CIT Group (CIT) Scheduled to Post Quarterly Earnings on Wednesday

CIT Group (NYSE:CIT) is set to release its earnings data before the market opens on Wednesday, April 28th. Analysts expect CIT Group to post earnings of $0.98 per share for the quarter. Persons interested in registering for the company’s earnings conference call can do so using this link.

CIT Group (NYSE:CIT) last announced its earnings results on Monday, January 25th. The financial services provider reported $1.50 EPS for the quarter, beating analysts’ consensus estimates of $0.57 by $0.93. CIT Group had a negative net margin of 16.59% and a negative return on equity of 1.46%. The business had revenue of $496.00 million for the quarter, compared to analysts’ expectations of $451.85 million. During the same period in the previous year, the company posted $1.27 EPS. The company’s quarterly revenue was up 7.6% on a year-over-year basis. On average, analysts expect CIT Group to post $-2 EPS for the current fiscal year and $3 EPS for the next fiscal year.

Shares of CIT Group stock opened at $51.40 on Wednesday. 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 has a market capitalization of $5.07 billion, a P/E ratio of -9.73 and a beta of 1.61. CIT Group has a 1 year low of $12.31 and a 1 year high of $54.68. The company’s fifty day moving average is $51.07 and its two-hundred day moving average is $39.54.

The business also recently disclosed a quarterly dividend, which was paid on Friday, February 19th. Shareholders of record on Friday, February 5th were given a dividend of $0.35 per share. The ex-dividend date was Thursday, February 4th. This represents a $1.40 dividend on an annualized basis and a yield of 2.72%. CIT Group’s payout ratio is 27.67%.

In other news, EVP Edward K. Sperling sold 1,300 shares of CIT Group stock in a transaction dated Tuesday, March 2nd. The shares were sold at an average price of $47.32, for a total transaction of $61,516.00. Following the completion of the sale, the executive vice president now directly owns 18,025 shares in the company, valued at $852,943. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Michael L. Brosnan sold 5,901 shares of the company’s stock in a transaction that occurred on Thursday, March 11th. The shares were sold at an average price of $50.96, for a total transaction of $300,714.96. Following the transaction, the director now directly owns 13,883 shares in the company, valued at approximately $707,477.68. The disclosure for this sale can be found here. Insiders sold 23,201 shares of company stock worth $1,058,761 in the last ninety days. Insiders own 0.65% of the company’s stock.

A number of research analysts have recently issued reports on the stock. Wells Fargo & Company boosted their price target on shares of CIT Group from $24.00 to $38.00 and gave the stock an “equal weight” rating in a research note on Wednesday, January 27th. Citigroup Inc. 3% Minimum Coupon Principal Protected Based Upon Russell increased their target price on CIT Group from $47.00 to $52.00 in a research note on Wednesday, April 14th. Keefe, Bruyette & Woods upgraded CIT Group from a “market perform” rating to an “outperform” rating and increased their price objective for the stock from $37.00 to $62.00 in a research report on Monday. Finally, Citigroup boosted their target price on shares of CIT Group from $47.00 to $52.00 in a research report on Wednesday, April 14th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and two have assigned a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $40.75.

About CIT Group

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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Earnings History for CIT Group (NYSE:CIT)

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