Analysts Offer Insights on Financial Companies: CIT Group (CIT) and Pennantpark Investment Corp (PNNT)


Companies in the Financial sector have received a lot of coverage today as analysts weigh in on CIT Group (NYSE:CIT) and Pennantpark Investment Corp (NASDAQ:PNNT).

CIT Group (CIT)

Oppenheimer analyst Chris Kotowski maintained a Buy rating on CIT Group yesterday and set a price target of $61. The company’s shares closed yesterday at $53.94.

Kotowski commented:

“Earlier in the week we had a chance to visit Midwestern institutional investors with CIT’s CFO the IR team of Jim Ballan. The short form summary of Mr. Fawcett’s message was startlingly simple: “We’re a bank.” Left slightly more implicit, “so start valuing us like a bank.” CIT does have a 100-plus year history as a specialty finance company, but if you look anew at the company after 30 months of CEO Elen Alemany’s program of “Simplify, Strengthen, Grow” what you will find is a company that has assets found on many other bank balance sheets, is deposit funded, is regulated as a bank and is managed like a bank by veteran bank operators.”

According to TipRanks.com, Kotowski is a 5-star analyst with an average return of 11.6% and a 69.7% success rate. Kotowski covers the Financial sector, focusing on stocks such as Eagle Point Credit Company Inc, Fidus Investment Corporation, and Solar Senior Capital Ltd.

Currently, the analyst consensus on CIT Group is a Moderate Buy with an average price target of $55.40.

See today’s analyst top recommended stocks >>

Pennantpark Investment Corp (PNNT)

In a report released yesterday, Kyle Joseph from Jefferies reiterated a Hold rating on Pennantpark Investment Corp, with a price target of $8. The company’s shares closed yesterday at $7.53.

According to TipRanks.com, Joseph is a 4-star analyst with an average return of 16.6% and a 89.7% success rate. Joseph covers the Financial sector, focusing on stocks such as Consumer Portfolio Services, Gladstone Investment Corp, and Capitala Finance.

Pennantpark Investment Corp has an analyst consensus of Hold.

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