Zacks: Analysts Expect CIT Group Inc. (CIT) Will Announce Earnings of $0.82 Per Share

Wall Street analysts expect that CIT Group Inc. (NYSE:CIT) will announce earnings of $0.82 per share for the current fiscal quarter, Zacks Investment Research reports. Two analysts have provided estimates for CIT Group’s earnings. The highest EPS estimate is $0.85 and the lowest is $0.80. CIT Group posted earnings of $0.59 per share in the same quarter last year, which suggests a positive year over year growth rate of 39%. The business is scheduled to announce its next earnings report before the market opens 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 fiscal year, analysts anticipate that the firm will report earnings of $3.90 per share, with EPS estimates ranging from $3.50 to $4.67. Zacks’ earnings per share averages are a mean average based on a survey of research analysts that follow CIT Group.

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

Several equities analysts have issued reports on CIT shares. Keefe, Bruyette & Woods reiterated a “hold” rating and issued a $47.00 target price on shares of CIT Group in a research note on Tuesday, October 3rd. Zacks Investment Research downgraded CIT Group from a “buy” rating to a “hold” rating in a report on Friday, November 3rd. BMO Capital Markets reaffirmed a “sell” rating and set a $31.00 target price on shares of CIT Group in a report on Friday, October 6th. Stephens set a $60.00 target price on CIT Group and gave the stock a “buy” rating in a report on Wednesday, January 3rd. Finally, Barclays decreased their target price on CIT Group from $45.00 to $44.00 and set an “equal weight” rating for the company in a report on Wednesday, October 25th. Two equities research analysts have rated the stock with a sell rating, five have assigned 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 $52.82.

In other CIT Group news, EVP Denise M. Menelly sold 8,951 shares of the business’s stock in a transaction that occurred on Wednesday, November 1st. The stock was 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 directly owns 41,546 shares of the company’s stock, valued at $1,946,014.64. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 0.47% of the company’s stock.

A number of large investors have recently made changes to their positions in the business. M&T Bank Corp lifted its holdings in CIT Group by 0.6% in the second quarter. M&T Bank Corp now owns 5,210 shares of the financial services provider’s stock valued at $253,000 after acquiring an additional 30 shares during the period. Advisor Group Inc. increased its position in shares of CIT Group by 2.2% in the second quarter. Advisor Group Inc. now owns 3,030 shares of the financial services provider’s stock valued at $146,000 after buying an additional 66 shares in the last quarter. FDx Advisors Inc. increased its position in shares of CIT Group by 10.4% in the third quarter. FDx Advisors Inc. now owns 13,721 shares of the financial services provider’s stock valued at $673,000 after buying an additional 1,295 shares in the last quarter. Schroder Investment Management Group increased its position in shares of 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 valued at $149,000 after buying an additional 1,380 shares in the last quarter. Finally, American Century Companies Inc. increased its position in shares of CIT Group by 12.5% in the third quarter. American Century Companies Inc. now owns 13,930 shares of the financial services provider’s stock valued at $683,000 after buying an additional 1,550 shares in the last quarter.

CIT Group (CIT) traded up $0.37 on Friday, reaching $52.10. The company’s stock had a trading volume of 538,596 shares, compared to its average volume of 660,495. CIT Group has a 52 week low of $39.48 and a 52 week high of $53.76. The company has a debt-to-equity ratio of 1.20, a current ratio of 1.05 and a quick ratio of 1.05. The stock has a market capitalization of $6,838.59, a price-to-earnings ratio of -21.98 and a beta of 1.49.

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About CIT Group

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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