Wall Street brokerages forecast CIT Group Inc. (NYSE: CIT) to post earnings of $ 1.11 per share for the current fiscal quarter, according to Zacks Investment Research. Zero analysts have provided earnings estimates for CIT Group. CIT Group posted earnings of $ 1.50 per share in the same quarter last year, which would suggest a negative year-over-year growth rate of 26%. The company is expected to release its next results on Tuesday, January 25.
On average, analysts predict that CIT Group will report annual earnings of $ 7.51 per share for the current fiscal year. For the next fiscal year, analysts expect the company to post earnings of $ 4.46 per share. Zacks Investment Research EPS averages are an average based on a survey of seller-side research analysts who cover the CIT Group.
CIT Group (NYSE: CIT) last released its results on Monday, October 25. The financial services provider reported EPS of $ 1.72 for the quarter, beating Thomson Reuters consensus estimate of $ 1.33 by $ 0.39. CIT Group had a net margin of 23.98% and a return on equity of 15.12%. The company posted revenue of $ 432.00 million in the quarter, compared to analysts’ expectations of $ 447.50 million. In the same quarter of last year, the company made EPS of $ 0.84. The company’s revenue was down 8.9% year-on-year.
Separately, Zacks Investment Research downgraded CIT Group shares from a “buy” rating to a “keep” rating and set a target price of $ 57.00 for the company. in a research note on Monday, October 4.
In other CIT Group news, executive vice president Wahida Plummer sold 613 shares of CIT Group in a transaction dated Monday, November 22. The shares were sold at an average price of $ 51.50, for a total trade of $ 31,569.50. The sale was disclosed in a legal file with the Securities & Exchange Commission, which is available at this link. In addition, director Sheila A. Stamps sold 7,875 shares of the CIT group in a transaction dated Wednesday, October 27. The stock was sold at an average price of $ 50.91, for a total trade of $ 400,916.25. Disclosure of this sale can be found here. Insiders sold 21,158 shares of the company valued at $ 1,060,267 during the last quarter. Company insiders own 0.65% of the company’s shares.
Hedge funds and other institutional investors have recently changed their holdings in the company. Bessemer Group Inc. purchased a new stake in CIT Group in the second quarter for a value of approximately $ 26,000. CM Bidwell & Associates Ltd. purchased a new stake in CIT Group in the third quarter for a value of approximately $ 42,000. SRS Capital Advisors Inc. purchased a new stake in CIT Group in the second quarter valued at approximately $ 44,000. IFP Advisors Inc increased its stake in CIT Group by 199.4% in the second quarter. IFP Advisors Inc now owns 964 shares of the financial services provider valued at $ 48,000 after purchasing an additional 642 shares during the period. Finally, PNC Managed Account Solutions Inc. acquired a new stake in CIT Group in the second quarter, valued at approximately $ 48,000. Institutional investors and hedge funds hold 91.20% of the company’s shares.
CIT stock opened at $ 50.96 on Friday. CIT Group has a one-year minimum of $ 33.41 and a one-year maximum of $ 56.62. The stock has a market cap of $ 5.05 billion, a PE ratio of 7.43 and a beta of 1.50. The company has a debt ratio of 0.75, a quick ratio of 0.93, and a current ratio of 0.93. The company has a fifty-day moving average of $ 51.74 and a 200-day moving average of $ 51.71.
The company also recently disclosed a quarterly dividend, which was paid on Friday, November 12. Investors registered on Friday October 29 received a dividend of $ 0.35. This represents an annualized dividend of $ 1.40 and a dividend yield of 2.75%. The ex-dividend date was Thursday, October 28. CIT Group’s dividend payout ratio (DPR) is 20.41%.
About CIT Group
CIT Group, Inc is a financial holding company which provides financing, leasing and advisory services. It operates in the following business sectors: Commercial banking, Consumer banking and Corporates. The Commercial Banking segment comprises four divisions, commercial finance, rail finance, real estate finance and corporate capital.
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