oppenheimer raised their price objective on shares of CIT Group from $51.00 to $54.00 and gave the stock an outperform rating in a research note on Wednesday, November 4th. Credit Suisse decreased their price objective on shares of CIT Group from $48.00 to $47.00 and set a neutral rating for the company in a research note on Thursday, October 8th. Barclays raised their price objective on shares of CIT Group from $46.00 to $48.00 and gave the stock an equal weight rating in a research note on Wednesday, November 4th. Finally, BTIG Research reissued a buy rating and issued a $56.00 price objective on shares of CIT Group in a research note on Thursday, October 22nd. One analyst has rated the stock with a sell rating, six have given a hold rating and nine have issued a buy rating to the company. The company currently has an average rating of Buy and a consensus target price of $53.04.

CIT Group Inc. is a bank holding company (NYSE:CIT), which provides financing, leasing and advisory services principally to middle market companies. The Company operates in two segments: Transportation and International Finance (TIF), provider of leasing and financing solutions to operators and suppliers in the global aviation and railcar industries, and North American Commercial Finance (NACF)., which consists of four divisions: Commercial Services, Corporate Finance, Equipment Finance and Real Estate Finance. Commercial Services provides factoring, receivable management products, and secured financing to businesses. Corporate Finance provides a range of financing options and offers advisory services to small and medium size companies. Equipment Finance provides leasing and equipment loan solutions to small businesses and middle market companies. Real Estate Finance provides senior secured commercial real estate loans to developers and other commercial real estate professionals.

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