November 29, 2016 - By Ruchi Gupta · 0 Comments
Cit Group Inc (NYSE:CIT) institutional sentiment decreased to 1.03 in 2016 Q2. Its down -0.08, from 1.11 in 2016Q1. The ratio has worsened, as 135 hedge funds started new or increased positions, while 122 decreased and sold positions in Cit Group Inc. The hedge funds in our partner’s database now have: 182.30 million shares, up from 182.19 million shares in 2016Q1. Also, the number of hedge funds holding Cit Group Inc in their top 10 positions decreased from 9 to 7 for a decrease of 2. Sold All: 42 Reduced: 80 Increased: 108 New Position: 27.
CIT Group Inc. is a bank holding company. The company has a market cap of $7.94 billion. The Company, together with its subsidiaries, provides financing, leasing and advisory services to middle market companies in a range of industries in North America, and equipment financing and leasing solutions to the transportation industry around the world. It has a 12.88 P/E ratio. The Company’s divisions include North America Banking (NAB), including Commercial Real Estate, Commercial Banking and Consumer Banking divisions; Transportation & International Finance (TIF), including Aerospace, Rail, Maritime Finance and International Finance divisions, and Legacy Consumer Mortgages (LCM), which includes single-family residential mortgage (SFR) loans and reverse mortgage loans.
About 90,270 shares traded hands. CIT Group Inc. (NYSE:CIT) has risen 17.89% since April 26, 2016 and is uptrending. It has outperformed by 12.63% the S&P500.
Analysts await CIT Group Inc. (NYSE:CIT) to report earnings on February, 7. They expect $0.79 earnings per share, down 30.09% or $0.34 from last year’s $1.13 per share. CIT’s profit will be $155.76 million for 12.74 P/E if the $0.79 EPS becomes a reality. After $0.73 actual earnings per share reported by CIT Group Inc. for the previous quarter, Wall Street now forecasts 8.22% EPS growth.
According to Zacks Investment Research, “CIT Group Inc. is a bank holding company that provides financing and leasing capital for commercial companies throughout the world. Covering a wide variety of industries, the Company offers vendor, equipment, commercial, and structured financing products, as well as factoring and management advisory services. CIT operates CIT Bank, a full service Utah state bank, which is regulated by the Utah Department of Financial Institutions and the FDIC. CIT Group operates primarily in North America, with locations in Europe, Latin America, Australia and the Asia-Pacific region. The Company is headquartered in New York City.”
Kingstown Capital Management L.P. holds 7.78% of its portfolio in CIT Group Inc. for 2.15 million shares. First Pacific Advisors Llc owns 14.19 million shares or 3.82% of their US portfolio. Moreover, Birch Run Capital Advisors Lp has 3.71% invested in the company for 293,000 shares. The New York-based Owl Creek Asset Management L.P. has invested 3.57% in the stock. Spears Abacus Advisors Llc, a New York-based fund reported 815,511 shares.#img1#
Insider Transactions: Since January 1, 0001, the stock had 0 buys, and 1 insider sale for $150,345 net activity.
Ratings analysis reveals 25% of CIT Group’s analysts are positive. Out of 16 Wall Street analysts rating CIT Group, 4 give it “Buy”, 1 “Sell” rating, while 11 recommend “Hold”. The lowest target is $30 while the high is $57.0. The stock’s average target of $38.46 is -4.54% below today’s ($40.29) share price. CIT was included in 30 notes of analysts from July 23, 2015. The firm has “Buy” rating given on Friday, August 21 by DA Davidson. Bank of America downgraded CIT Group Inc. (NYSE:CIT) on Friday, April 29 to “Underperform” rating. Nomura maintained CIT Group Inc. (NYSE:CIT) rating on Tuesday, May 3. Nomura has “Neutral” rating and $33 price target. BMO Capital Markets downgraded it to “Underperform” rating and $33 target price in Friday, November 18 report. The rating was reinitiated by Goldman Sachs on Friday, August 14 with “Neutral”. As per Wednesday, November 4, the company rating was maintained by Oppenheimer. On Thursday, October 22 the stock rating was upgraded by Macquarie Research to “Outperform”. As per Wednesday, February 3, the company rating was downgraded by Citigroup. The stock has “Hold” rating given by Stifel Nicolaus on Friday, October 7. The rating was downgraded by Sterne Agee CRT to “Neutral” on Monday, March 28.
CIT Group Inc. (CIT), incorporated on March 12, 2001, is a bank holding company. The Company, together with its subsidiaries, provides financing, leasing and advisory services to middle market companies in a range of industries in North America, and equipment financing and leasing solutions to the transportation industry around the world. The Company’s divisions include North America Banking (NAB), including Commercial Real Estate, Commercial Banking and Consumer Banking divisions; Transportation & International Finance (TIF), including Aerospace, Rail, Maritime Finance and International Finance divisions, and Legacy Consumer Mortgages (LCM), which includes single-family residential mortgage (SFR) loans and reverse mortgage loans. The Company’s services and products include account receivables collection; equipment leases; acquisition and expansion financing; factoring services; financial risk management; asset management and servicing; import and export financing; asset loans; insurance services; credit protection; letters of credit/trade acceptances; debt restructuring; debt underwriting and syndication; mergers and acquisition advisory services (M&A); deposits, and secured lines of credit.
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By Ruchi Gupta