CIT Group (NYSE:CIT) Upgraded to B at TheStreet
CIT Group (NYSE:CIT) was upgraded by equities researchers at TheStreet from a “c+” rating to a “b” rating in a research note issued to investors on Friday, TheStreetRatingsTable reports.
Separately, Morgan Stanley dropped their price objective on CIT Group from $54.00 to $53.00 and set an “equal weight” rating on the stock in a report on Thursday, October 3rd. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and three have assigned a buy rating to the company. The stock has an average rating of “Hold” and a consensus price target of $55.86.
Shares of CIT stock opened at $45.25 on Friday. The company’s fifty day simple moving average is $44.63 and its two-hundred day simple moving average is $46.76. The company has a debt-to-equity ratio of 1.13, a current ratio of 0.97 and a quick ratio of 0.97. CIT Group has a 1 year low of $35.50 and a 1 year high of $54.02. The stock has a market capitalization of $4.31 billion, a price-to-earnings ratio of 11.20, a PEG ratio of 0.91 and a beta of 1.60.
In other news, EVP John J. Fawcett purchased 14,000 shares of CIT Group stock in a transaction dated Wednesday, November 13th. The stock was purchased at an average cost of $25.00 per share, for a total transaction of $350,000.00. Following the transaction, the executive vice president now directly owns 14,000 shares of the company’s stock, valued at $350,000. The purchase was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider David Harnisch purchased 4,600 shares of CIT Group stock in a transaction dated Wednesday, November 13th. The shares were purchased at an average price of $25.00 per share, with a total value of $115,000.00. Following the completion of the transaction, the insider now directly owns 4,600 shares in the company, valued at $115,000. The disclosure for this purchase can be found here. Insiders have purchased a total of 48,600 shares of company stock worth $1,215,000 in the last ninety days. 0.42% of the stock is currently owned by insiders.
Several hedge funds have recently modified their holdings of the stock. C M Bidwell & Associates Ltd. bought a new stake in CIT Group during the second quarter valued at $31,000. SRS Capital Advisors Inc. purchased a new position in CIT Group during the second quarter worth about $51,000. NumerixS Investment Technologies Inc bought a new position in CIT Group in the 2nd quarter worth about $53,000. Coastal Investment Advisors Inc. bought a new position in CIT Group in the 2nd quarter worth about $118,000. Finally, Metropolitan Life Insurance Co NY raised its holdings in shares of CIT Group by 9.2% in the 3rd quarter. Metropolitan Life Insurance Co NY now owns 2,669 shares of the financial services provider’s stock valued at $121,000 after acquiring an additional 224 shares in the last quarter. Institutional investors own 99.68% of the company’s stock.
About CIT Group
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.
Featured Story: Limitations of the P/E Growth ratio
Receive News & Ratings for CIT Group Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for CIT Group and related companies with MarketBeat.com's FREE daily email newsletter.