CIT Group (CIT) Releases Quarterly Earnings Results, Misses Estimates By $0.22 EPS

CIT Group (NYSE:CIT) issued its earnings results on Tuesday. The financial services provider reported $0.74 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.96 by ($0.22), Bloomberg Earnings reports. CIT Group had a net margin of 14.60% and a return on equity of 7.08%. During the same quarter in the prior year, the business posted $0.54 earnings per share.

CIT Group stock opened at $52.50 on Tuesday. CIT Group has a fifty-two week low of $43.25 and a fifty-two week high of $56.14. The company has a market cap of $6,926.89, a P/E ratio of 15.35 and a beta of 1.30. The company has a debt-to-equity ratio of 1.28, a quick ratio of 1.03 and a current ratio of 1.03.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, May 25th. Investors of record on Friday, May 11th will be paid a dividend of $0.16 per share. This represents a $0.64 annualized dividend and a yield of 1.22%. The ex-dividend date is Thursday, May 10th. CIT Group’s payout ratio is 20.85%.

In related news, insider James L. Hudak sold 2,000 shares of CIT Group stock in a transaction that occurred on Thursday, March 1st. The shares were sold at an average price of $53.63, for a total transaction of $107,260.00. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 0.27% of the stock is owned by company insiders.

A number of institutional investors have recently added to or reduced their stakes in CIT. OLD Mutual Customised Solutions Proprietary Ltd. raised its holdings in CIT Group by 31.6% during the 4th quarter. OLD Mutual Customised Solutions Proprietary Ltd. now owns 12,500 shares of the financial services provider’s stock worth $615,000 after buying an additional 3,000 shares during the period. Kenmare Capital Partners L.L.C. raised its holdings in CIT Group by 211.8% during the 4th quarter. Kenmare Capital Partners L.L.C. now owns 47,400 shares of the financial services provider’s stock worth $2,334,000 after buying an additional 32,200 shares during the period. Sciencast Management LP acquired a new stake in CIT Group during the 4th quarter worth approximately $762,000. GHP Investment Advisors Inc. raised its holdings in CIT Group by 23.5% during the 4th quarter. GHP Investment Advisors Inc. now owns 20,253 shares of the financial services provider’s stock worth $997,000 after buying an additional 3,854 shares during the period. Finally, Raymond James & Associates raised its holdings in CIT Group by 19.0% during the 4th quarter. Raymond James & Associates now owns 8,087 shares of the financial services provider’s stock worth $398,000 after buying an additional 1,293 shares during the period.

Several research analysts have recently issued reports on CIT shares. Zacks Investment Research raised shares of CIT Group from a “hold” rating to a “buy” rating and set a $55.00 target price on the stock in a research note on Tuesday, January 2nd. Barclays set a $53.00 target price on shares of CIT Group and gave the company a “hold” rating in a research note on Friday, January 12th. Stephens set a $60.00 target price on shares of CIT Group and gave the company a “buy” rating in a research note on Wednesday, January 3rd. Keefe, Bruyette & Woods reaffirmed a “hold” rating and issued a $53.00 target price on shares of CIT Group in a research note on Friday, December 29th. Finally, BMO Capital Markets raised shares of CIT Group from an “underperform” rating to a “market perform” rating and reduced their target price for the company from $49.00 to $35.00 in a research note on Monday, February 5th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and eight have given a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average target price of $53.92.

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About CIT Group

CIT Group Inc operates as the bank holding company for CIT Bank, National Association that provides banking and related services to commercial and individual customers. The company operates through three segments: Commercial Banking, Consumer Banking, and Non-Strategic Portfolios (NSP). 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; and equipment leasing and secured financing to railroads and non-rail companies.

Earnings History for CIT Group (NYSE:CIT)

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