Analysts Expect CIT Group Inc. (CIT) to Post $0.82 EPS

Wall Street brokerages expect CIT Group Inc. (NYSE:CIT) to post earnings of $0.82 per share for the current quarter, according to Zacks Investment Research. Two analysts have provided estimates for CIT Group’s earnings, with the lowest EPS estimate coming in at $0.80 and the highest estimate coming in at $0.85. CIT Group posted earnings per share of $0.59 during the same quarter last year, which would indicate a positive year-over-year growth rate of 39%. The company is expected to announce its next earnings report on Tuesday, January 30th.

According to Zacks, analysts expect that CIT Group will report full year earnings of $2.92 per share for the current fiscal year, with EPS estimates ranging from $2.75 to $3.05. For the next financial year, analysts expect that the business will post earnings of $3.70 per share, with EPS estimates ranging from $3.30 to $4.01. Zacks Investment Research’s EPS averages are an average based on a survey of sell-side research analysts that that provide coverage for CIT Group.

CIT Group (NYSE:CIT) last released its quarterly earnings results on Tuesday, October 24th. The financial services provider reported $1.02 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.82 by $0.20. CIT Group had a negative net margin of 20.05% and a positive return on equity of 6.22%. The company had revenue of $592.90 million during the quarter, compared to analysts’ expectations of $488.00 million. During the same period in the prior year, the company earned $0.65 earnings per share.

CIT has been the subject of a number of recent analyst reports. Zacks Investment Research cut shares of CIT Group from a “buy” rating to a “hold” rating in a report on Friday, November 3rd. Wells Fargo & Co initiated coverage on shares of CIT Group in a report on Friday, December 1st. They set a “market perform” rating and a $52.00 price target for the company. BMO Capital Markets reiterated a “sell” rating and issued a $31.00 target price on shares of CIT Group in a research note on Friday, October 6th. Morgan Stanley increased their target price on shares of CIT Group from $50.00 to $51.00 and gave the company an “equal weight” rating in a research note on Monday, September 18th. Finally, Barclays reduced their target price on shares of CIT Group from $45.00 to $44.00 and set an “equal weight” rating for the company in a research note on Wednesday, October 25th. Two analysts have rated the stock with a sell rating, five have given a hold rating and nine have issued a buy rating to the stock. The stock presently has an average rating of “Hold” and an average target price of $52.00.

In related news, EVP Denise M. Menelly sold 8,951 shares of the stock in a transaction dated Wednesday, November 1st. The shares were sold at an average price of $46.84, for a total value of $419,264.84. Following the completion of the transaction, the executive vice president now owns 41,546 shares of the company’s stock, valued at $1,946,014.64. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 0.47% of the stock is currently owned by company insiders.

Large investors have recently bought and sold shares of the stock. Advisor Group Inc. raised its position in CIT Group by 2.2% in the second quarter. Advisor Group Inc. now owns 3,030 shares of the financial services provider’s stock worth $146,000 after purchasing an additional 66 shares in the last quarter. Schroder Investment Management Group raised its position in CIT Group by 82.0% in the third quarter. Schroder Investment Management Group now owns 3,063 shares of the financial services provider’s stock worth $149,000 after purchasing an additional 1,380 shares in the last quarter. Pacer Advisors Inc. raised its position in CIT Group by 8.2% in the second quarter. Pacer Advisors Inc. now owns 4,164 shares of the financial services provider’s stock worth $203,000 after purchasing an additional 316 shares in the last quarter. Colony Group LLC acquired a new position in CIT Group in the second quarter worth about $207,000. Finally, Seven Eight Capital LP acquired a new position in CIT Group in the second quarter worth about $236,000.

CIT Group (NYSE:CIT) traded up $0.59 during mid-day trading on Thursday, reaching $51.04. 837,330 shares of the company’s stock were exchanged, compared to its average volume of 909,300. The company has a debt-to-equity ratio of 1.20, a current ratio of 1.05 and a quick ratio of 1.05. CIT Group has a one year low of $39.48 and a one year high of $51.73. The company has a market capitalization of $6,700.00, a PE ratio of 364.57 and a beta of 1.49.

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CIT Group 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.

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