CIT Group Inc. (NYSE:CIT) – Analysts at Oppenheimer upped their Q4 2017 EPS estimates for shares of CIT Group in a research note issued to investors on Tuesday. Oppenheimer analyst C. Kotowski now anticipates that the financial services provider will post earnings per share of $0.85 for the quarter, up from their prior forecast of $0.84. Oppenheimer has a “Buy” rating on the stock. Oppenheimer also issued estimates for CIT Group’s Q1 2018 earnings at $1.12 EPS, Q3 2018 earnings at $1.30 EPS and Q4 2018 earnings at $1.23 EPS.
CIT Group (NYSE:CIT) last released its earnings results on Tuesday, October 24th. The financial services provider reported $1.02 EPS for the quarter, topping the consensus estimate of $0.82 by $0.20. The firm had revenue of $592.90 million for the quarter, compared to the consensus estimate of $488.00 million. CIT Group had a negative net margin of 20.05% and a positive return on equity of 6.22%. During the same quarter in the previous year, the firm earned $0.65 earnings per share.
CIT Group (NYSE:CIT) traded up $0.59 during trading on Thursday, reaching $51.04. 837,300 shares of the company were exchanged, compared to its average volume of 909,300. The stock has a market capitalization of $6,622.01, a P/E ratio of -21.54 and a beta of 1.49. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 1.20. CIT Group has a 52 week low of $39.48 and a 52 week high of $51.73.
In other news, EVP Denise M. Menelly sold 8,951 shares of the company’s stock in a transaction dated Wednesday, November 1st. The shares were sold at an average price of $46.84, for a total value of $419,264.84. Following the transaction, the executive vice president now directly owns 41,546 shares in the company, valued at $1,946,014.64. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Corporate insiders own 0.47% of the company’s stock.
Hedge funds and other institutional investors have recently bought and sold shares of the company. Advisor Group Inc. lifted its stake in CIT Group by 2.2% in the second quarter. Advisor Group Inc. now owns 3,030 shares of the financial services provider’s stock worth $146,000 after acquiring an additional 66 shares during the period. Schroder Investment Management Group lifted its stake in CIT Group by 82.0% in the third quarter. Schroder Investment Management Group now owns 3,063 shares of the financial services provider’s stock worth $149,000 after acquiring an additional 1,380 shares during the period. Pacer Advisors Inc. lifted its stake in CIT Group by 8.2% in the second quarter. Pacer Advisors Inc. now owns 4,164 shares of the financial services provider’s stock worth $203,000 after acquiring an additional 316 shares during the period. Colony Group LLC purchased a new stake in CIT Group in the second quarter worth about $207,000. Finally, IFM Investors Pty Ltd purchased a new stake in CIT Group in the third quarter worth about $236,000.
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CIT Group Company Profile
CIT Group Inc (CIT) is a bank holding company (BHC) and a financial holding company (FHC). The Company, together with its subsidiaries, provides financing, leasing and advisory services to middle market companies in a range of industries in North America. The Company’s segments include Commercial Banking, Consumer Banking, Non-Strategic Portfolios, and Corporate and Other.
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