Oppenheimer Issues a Buy Rating on CIT Group (CIT)


Oppenheimer analyst Chris Kotowski assigned a Buy rating to CIT Group (CIT) today and set a price target of $61.00. The company’s shares closed last Monday at $19.72.

According to TipRanks.com, Kotowski is a 5-star analyst with an average return of 4.7% and a 56.4% success rate. Kotowski covers the Financial sector, focusing on stocks such as Apollo Global Management, JPMorgan Chase & Co., and New Mountain Finance.

Currently, the analyst consensus on CIT Group is a Strong Buy with an average price target of $36.00.

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Based on CIT Group’s latest earnings release for the quarter ending December 31, the company reported a quarterly revenue of $578 million and net profit of $131 million. In comparison, last year the company earned revenue of $554 million and had a net profit of $91.8 million.

Based on the recent corporate insider activity of 83 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of CIT in relation to earlier this year.

TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.

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.

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