Why Has JMP Securities Given CIT Group (NYSE:CIT) a $53.00 Price Target
Researchers at JMP Securities has given issued a key Outperform rating for CIT Group (NYSE:CIT). The firm have begun coverage in an analyst note announced on 18 December. The Estimated Target Price would now indicate upside of 30.41% from the last stock price.
From a total of 18 analysts covering CIT Group (NYSE:CIT) stock, 0 rate it a ”Buy”, 0 a “Sell”, and 0 a ”Hold”. This means that NaN of the ratings are positive. The highest target price is $65 while the lowest target price is $46. The mean of all analyst targets is $51.72 with a 26.74% above today’s ($40.24) stock price. CIT Group was the topic of 10 analyst reports since July 23, 2015 according to the firm StockzIntelligence Inc. Stifel Nicolaus maintained shares on November 9 with “Buy” rating. Macquarie Research upgraded CIT stock in a recent report from October 22 to “Outperform” rating. Finally, Goldman Sachs reinitiated the stock with “Neutral” rating in a report issued on an August 14.
The stock decreased 0.69% or $0.28 on December 18, striking $40.24. Approximately 5.86M shares of stock traded hands or 261.73% up from the average. CIT Group Inc. (NYSE:CIT) has declined 12.15% since May 15, 2015 and is downtrending. It has underperformed by 8.34% the S&P500.
The overall sentiment of institutions has decreased to 0.9 in Q2 2015. Its down 0.01, from 0.91 in 2015Q2. The ratio dived, as 45 institutions have sold all the shares of CIT Group Inc. that they owned while 115 funds have taken shares off the table. 40 funds have purchased shares for the first time while 104 added to their positions. These institutions now hold 192.00 million shares or 12.79% more than the 170.23 million shares they owned in 2015Q2.
The Fund Flaherty & Crumrine Inc currently is holding shares equating to 4.11% of its total portfolio in CIT Group Inc. representing a total of 87,960 shares. Another fund,Mcglinn Capital Management Inc, is holding a total of 29,000 shares equating to 3.5% of their holdings. Additionally, Sound Shore Management Inc Ct has a 4.60 million share stake in CIT Group Inc. which represents 3.47% of their total portfolio. The Fund, Spears Abacus Advisors Llc, based out of New York, has also built up a stake in the stock, which represents a total of 3.46% of their total portfolio. Finally Richmond Hill Investment Co. Lp, a fund which is based in the state of New York reported a total holdings of 77,448 shares.
CIT Group Inc. is a bank holding company , which provides financing, leasing and advisory services principally to middle market companies. The company has a market cap of $8.12 billion. The Firm operates in two divisions: Transportation and International Finance (TIF), well-known 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. It has 6.44 P/E ratio. Commercial Services provides factoring, receivable management products, and secured financing to businesses.
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.”