Analysts expect that CIT Group Inc (DEL) (NYSE:CIT) will post earnings per share (EPS) of $0.78 for the current quarter, according to Zacks. Two analysts have provided estimates for CIT Group Inc (DEL)’s earnings, with the highest EPS estimate coming in at $0.84 and the lowest estimate coming in at $0.69. CIT Group Inc (DEL) reported earnings of $0.73 per share during the same quarter last year, which suggests a positive year over year growth rate of 6.8%. The business is expected to report its next quarterly earnings report on Tuesday, October 24th.

According to Zacks, analysts expect that CIT Group Inc (DEL) will report full-year earnings of $2.73 per share for the current financial year, with EPS estimates ranging from $2.66 to $2.79. For the next financial year, analysts expect that the company will post earnings of $3.78 per share, with EPS estimates ranging from $3.64 to $4.01. Zacks Investment Research’s earnings per share averages are an average based on a survey of sell-side research firms that that provide coverage for CIT Group Inc (DEL).

CIT Group Inc (DEL) (NYSE:CIT) last released its quarterly earnings results on Tuesday, July 25th. The financial services provider reported $0.68 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.60 by $0.08. CIT Group Inc (DEL) had a positive return on equity of 5.19% and a negative net margin of 20.50%. The business had revenue of $605 million during the quarter, compared to analysts’ expectations of $500.05 million. During the same period in the previous year, the business posted $0.07 earnings per share. The firm’s revenue for the quarter was down 6.6% compared to the same quarter last year.

Several analysts recently weighed in on CIT shares. BidaskClub upgraded CIT Group Inc (DEL) from a “buy” rating to a “strong-buy” rating in a research report on Tuesday, June 20th. BTIG Research reiterated a “buy” rating and issued a $57.00 target price on shares of CIT Group Inc (DEL) in a research report on Tuesday, July 25th. They noted that the move was a valuation call. Zacks Investment Research downgraded CIT Group Inc (DEL) from a “hold” rating to a “sell” rating in a research report on Tuesday, June 27th. ValuEngine downgraded CIT Group Inc (DEL) from a “buy” rating to a “hold” rating in a research report on Wednesday, July 19th. Finally, Credit Suisse Group reiterated a “hold” rating and issued a $48.00 target price on shares of CIT Group Inc (DEL) in a research report on Sunday, July 2nd. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and seven have assigned a buy rating to the stock. The stock has a consensus rating of “Hold” and an average target price of $45.96.

In other CIT Group Inc (DEL) news, EVP Edward K. Sperling sold 4,480 shares of the firm’s stock in a transaction that occurred on Friday, May 26th. The stock was sold at an average price of $45.76, for a total value of $205,004.80. Following the completion of the sale, the executive vice president now owns 10,562 shares of the company’s stock, valued at $483,317.12. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider James L. Hudak sold 2,250 shares of the firm’s stock in a transaction that occurred on Monday, June 5th. The shares were sold at an average price of $44.50, for a total value of $100,125.00. Following the completion of the sale, the insider now directly owns 59,621 shares of the company’s stock, valued at approximately $2,653,134.50. The disclosure for this sale can be found here. Insiders sold 15,974 shares of company stock valued at $726,471 in the last three months. Insiders own 0.47% of the company’s stock.

A number of large investors have recently made changes to their positions in the stock. Canada Pension Plan Investment Board boosted its stake in shares of CIT Group Inc (DEL) by 889.6% in the first quarter. Canada Pension Plan Investment Board now owns 179,543 shares of the financial services provider’s stock worth $7,708,000 after buying an additional 161,400 shares during the period. Sumitomo Mitsui Asset Management Company LTD boosted its stake in shares of CIT Group Inc (DEL) by 7.1% in the first quarter. Sumitomo Mitsui Asset Management Company LTD now owns 15,844 shares of the financial services provider’s stock worth $680,000 after buying an additional 1,054 shares during the period. IFP Advisors Inc boosted its stake in shares of CIT Group Inc (DEL) by 1.3% in the first quarter. IFP Advisors Inc now owns 6,000 shares of the financial services provider’s stock worth $258,000 after buying an additional 77 shares during the period. Janney Montgomery Scott LLC purchased a new stake in shares of CIT Group Inc (DEL) during the first quarter worth approximately $209,000. Finally, Clear Harbor Asset Management LLC purchased a new stake in shares of CIT Group Inc (DEL) during the first quarter worth approximately $215,000. 99.77% of the stock is owned by hedge funds and other institutional investors.

Shares of CIT Group Inc (NYSE:CIT) opened at 47.24 on Thursday. CIT Group Inc has a 12 month low of $34.05 and a 12 month high of $50.40. The company has a 50-day moving average price of $48.50 and a 200-day moving average price of $45.16. The firm’s market capitalization is $6.40 billion.

CIT Group Inc (DEL) announced that its Board of Directors has approved a share buyback plan on Thursday, April 27th that permits the company to repurchase $2.75 billion in shares. This repurchase authorization permits the financial services provider to buy up to 29.5% of its shares through a dutch auction. Shares repurchase plans are typically a sign that the company’s board believes its stock is undervalued.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 25th. Shareholders of record on Friday, August 11th will be paid a $0.15 dividend. The ex-dividend date of this dividend is Wednesday, August 9th. This represents a $0.60 dividend on an annualized basis and a yield of 1.27%. CIT Group Inc (DEL)’s dividend payout ratio (DPR) is presently -18.02%.

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CIT Group Inc (DEL) 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.

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Earnings History and Estimates for CIT Group Inc (DEL) (NYSE:CIT)

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