Zacks Investment Research | Oct 09, 2017 10:19PM ET
CIT Group Inc. (NYSE:CIT) has been streamlining its operations with a goal to improve efficiency. Over the last few years, the company has divested its Canadian, Brazilian, Mexican and European business lines. These divestitures are part of the company’s strategy to become a regional commercial banking institution.
Further, a positive trend in estimate revisions reflect optimism over the company’s earnings growth prospects. The Zacks Consensus Estimate for CIT Group’s current-quarter earnings has moved up 6.4% over the last 60 days. Also, the current year’s earnings estimates have climbed 3.3%. As a result, the stock currently carries a Zacks Rank #1 (Strong Buy).
Shares of CIT Group have rallied 14.3% year to date, substantially outperforming the Zacks Investment Research
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