Brokerages Anticipate CIT Group Inc. (NYSE:CIT) Will Post Earnings of $0.98 Per Share


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Wall Street analysts expect that CIT Group Inc. (NYSE:CIT) will report earnings of $0.98 per share for the current fiscal quarter, according to Zacks Investment Research. Zero analysts have made estimates for CIT Group’s earnings. CIT Group reported earnings of ($0.62) per share in the same quarter last year, which suggests a positive year over year growth rate of 258.1%. The company is expected to announce its next quarterly earnings report on Tuesday, July 20th.

On average, analysts expect that CIT Group will report full year earnings of $3.31 per share for the current year, with EPS estimates ranging from $2.50 to $4.11. For the next fiscal year, analysts expect that the business will report earnings of $4.65 per share. Zacks Investment Research’s earnings per share averages are a mean average based on a survey of sell-side research firms that that provide coverage for CIT Group.

CIT Group (NYSE:CIT) last posted its earnings results on Wednesday, April 28th. The financial services provider reported $2.47 EPS for the quarter, beating the consensus estimate of $0.98 by $1.49. The firm had revenue of $557.00 million for the quarter, compared to analysts’ expectations of $464.00 million. CIT Group had a negative return on equity of 1.46% and a negative net margin of 16.59%. The firm’s revenue was up 12.3% compared to the same quarter last year. During the same period last year, the firm earned ($2.43) EPS.

Several equities analysts recently commented on the stock. Wells Fargo & Company increased their price objective on shares of CIT Group from $38.00 to $54.00 and gave the company an “equal weight” rating in a research note on Thursday, April 29th. Citigroup boosted their price target on shares of CIT Group from $47.00 to $52.00 in a research report on Wednesday, April 14th. Keefe, Bruyette & Woods upgraded shares of CIT Group from a “market perform” rating to an “outperform” rating and upped their price target for the company from $37.00 to $62.00 in a report on Monday, April 26th. Finally, Citigroup Inc. 3% Minimum Coupon Principal Protected Based Upon Russell raised their target price on shares of CIT Group from $47.00 to $52.00 in a research note on Wednesday, April 14th. One analyst has rated the stock with a sell rating, seven have given a hold rating and two have issued a buy rating to the stock. The company has a consensus rating of “Hold” and an average target price of $41.06.

In other CIT Group news, EVP Wahida Plummer sold 5,000 shares of the business’s stock in a transaction dated Wednesday, February 24th. The shares were sold at an average price of $48.60, for a total value of $243,000.00. Following the completion of the transaction, the executive vice president now directly owns 26,593 shares in the company, valued at $1,292,419.80. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Michael L. Brosnan sold 5,901 shares of the business’s stock in a transaction dated Thursday, March 11th. The stock was sold at an average price of $50.96, for a total transaction of $300,714.96. Following the completion of the transaction, the director now owns 13,883 shares of the company’s stock, valued at $707,477.68. The disclosure for this sale can be found here. Insiders have sold a total of 23,201 shares of company stock valued at $1,058,761 over the last quarter. 0.65% of the stock is currently owned by company insiders.

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Lord Abbett & CO. LLC boosted its position in CIT Group by 689.3% in the 4th quarter. Lord Abbett & CO. LLC now owns 3,975,446 shares of the financial services provider’s stock worth $142,719,000 after purchasing an additional 3,471,808 shares in the last quarter. Dimensional Fund Advisors LP boosted its position in CIT Group by 3.3% in the 4th quarter. Dimensional Fund Advisors LP now owns 3,243,328 shares of the financial services provider’s stock worth $116,434,000 after purchasing an additional 103,203 shares in the last quarter. JPMorgan Chase & Co. raised its stake in shares of CIT Group by 80.4% during the 4th quarter. JPMorgan Chase & Co. now owns 1,293,804 shares of the financial services provider’s stock worth $46,448,000 after buying an additional 576,489 shares during the period. Norges Bank acquired a new position in shares of CIT Group during the 4th quarter worth approximately $46,128,000. Finally, Cortland Associates Inc. MO acquired a new position in shares of CIT Group during the 4th quarter worth approximately $36,992,000. Hedge funds and other institutional investors own 90.45% of the company’s stock.

Shares of NYSE CIT traded down $0.67 during trading hours on Thursday, hitting $52.71. 4,670 shares of the stock were exchanged, compared to its average volume of 916,569. The company has a market cap of $5.20 billion, a PE ratio of -10.11 and a beta of 1.61. The company has a debt-to-equity ratio of 1.39, a quick ratio of 0.96 and a current ratio of 0.96. The company’s fifty day simple moving average is $52.14 and its two-hundred day simple moving average is $41.73. CIT Group has a 1-year low of $12.31 and a 1-year high of $55.89.

The company also recently announced a quarterly dividend, which will be paid on Friday, May 21st. Investors of record on Friday, May 7th will be issued a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a yield of 2.66%. The ex-dividend date of this dividend is Thursday, May 6th. CIT Group’s dividend payout ratio (DPR) is presently 27.67%.

CIT Group Company Profile

CIT Group Inc operates as the holding company for CIT Bank, N.A. that provides banking and related services to commercial and individual customers. The company operates through Commercial Banking and Consumer Banking segments. The Commercial Banking segment provides a range of commercial lending, leasing, and deposit products; loans comprising revolving lines of credit, term loans, unsecured loans, collateral-backed loans, asset-based loans, commercial real estate loans, and cash flow loans; and ancillary services and products, including cash management, capital markets, and advisory services primarily to small and middle market companies.

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