CIT Group Inc. (NYSE:CIT) – Oppenheimer decreased their Q4 2019 earnings per share (EPS) estimates for shares of CIT Group in a research report issued to clients and investors on Tuesday, October 22nd. Oppenheimer analyst C. Kotowski now anticipates that the financial services provider will earn $1.08 per share for the quarter, down from their prior forecast of $1.27. Oppenheimer also issued estimates for CIT Group’s Q1 2020 earnings at $1.24 EPS, Q2 2020 earnings at $1.18 EPS, Q3 2020 earnings at $1.47 EPS and Q4 2020 earnings at $1.39 EPS.
CIT Group (NYSE:CIT) last announced its quarterly earnings results on Tuesday, October 22nd. The financial services provider reported $1.29 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.21 by $0.08. The firm had revenue of $454.00 million during the quarter, compared to analyst estimates of $460.02 million. CIT Group had a return on equity of 9.03% and a net margin of 15.11%. CIT Group’s quarterly revenue was down 4.6% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.15 earnings per share.
Shares of NYSE CIT opened at $43.78 on Friday. The company has a debt-to-equity ratio of 1.13, a quick ratio of 0.94 and a current ratio of 0.94. The firm has a market capitalization of $4.21 billion, a price-to-earnings ratio of 10.84, a PEG ratio of 0.90 and a beta of 1.61. The stock has a 50 day moving average price of $44.71 and a 200 day moving average price of $48.04. CIT Group has a 52-week low of $35.50 and a 52-week high of $54.02.
The business also recently announced a quarterly dividend, which will be paid on Friday, November 22nd. Shareholders of record on Friday, November 8th will be issued a dividend of $0.35 per share. The ex-dividend date is Thursday, November 7th. This represents a $1.40 dividend on an annualized basis and a yield of 3.20%. CIT Group’s dividend payout ratio is currently 34.65%.
In other CIT Group news, insider Robert C. Rubino purchased 6,930 shares of CIT Group stock in a transaction dated Tuesday, August 13th. The shares were acquired at an average cost of $43.22 per share, with a total value of $299,514.60. Following the completion of the transaction, the insider now owns 74,234 shares in the company, valued at approximately $3,208,393.48. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, insider Steve Solk purchased 2,000 shares of CIT Group stock in a transaction dated Friday, August 16th. The shares were acquired at an average cost of $42.45 per share, for a total transaction of $84,900.00. Following the completion of the transaction, the insider now owns 31,292 shares of the company’s stock, valued at approximately $1,328,345.40. The disclosure for this purchase can be found here. In the last 90 days, insiders have acquired 30,430 shares of company stock valued at $1,316,860. 0.42% of the stock is owned by company insiders.
Several hedge funds have recently modified their holdings of the company. LSV Asset Management increased its position in shares of CIT Group by 0.7% during the second quarter. LSV Asset Management now owns 4,535,562 shares of the financial services provider’s stock worth $238,298,000 after purchasing an additional 31,772 shares in the last quarter. Wells Fargo & Company MN increased its position in shares of CIT Group by 2.4% during the second quarter. Wells Fargo & Company MN now owns 2,207,041 shares of the financial services provider’s stock worth $115,958,000 after purchasing an additional 51,104 shares in the last quarter. Royal Bank of Canada increased its position in shares of CIT Group by 11.9% during the second quarter. Royal Bank of Canada now owns 1,110,591 shares of the financial services provider’s stock worth $58,351,000 after purchasing an additional 117,674 shares in the last quarter. Nuveen Asset Management LLC increased its position in shares of CIT Group by 841.7% during the second quarter. Nuveen Asset Management LLC now owns 1,017,569 shares of the financial services provider’s stock worth $53,463,000 after purchasing an additional 909,510 shares in the last quarter. Finally, Parametric Portfolio Associates LLC increased its position in shares of CIT Group by 9.1% during the second quarter. Parametric Portfolio Associates LLC now owns 766,598 shares of the financial services provider’s stock worth $40,277,000 after purchasing an additional 64,187 shares in the last quarter. 98.24% of the stock is currently owned by institutional investors and hedge funds.
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 offers lending, leasing, and other financial and advisory services primarily to small and middle-market companies; factoring, receivables management products, and secured supply chain financing; equipment leasing and secured financing to railroads and non-rail companies; equipment financing to small businesses.
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