Morgan Stanley Initiates Coverage On CIT Group to Equal-Weight with Price Target $45

Morgan Stanley Initiates Coverage On CIT Group(CIT). In a research note issued to the investors, the brokerage major Announces the price-target to $45 per share. The shares have been rated Equal-Weight. The rating by the stock financial advisor at Morgan Stanley was issued on Mar 27, 2017 in a research report to their Investors and Clients.

CIT Group (CIT) made into the market gainers list on Fridays trading session with the shares advancing 1.20% or 0.49 points. Due to strong positive momentum, the stock ended at $41.36, which is also near the day’s high of $41.4799. The stock began the session at $40.98 and the volume stood at 20,24,673 shares. The 52-week high of the shares is $44.1 and the 52 week low is $28.33. The company has a current market capitalization of $8,380 M and it has 20,26,03,390 shares in outstanding.

CIT Group(CIT) last announced its earnings results on Oct 25, 2016 for Fiscal Year 2016 and Q3.Company reported revenue of $608.70M. Analysts had an estimated revenue of $622.98M. Earnings per share were $0.73. The reported EPS was above estimates by $0.06 or NaN%. Analysts had estimated an EPS of $0.79.

Several Insider Transactions has been reported to the SEC. On Mar 1, 2017, R. Brad Oates (director) sold 7,030 shares at $42.78 per share price.Also, On Feb 23, 2017, James L Hudak (President, Commercial Banking) sold 13,451 shares at $43.96 per share price.On Feb 7, 2017, Matthew Galligan (President, Real Estate Finance) sold 5,097 shares at $42.15 per share price, according to the Form-4 filing with the securities and exchange commission.

CIT Group Inc. is a bank holding company (BHC) which provides financing leasing and advisory services principally to middle market companies. The Company operates in two segments: Transportation and International Finance (TIF) 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. Commercial Services provides factoring receivable management products and secured financing to businesses. Corporate Finance provides a range of financing options and offers advisory services to small and medium size companies. Equipment Finance provides leasing and equipment loan solutions to small businesses and middle market companies. Real Estate Finance provides senior secured commercial real estate loans to developers and other commercial real estate professionals.

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