CIT Group Inc (DEL) (NYSE:CIT) announced its quarterly earnings data on Tuesday. The financial services provider reported $0.68 EPS for the quarter, beating the Zacks’ consensus estimate of $0.61 by $0.07, Bloomberg Earnings reports. The firm had revenue of $605 million for the quarter, compared to analyst estimates of $500.05 million. CIT Group Inc (DEL) had a positive return on equity of 5.25% and a negative net margin of 22.39%. The business’s quarterly revenue was down 6.6% compared to the same quarter last year. During the same period last year, the company earned $0.07 EPS.
Shares of CIT Group Inc (NYSE:CIT) traded down 0.20% during mid-day trading on Tuesday, reaching $48.80. The company had a trading volume of 736,573 shares. The firm’s market capitalization is $9.89 billion. CIT Group Inc has a one year low of $32.90 and a one year high of $50.40. The stock has a 50 day moving average of $48.10 and a 200-day moving average of $44.75.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 25th. Investors of record on Friday, August 11th will be paid a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 1.23%. The ex-dividend date is Wednesday, August 9th. CIT Group Inc (DEL)’s payout ratio is presently -14.60%.
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CIT has been the topic of a number of analyst reports. Morgan Stanley initiated coverage on CIT Group Inc (DEL) in a research note on Monday, March 27th. They issued an “equal weight” rating and a $45.00 price target on the stock. Zacks Investment Research downgraded CIT Group Inc (DEL) from a “hold” rating to a “sell” rating in a research note on Tuesday, April 18th. Bank of America Corporation raised CIT Group Inc (DEL) from a “neutral” rating to a “buy” rating in a research note on Wednesday, April 26th. BMO Capital Markets reissued a “sell” rating and issued a $30.00 price target on shares of CIT Group Inc (DEL) in a research note on Friday, June 16th. Finally, Credit Suisse Group reissued a “hold” rating and issued a $48.00 price target on shares of CIT Group Inc (DEL) in a research note on Sunday, July 2nd. One analyst has rated the stock with a sell rating, nine have given a hold rating and seven have issued a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus target price of $43.27.
CIT Group Inc (DEL) announced that its Board of Directors has approved a stock buyback program on Thursday, April 27th that allows the company to buyback $2.75 billion in outstanding shares. This buyback authorization allows the financial services provider to buy up to 29.5% of its shares through a dutch auction. Shares buyback programs are often a sign that the company’s management believes its stock is undervalued.
In related news, EVP Edward K. Sperling sold 4,480 shares of the business’s stock in a transaction on Friday, May 26th. The shares were sold at an average price of $45.76, for a total value of $205,004.80. Following the transaction, the executive vice president now owns 10,562 shares in the company, valued at $483,317.12. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, EVP Robert Rowe sold 9,244 shares of the business’s stock in a transaction on Tuesday, May 30th. The shares were sold at an average price of $45.58, for a total transaction of $421,341.52. Following the completion of the transaction, the executive vice president now owns 47,286 shares in the company, valued at approximately $2,155,295.88. The disclosure for this sale can be found here. In the last 90 days, insiders sold 15,974 shares of company stock worth $726,471. 0.47% of the stock is owned by company insiders.
A number of institutional investors have recently added to or reduced their stakes in CIT. SG Americas Securities LLC purchased a new position in CIT Group Inc (DEL) during the first quarter valued at about $115,000. Pacer Advisors Inc. raised its position in CIT Group Inc (DEL) by 3.2% in the first quarter. Pacer Advisors Inc. now owns 3,848 shares of the financial services provider’s stock valued at $165,000 after buying an additional 121 shares during the last quarter. Oppenheimer Asset Management Inc. purchased a new position in CIT Group Inc (DEL) during the first quarter valued at about $199,000. Janney Montgomery Scott LLC purchased a new position in CIT Group Inc (DEL) during the first quarter valued at about $209,000. Finally, Clear Harbor Asset Management LLC purchased a new position in CIT Group Inc (DEL) during the first quarter valued at about $215,000. Institutional investors and hedge funds own 99.99% of the company’s stock.
About CIT Group Inc (DEL)
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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