CIT Group Inc (DEL) (NYSE:CIT) - Equities researchers at DA Davidson increased their Q4 2017 earnings estimates for shares of CIT Group Inc (DEL) in a research report issued on Tuesday. DA Davidson analyst A. Cyganovich now forecasts that the financial services provider will post earnings of $0.81 per share for the quarter, up from their previous estimate of $0.77. DA Davidson also issued estimates for CIT Group Inc (DEL)’s Q3 2018 earnings at $0.94 EPS.
CIT has been the topic of several other reports. Bank of America Corporation upgraded shares of CIT Group Inc (DEL) from a “neutral” rating to a “buy” rating in a report on Wednesday, April 26th. Zacks Investment Research lowered shares of CIT Group Inc (DEL) from a “hold” rating to a “sell” rating in a report on Tuesday, June 27th. Credit Suisse Group restated a “hold” rating and issued a $48.00 price objective on shares of CIT Group Inc (DEL) in a report on Sunday, July 2nd. BidaskClub upgraded shares of CIT Group Inc (DEL) from a “buy” rating to a “strong-buy” rating in a report on Tuesday, June 20th. Finally, Oppenheimer Holdings, Inc. restated an “outperform” rating on shares of CIT Group Inc (DEL) in a report on Tuesday, July 11th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and eight have assigned a buy rating to the company. The stock currently has an average rating of “Hold” and an average price target of $45.96.
CIT Group Inc (NYSE CIT) opened at 47.84 on Friday. The firm has a 50 day moving average price of $48.47 and a 200 day moving average price of $44.86. CIT Group Inc has a 12-month low of $33.37 and a 12-month high of $50.40. The company’s market cap is $6.48 billion.
CIT Group Inc (DEL) (NYSE:CIT) last posted its quarterly earnings results on Tuesday, July 25th. The financial services provider reported $0.68 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.60 by $0.08. The company had revenue of $605 million for the quarter, compared to analysts’ expectations of $500.05 million. CIT Group Inc (DEL) had a positive return on equity of 5.19% and a negative net margin of 20.50%. The firm’s revenue was down 6.6% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.07 earnings per share.
Large investors have recently modified their holdings of the company. SG Americas Securities LLC bought a new stake in shares of CIT Group Inc (DEL) during the first quarter valued at about $115,000. Pacer Advisors Inc. increased its stake in shares of 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 in the last quarter. Oppenheimer Asset Management Inc. bought a new stake in shares of CIT Group Inc (DEL) during the first quarter valued at about $199,000. Janney Montgomery Scott LLC bought a new stake in shares of CIT Group Inc (DEL) during the first quarter valued at about $209,000. Finally, Clear Harbor Asset Management LLC bought a new stake in shares of CIT Group Inc (DEL) during the first quarter valued at about $215,000. 99.99% of the stock is owned by institutional investors.
In other news, insider James L. Hudak sold 2,250 shares of the stock in a transaction on Monday, June 5th. The shares were sold at an average price of $44.50, for a total transaction of $100,125.00. Following the completion of the sale, the insider now owns 59,621 shares of the company’s stock, valued at $2,653,134.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Edward K. Sperling sold 4,480 shares of the stock in a transaction on Friday, May 26th. The stock was sold at an average price of $45.76, for a total transaction of $205,004.80. Following the sale, the executive vice president now directly owns 10,562 shares of the company’s stock, valued at approximately $483,317.12. The disclosure for this sale can be found here. Insiders have sold 15,974 shares of company stock valued at $726,471 in the last three months. 0.47% of the stock is owned by insiders.
CIT Group Inc (DEL) announced that its Board of Directors has initiated a stock buyback program on Thursday, April 27th that authorizes the company to buyback $2.75 billion in shares. This buyback authorization authorizes the financial services provider to buy up to 29.5% of its shares through a dutch auction. Shares buyback programs are usually a sign that the company’s leadership believes its shares are undervalued.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 25th. Stockholders of record on Friday, August 11th will be given a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a dividend yield of 1.25%. The ex-dividend date is Wednesday, August 9th. CIT Group Inc (DEL)’s dividend payout ratio is -18.02%.
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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