CIT Group Inc. [CIT] Revenue clocked in at $1.67 billion, up 32.09% YTD: What’s Next?

CIT Group Inc. [NYSE: CIT] closed the trading session at $47.42 on 07/13/21. The day’s price range saw the stock hit a low of $47.19, while the highest price level was $48.11. The company report on July 13, 2021 that CIT Serves as Lead Arranger for Approximately $68.4 Million in Financing for Crane Solar in Texas.

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CIT Group Inc. (NYSE: CIT) announced that its Power and Energy business served as lead arranger for $68.4 million in financing for the acquisition of Crane Solar, a 150-megawatt solar farm located in Crane County, Texas, and an adjacent 25-megawatt battery development.

Starwood Energy Group Global LLC (“Starwood Energy”), a leading private investment firm focused on energy infrastructure, acquired the Crane Solar assets from Consolidated Edison Development Inc. with the financing provided by CIT. Electricity generated by Crane Solar is fully contracted through a purchase power agreement with Vistra Corporation, with approximately 11 years of contract life remaining.

The stocks have a year to date performance of 32.09 percent and weekly performance of -3.11 percent. The stock has been moved at 18.58 percent over the last six months. The stock has performed -10.36 percent around the most recent 30 days and changed -5.48 percent over the most recent 3-months.

If compared to the average trading volume of 851.04K shares, CIT reached to a volume of 1584572 in the most recent trading day, which is why market watchdogs consider the stock to be active.

Here’s what leading stock market gurus have to say about CIT Group Inc. [CIT]:

Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for CIT shares is $55.00 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on CIT stock is a recommendation set at 2.80. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.

Keefe Bruyette have made an estimate for CIT Group Inc. shares, keeping their opinion on the stock as Outperform, with their previous recommendation back on April 20, 2021. While these analysts kept the previous recommendation, Citigroup raised their target price from $28 to $37. The new note on the price target was released on November 18, 2020, representing the official price target for CIT Group Inc. stock. Previously, the target price had yet another raise to $34.50, while BMO Capital Markets analysts kept a Market Perform rating on CIT stock. On November 10, 2020, analysts increased their price target for CIT shares from 30 to 34.

The Average True Range (ATR) for CIT Group Inc. is set at 1.48, with the Price to Sales ratio for CIT stock in the period of the last 12 months amounting to 2.76. The Price to Book ratio for the last quarter was 0.89, with the Price to Cash per share for the same quarter was set at 58.59. Price to Free Cash Flow for CIT in the course of the last twelve months was 47.67.

CIT stock trade performance evaluation

CIT Group Inc. [CIT] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -3.11. With this latest performance, CIT shares dropped by -10.36% in over the last four-week period, additionally plugging by 18.58% over the last 6 months – not to mention a rise of 136.86% in the past year of trading.

Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for CIT stock in for the last two-week period is set at 34.67, with the RSI for the last a single of trading hit 29.83, and the three-weeks RSI is set at 38.48 for CIT Group Inc. [CIT]. The present Moving Average for the last 50 days of trading for this stock 51.97, while it was recorded at 47.85 for the last single week of trading, and 42.62 for the last 200 days.

CIT Group Inc. [CIT]: An insightful look at the core fundamentals

Operating Margin for any stock indicates how profitable investing would be, and CIT Group Inc. [CIT] shares currently have an operating margin of -9.36. CIT Group Inc.’s Net Margin is presently recorded at -19.97.

Return on Total Capital for CIT is now -2.32, given the latest momentum, and Return on Invested Capital for the company is -5.07. Return on Equity for this stock declined to -10.20, with Return on Assets sitting at -1.13. When it comes to the capital structure of this company, CIT Group Inc. [CIT] has a Total Debt to Total Equity ratio set at 106.37. Additionally, CIT Total Debt to Total Capital is recorded at 51.54, with Total Debt to Total Assets ending up at 10.48. Long-Term Debt to Equity for the company is recorded at 106.63, with the Long-Term Debt to Total Capital now at 46.93.

Reflecting on the efficiency of the workforce at the company, CIT Group Inc. [CIT] managed to generate an average of -$136,733 per employee.

Earnings per share (EPS) analysis for CIT Group Inc. [CIT] stock

The progress of the company may be observed through the prism of EPS growth rate, while Wall Street analysts are focusing on predicting the 5-year EPS growth rate for CIT. When it comes to the mentioned value, analysts are expecting to see the 5-year EPS growth rate for CIT Group Inc. go to 10.00%.

CIT Group Inc. [CIT]: Insider Ownership positions

There are presently around $4,437 million, or 97.60% of CIT stock, in the hands of institutional investors. The top three institutional holders of CIT stocks are: BLACKROCK INC. with ownership of 12,379,348, which is approximately 6.564% of the company’s market cap and around 0.90% of the total institutional ownership; VANGUARD GROUP INC, holding 9,550,995 shares of the stock with an approximate value of $452.91 million in CIT stocks shares; and STATE STREET CORP, currently with $274.16 million in CIT stock with ownership of nearly 9.352% of the company’s market capitalization.

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Positions in CIT Group Inc. stocks held by institutional investors increased at the end of July and at the time of the July reporting period, where 125 institutional holders increased their position in CIT Group Inc. [NYSE:CIT] by around 11,713,407 shares. Additionally, 150 investors decreased positions by around 11,797,772 shares, while 49 investors held positions by with 70,063,361 shares. The mentioned changes placed institutional holdings at 93,574,540 shares, according to the latest SEC report filing. CIT stock had 46 new institutional investments in for a total of 6,130,774 shares, while 39 institutional investors sold positions of 2,960,172 shares during the same period.

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