CIT Group (CIT) is Upgraded by BofA/Merrill to Neutral

CIT Group (CIT) was Upgraded by BofA/Merrill to ” Neutral”. Earlier the firm had a rating of “Underperform ” on the company shares. BofA/Merrill advised their investors in a research report released on Oct 11, 2016.

Many Wall Street Analysts have commented on CIT Group. Company shares were Downgraded by Stifel on Oct 7, 2016 to ” Hold”, Firm has raised the Price Target to $ 41 from a previous price target of $40 .

On the company’s financial health, CIT Group reported $0.90 EPS for the quarter, beating the analyst consensus estimate by $ 0.12 according to the earnings call on Jul 28, 2016. Analyst had a consensus of $0.78. The company had revenue of $645.10 million for the quarter, compared to analysts expectations of $628.85 million. The company’s revenue was up 58.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.66 EPS.

CIT Group opened for trading at $37.89 and hit $37.98 on the upside on Friday, eventually ending the session at $36.93, with a gain of 1.46% or 0.53 points. The heightened volatility saw the trading volume jump to 83,81,302 shares. Company has a market cap of $7,460 M.

In a different news, on Feb 12, 2016, Steven T Mnuchin (Vice Chairman) purchased 80,000 shares at $25.64 per share price. According to the SEC, on Feb 4, 2016, John A Thain (CEO) purchased 50,000 shares at $27.31 per share price. On Feb 4, 2016, Ellen R Alemany (Vice Chairman) purchased 19,000 shares at $27.32 per share price, according to the Form-4 filing with the securities and exchange commission.

CIT Group Inc. is a bank holding company (BHC) 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.

CIT Group

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