Price Action To Observe: Could CIT Group Inc. See a Reversal After This Very Strong Session?

Price Action To Observe: Could CIT Group Inc. See a Reversal After This Very Strong Session?

The stock of CIT Group Inc. (NYSE:CIT) is a huge mover today! About 1.56 million shares traded hands or 20.93% up from the average. CIT Group Inc. (NYSE:CIT) has risen 9.74% since March 4, 2016 and is uptrending. It has outperformed by 1.70% the S&P500.
The move comes after 6 months positive chart setup for the $7.57 billion company. It was reported on Oct, 7 by We have $54.86 PT which if reached, will make NYSE:CIT worth $3.56 billion more.

Analysts await CIT Group Inc. (NYSE:CIT) to report earnings on November, 1. They expect $0.78 EPS, up 200.00% or $0.52 from last year’s $0.26 per share. CIT’s profit will be $158.17M for 11.96 P/E if the $0.78 EPS becomes a reality. After $0.90 actual EPS reported by CIT Group Inc. for the previous quarter, Wall Street now forecasts -13.33% negative EPS growth.

CIT Group Inc. (NYSE:CIT) Ratings Coverage

Out of 15 analysts covering CIT Group (NYSE:CIT), 4 rate it a “Buy”, 1 “Sell”, while 10 “Hold”. This means 27% are positive. $57.0 is the highest target while $30 is the lowest. The $38.86 average target is 4.13% above today’s ($37.32) stock price. CIT Group has been the topic of 27 analyst reports since July 23, 2015 according to StockzIntelligence Inc. As per Monday, August 15, the company rating was maintained by Credit Suisse. The firm earned “Neutral” rating on Monday, March 28 by Sterne Agee CRT. The company was maintained on Wednesday, November 4 by Oppenheimer. The rating was maintained by Oppenheimer on Tuesday, January 5 with “Outperform”. The stock has “Outperform” rating given by Oppenheimer on Wednesday, February 3. JMP Securities initiated the stock with “Mkt Outperform” rating in Friday, December 18 report. The stock of CIT Group Inc. (NYSE:CIT) has “Outperform” rating given on Thursday, October 22 by Macquarie Research. The stock of CIT Group Inc. (NYSE:CIT) has “Neutral” rating given on Wednesday, February 3 by Citigroup. Deutsche Bank initiated the shares of CIT in a report on Thursday, January 21 with “Hold” rating. The company was maintained on Tuesday, May 3 by Nomura.

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.”

Insitutional Activity: The institutional sentiment increased to 1.11 in 2016 Q2. Its up 0.11, from 1 in 2016Q1. The ratio improved, as 42 funds sold all CIT Group Inc. shares owned while 80 reduced positions. 27 funds bought stakes while 108 increased positions. They now own 182.30 million shares or 0.06% more from 182.19 million shares in 2016Q1.
Sg Americas Securities Limited Company has 8,064 shares for 0% of their US portfolio. Bnp Paribas Investment Prtnrs, a France-based fund reported 19,696 shares. Zurcher Kantonalbank (Zurich Cantonalbank) holds 13,815 shares or 0.01% of its portfolio. Ing Groep Nv has 0% invested in the company for 10,000 shares. Dnb Asset Mgmt As holds 78,336 shares or 0% of its portfolio. Caisse De Depot Et Placement Du Quebec holds 0.01% or 80,100 shares in its portfolio. Alliancebernstein L P has 0% invested in the company for 149,946 shares. Commonwealth Natl Bank Of Aus has 0.02% invested in the company for 43,679 shares. Stifel Fincl, a Missouri-based fund reported 80,725 shares. Fsi Gp Llc has invested 1.17% of its portfolio in CIT Group Inc. (NYSE:CIT). Farmers Merchants Invests holds 391 shares or 0% of its portfolio. The California-based Tcw Gp Inc has invested 0.01% in CIT Group Inc. (NYSE:CIT). The New York-based Bluemountain Mngmt Lc has invested 0.03% in CIT Group Inc. (NYSE:CIT). Next Fin Grp Inc has 3 shares for 0% of their US portfolio. Barclays Public Ltd Liability last reported 205,117 shares in the company.

More recent CIT Group Inc. (NYSE:CIT) news were published by: which released: “Avolon Holdings to buy CIT Group’s aircraft leasing unit for $10 billion” on October 06, 2016. Also published the news titled: “Analyst Downgrades: CIT Group Inc., Cliffs Natural Resources Inc, and Wal-Mart …” on October 07, 2016.‘s news article titled: “CIT shares soar on sale of aircraft leasing business for $10 bln” with publication date: October 06, 2016 was also an interesting one.

CIT Company Profile

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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