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Oppenheimer analyst Chris Kotowski maintained a Hold rating on CIT Group (CIT) on September 27. The company’s shares closed last Wednesday at $17.48.
According to TipRanks.com, Kotowski is a 4-star analyst with an average return of 3.7% and a 55.7% success rate. Kotowski covers the Financial sector, focusing on stocks such as Apollo Global Management, Focus Financial Partners, and JPMorgan Chase & Co.
The word on The Street in general, suggests a Moderate Buy analyst consensus rating for CIT Group with a $26.50 average price target.
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Based on CIT Group’s latest earnings release for the quarter ending June 30, the company reported a quarterly revenue of $548 million and GAAP net loss of $85.3 million. In comparison, last year the company earned revenue of $592 million and had a net profit of $138 million.
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CIT Group, Inc. is a financial holding company, which provides financing, leasing and advisory services. It operates through the following business segments: Commercial Banking, Consumer Banking and Corporate. The Commercial Banking segment consists of four divisions, commercial finance, rail, and real estate finance and business capital. It provides a range of lending, leasing and deposit products, as well as ancillary products and services, including factoring, cash management and advisory services, primarily to small and medium- sized companies, as well as to the rail industry. The Consumer Banking segment includes retail Banking, consumer lending, and SBA lending, which are grouped together for purposes of discussion as other consumer banking and legacy consumer mortgages. The Corporate segment consists of businesses and portfolios that they no longer consider strategic. These portfolios include equipment financing, secured lending and leasing and advisory services to small and middle-market businesses. The company was founded by Henry Ittelson in 1908 and is headquartered in New York, NY.
