CIT Group (CIT) Set to Announce Earnings on Tuesday

CIT Group (NYSE:CIT) will be releasing its earnings data before the market opens on Tuesday, April 23rd. Analysts expect CIT Group to post earnings of $1.09 per share for the quarter.

CIT Group (NYSE:CIT) last issued its quarterly earnings data on Tuesday, January 29th. The financial services provider reported $1.21 EPS for the quarter, topping the Zacks’ consensus estimate of $1.10 by $0.11. The company had revenue of $421.00 million for the quarter, compared to analysts’ expectations of $507.00 million. CIT Group had a return on equity of 7.80% and a net margin of 13.66%. During the same quarter in the previous year, the firm posted $0.99 earnings per share. On average, analysts expect CIT Group to post $5 EPS for the current fiscal year and $5 EPS for the next fiscal year.

Shares of CIT opened at $50.11 on Tuesday. The stock has a market cap of $5.03 billion, a price-to-earnings ratio of 12.40, a P/E/G ratio of 1.03 and a beta of 1.47. CIT Group has a 12 month low of $35.50 and a 12 month high of $55.78. The company has a debt-to-equity ratio of 1.44, a quick ratio of 1.04 and a current ratio of 1.04.

In related news, insider Matthew Galligan sold 997 shares of the business’s stock in a transaction dated Friday, March 8th. The stock was sold at an average price of $48.65, for a total value of $48,504.05. Following the transaction, the insider now owns 30,575 shares in the company, valued at $1,487,473.75. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, EVP Edward K. Sperling sold 2,224 shares of the business’s stock in a transaction dated Wednesday, March 6th. The stock was sold at an average price of $50.16, for a total value of $111,555.84. Following the completion of the transaction, the executive vice president now owns 10,336 shares in the company, valued at approximately $518,453.76. The disclosure for this sale can be found here. In the last quarter, insiders sold 10,896 shares of company stock worth $552,081. Insiders own 0.27% of the company’s stock.

A number of brokerages have commented on CIT. ValuEngine upgraded CIT Group from a “sell” rating to a “hold” rating in a research note on Monday, February 4th. Oppenheimer boosted their price objective on CIT Group from $49.00 to $61.00 and gave the stock an “outperform” rating in a research note on Wednesday, January 30th. Zacks Investment Research cut CIT Group from a “hold” rating to a “sell” rating in a research note on Wednesday, April 10th. TheStreet upgraded CIT Group from a “c+” rating to a “b” rating in a research note on Monday, March 25th. Finally, UBS Group upgraded CIT Group from a “neutral” rating to a “buy” rating in a research note on Wednesday, January 9th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and four have assigned a buy rating to the company. The company presently has a consensus rating of “Hold” and an average price target of $53.29.

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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 offers lending, leasing, and other financial and advisory services primarily to small and middle-market companies; factoring, receivables management products, and secured supply chain financing; equipment leasing and secured financing to railroads and non-rail companies; equipment financing to small businesses.

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Earnings History for CIT Group (NYSE:CIT)

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