$472.00 Million in Sales Expected for CIT Group Inc. (CIT) This Quarter

Wall Street analysts forecast that CIT Group Inc. (NYSE:CIT) will report sales of $472.00 million for the current quarter, Zacks reports. Two analysts have made estimates for CIT Group’s earnings, with estimates ranging from $460.00 million to $484.00 million. CIT Group posted sales of $309.90 million during the same quarter last year, which would indicate a positive year over year growth rate of 52.3%. The company is scheduled to issue its next earnings report on Tuesday, January 30th.

According to Zacks, analysts expect that CIT Group will report full-year sales of $472.00 million for the current year, with estimates ranging from $1.89 billion to $1.92 billion. For the next fiscal year, analysts forecast that the firm will report sales of $1.90 billion per share, with estimates ranging from $1.88 billion to $1.93 billion. Zacks’ sales calculations are an average based on a survey of research firms that cover CIT Group.

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

Several equities analysts have recently weighed in on CIT shares. Oppenheimer reiterated a “buy” rating on shares of CIT Group in a report on Tuesday, October 24th. Citigroup started coverage on shares of CIT Group in a report on Monday, October 16th. They set a “buy” rating and a $60.00 price objective on the stock. Zacks Investment Research upgraded shares of CIT Group from a “hold” rating to a “buy” rating and set a $53.00 price objective on the stock in a report on Monday, September 25th. Stephens set a $60.00 price objective on shares of CIT Group and gave the company a “buy” rating in a report on Wednesday. Finally, Morgan Stanley upped their target price on shares of CIT Group from $51.00 to $54.00 and gave the stock an “equal weight” rating in a report on Wednesday, December 13th. Two 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 an average price target of $52.00.

In other news, EVP Denise M. Menelly sold 8,951 shares of the stock in a transaction that occurred on Wednesday, November 1st. The shares were sold at an average price of $46.84, for a total transaction of $419,264.84. Following the completion of the transaction, the executive vice president now directly owns 41,546 shares of the company’s stock, valued at approximately $1,946,014.64. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.47% of the stock is owned by corporate insiders.

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. SG Americas Securities LLC boosted its holdings in CIT Group by 103.5% in the 2nd quarter. SG Americas Securities LLC now owns 5,437 shares of the financial services provider’s stock worth $265,000 after buying an additional 2,765 shares during the period. Teacher Retirement System of Texas bought a new position in CIT Group in the 3rd quarter worth approximately $4,767,000. Nomura Asset Management Co. Ltd. boosted its holdings in CIT Group by 10.8% in the 3rd quarter. Nomura Asset Management Co. Ltd. now owns 25,157 shares of the financial services provider’s stock valued at $1,233,000 after purchasing an additional 2,451 shares during the period. Williams Jones & Associates LLC bought a new position in CIT Group in the 2nd quarter valued at $1,686,000. Finally, Dupont Capital Management Corp bought a new position in CIT Group in the 3rd quarter valued at $3,218,000.

Shares of CIT Group (NYSE:CIT) opened at $51.16 on Friday. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 1.20. The company has a market cap of $6,622.01, a price-to-earnings ratio of -21.59 and a beta of 1.49. CIT Group has a 1 year low of $39.48 and a 1 year high of $51.73.

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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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