CIT Group Inc (DEL) (CIT) Posts Quarterly Earnings Results, Beats Expectations By $0.20 EPS
CIT Group Inc (DEL) (NYSE:CIT) posted its quarterly earnings data on Tuesday. The financial services provider reported $1.02 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.82 by $0.20, Briefing.com reports. CIT Group Inc (DEL) had a negative net margin of 20.50% and a positive return on equity of 5.66%. During the same quarter in the prior year, the company earned $0.65 earnings per share.
CIT Group Inc (CIT) opened at 47.51 on Wednesday. The firm has a 50 day moving average of $47.61 and a 200-day moving average of $46.92. The firm’s market cap is $6.43 billion. CIT Group Inc has a 12 month low of $35.14 and a 12 month high of $50.40.
The firm also recently announced a quarterly dividend, which will be paid on Friday, November 24th. Investors of record on Friday, November 10th will be given a dividend of $0.16 per share. The ex-dividend date of this dividend is Thursday, November 9th. This is an increase from CIT Group Inc (DEL)’s previous quarterly dividend of $0.15. This represents a $0.64 dividend on an annualized basis and a yield of 1.35%. CIT Group Inc (DEL)’s payout ratio is currently -18.02%.
CIT Group Inc (DEL) declared that its Board of Directors has authorized a share repurchase program on Wednesday, June 28th that permits the company to repurchase $225.00 million in shares. This repurchase authorization permits the financial services provider to buy up to 2.3% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s board believes its stock is undervalued.
ILLEGAL ACTIVITY WARNING: “CIT Group Inc (DEL) (CIT) Posts Quarterly Earnings Results, Beats Expectations By $0.20 EPS” was originally posted by American Banking News and is the sole property of of American Banking News. If you are accessing this story on another domain, it was illegally copied and republished in violation of US & international copyright & trademark legislation. The legal version of this story can be accessed at https://www.americanbankingnews.com/2017/10/24/cit-group-inc-del-cit-posts-earnings-results-beats-estimates-by-0-79-eps.html.
CIT has been the subject of several research reports. Keefe, Bruyette & Woods reiterated a “hold” rating and set a $47.00 price objective on shares of CIT Group Inc (DEL) in a research note on Tuesday, October 3rd. BMO Capital Markets reiterated a “sell” rating and set a $31.00 price objective on shares of CIT Group Inc (DEL) in a research note on Friday, October 6th. Credit Suisse Group reiterated a “hold” rating and set a $48.00 price objective on shares of CIT Group Inc (DEL) in a research note on Sunday, July 2nd. Zacks Investment Research upgraded shares of CIT Group Inc (DEL) from a “hold” rating to a “buy” rating and set a $53.00 price objective for the company in a research note on Monday, September 25th. Finally, Oppenheimer Holdings, Inc. reiterated an “outperform” rating on shares of CIT Group Inc (DEL) in a research note on Tuesday, July 11th. Two investment analysts have rated the stock with a sell rating, five have given a hold rating and nine have given a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $49.11.
In other news, insider James L. Hudak sold 2,100 shares of the firm’s stock in a transaction on Friday, August 11th. The shares were sold at an average price of $46.18, for a total value of $96,978.00. Following the completion of the sale, the insider now owns 57,083 shares in the company, valued at approximately $2,636,092.94. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Steve Solk sold 1,460 shares of the firm’s stock in a transaction on Friday, August 25th. The stock was sold at an average price of $45.00, for a total transaction of $65,700.00. Following the completion of the sale, the insider now owns 14,832 shares of the company’s stock, valued at approximately $667,440. The disclosure for this sale can be found here. 0.47% of the stock is currently owned by company insiders.
CIT Group Inc (DEL) Company Profile
CIT Group Inc (CIT) is a bank holding company (BHC) and a financial holding company (FHC). The Company, together with its subsidiaries, provides financing, leasing and advisory services to middle market companies in a range of industries in North America. The Company’s segments include Commercial Banking, Consumer Banking, Non-Strategic Portfolios, and Corporate and Other.
Receive News & Ratings for CIT Group Inc (DEL) Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for CIT Group Inc (DEL) and related companies with MarketBeat.com's FREE daily email newsletter.