CIT Group (CIT) Scheduled to Post Quarterly Earnings on Tuesday

CIT Group (NYSE:CIT) is scheduled to announce its earnings results before the market opens on Tuesday, January 30th. Analysts expect the company to announce earnings of $0.80 per share for the quarter.

CIT Group (NYSE:CIT) last released its earnings results on Tuesday, October 24th. The financial services provider reported $1.02 EPS for the quarter, topping the Thomson Reuters’ 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 business had revenue of $592.90 million for the quarter, compared to the consensus estimate of $488.00 million. During the same period in the previous year, the company posted $0.65 earnings per share. On average, analysts expect CIT Group to post $3 EPS for the current fiscal year and $4 EPS for the next fiscal year.

Shares of CIT Group (CIT) opened at $52.29 on Tuesday. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 1.20. CIT Group has a 1-year low of $39.48 and a 1-year high of $53.76. The company has a market capitalization of $6,860.00, a price-to-earnings ratio of 373.50 and a beta of 1.49.

The business also recently announced a quarterly dividend, which will be paid on Friday, February 23rd. Shareholders of record on Friday, February 9th will be issued a $0.16 dividend. This represents a $0.64 annualized dividend and a yield of 1.22%. CIT Group’s dividend payout ratio (DPR) is 457.14%.

Several equities research analysts have commented on the company. Keefe, Bruyette & Woods reissued a “hold” rating and issued a $53.00 target price on shares of CIT Group in a report on Friday, December 29th. BMO Capital Markets boosted their target price on CIT Group from $31.00 to $35.00 and gave the stock an “underperform” rating in a report on Wednesday, October 25th. Zacks Investment Research raised CIT Group from a “hold” rating to a “buy” rating and set a $55.00 target price on the stock in a report on Tuesday, January 2nd. Morgan Stanley boosted their target price on CIT Group from $51.00 to $54.00 and gave the stock an “equal weight” rating in a report on Wednesday, December 13th. Finally, Citigroup assumed coverage on CIT Group in a report on Monday, October 16th. They issued a “buy” rating and a $60.00 target price on the stock. Two investment analysts have rated the stock with a sell rating, five have given a hold rating and nine have assigned a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus target price of $52.82.

In other news, EVP Denise M. Menelly sold 8,951 shares of the company’s stock in a transaction on Wednesday, November 1st. The stock was sold at an average price of $46.84, for a total transaction of $419,264.84. Following 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 SEC, which is available at the SEC website. Corporate insiders own 0.47% of the company’s stock.

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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.

Earnings History for CIT Group (NYSE:CIT)

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