Year to date, financial sector stocks have lost about 11%, more than double the 4.4% drop in the energy sector. The Federal Reserve’s interest rate hike was supposed to help boost interest income, but there are a lot of overhangs that the Fed’s rate increase won’t do much to help.

One of the largest overhangs is the amount of outstanding borrowing in the energy business, and that lending level hit CIT Group Inc. (NYSE: CIT) when it reported earnings last week. The Citigroup analyst dropped CIT’s rating from Buy to Neutral and cut the stock’s price target from $49 to $30.

Citi had lots of company. Here are other ratings and price target changes on CIT:

• Barclays lowered its price target from $47 to $37 and maintained an Equal Weight rating.
• BMO Capital Markets lowered its price target from $48 to $37 and kept its Market Perform rating.
• DA Davidson lowered its price target to $46 and maintained a Buy rating.
• Goldman Sachs lowered its price target from $47 to $42 and maintained its Neutral rating.
• Credit Suisse lowered its price target to $42 from $47.
• KBW cut its target price from $50 to $40 and kept its Market Perform rating.

Ally Financial Inc. (NYSE: ALLY) primarily lends to car buyers and dealers, and business was booming in 2015. The company’s problem is that it is growing too slowly and it lags competitors, none of which is posting decent growth of its own. That has led to a challenge from a hedge fund wanting the company to study strategic alternatives.

Analysts have generally been impressed, however, as recent ratings indicate:

• Barclays lowered its price target from $27 to $23 and kept its Overweight rating.
• BMO raised its target price from $24 to $25 and maintained an Outperform rating.
• Guggenheim cut its target price from $24 to $23 and kept a Buy rating.
• KBW cut its price target to $24 from $28 while maintaining its Outperform rating.
• Citigroup cut its target price from $21 to $19 and kept a Buy rating on the stock.

CIT Group shares closed Friday at $28.31, up nearly 2% for the day, and within the 52-week range of $26.08 to $49.27. The consensus price target on the stock is $44.28, but that may change as the recent changes likely are not all baked in yet.

Ally closed at $17.01 on Friday, down about 0.9% for the day. The stock’s 52-week range is $14.55 to $23.83. The consensus price target is $25.88, but that, too, is likely to change.

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