CIT Group (NYSE:CIT) Releases Earnings Results, Beats Estimates By $0.70 EPS

CIT Group (NYSE:CIT) announced its earnings results on Friday. The financial services provider reported $0.84 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.14 by $0.70, Briefing.com reports. CIT Group had a negative net margin of 14.45% and a negative return on equity of 0.77%. The business had revenue of $474.00 million for the quarter, compared to analyst estimates of $448.08 million. During the same period last year, the firm posted $1.29 earnings per share. The company’s revenue for the quarter was up 4.4% compared to the same quarter last year.

Shares of NYSE:CIT traded up $5.26 during midday trading on Friday, hitting $25.00. 23,998,042 shares of the stock were exchanged, compared to its average volume of 2,391,900. The stock has a market cap of $2.46 billion, a P/E ratio of -5.41 and a beta of 1.85. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 1.46. CIT Group has a twelve month low of $12.02 and a twelve month high of $48.96. The company has a 50 day moving average price of $18.77 and a 200-day moving average price of $19.21.

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 20th. Shareholders of record on Friday, November 6th will be issued a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a yield of 5.60%. The ex-dividend date is Thursday, November 5th. CIT Group’s dividend payout ratio (DPR) is currently 27.67%.

A number of equities analysts recently weighed in on the stock. ValuEngine upgraded shares of CIT Group from a “buy” rating to a “strong-buy” rating in a research report on Thursday, October 1st. Citigroup lowered their price objective on shares of CIT Group from $31.00 to $28.00 and set a “buy” rating on the stock in a research report on Wednesday, July 22nd. Zacks Investment Research lowered shares of CIT Group from a “hold” rating to a “sell” rating and set a $20.00 price objective on the stock. in a research report on Thursday, July 23rd. Oppenheimer reiterated a “hold” rating on shares of CIT Group in a research report on Wednesday, September 30th. Finally, Morgan Stanley lowered their price objective on shares of CIT Group from $26.00 to $24.00 and set an “equal weight” rating on the stock in a research report on Tuesday, August 4th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating, two have assigned a buy rating and one has given a strong buy rating to the stock. The company has an average rating of “Hold” and an average target price of $32.71.

CIT Group Company Profile

CIT Group Inc operates as the holding company for CIT Bank, N.A. that provides banking and related services to commercial and individual customers. The company operates through Commercial Banking and Consumer Banking segments. The Commercial Banking segment provides a range of commercial lending, leasing, and deposit products; loans comprising revolving lines of credit, term loans, unsecured loans, collateral-backed loans, asset-based loans, commercial real estate loans, and cash flow loans; and ancillary services and products, including cash management, capital markets, and advisory services primarily to small and middle market companies.

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Earnings History for CIT Group (NYSE:CIT)

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