Zacks: Brokerages Expect CIT Group Inc. (NYSE:CIT) to Post $1.24 EPS

Analysts predict that CIT Group Inc. (NYSE:CIT) will post earnings of $1.24 per share for the current quarter, according to Zacks. Zero analysts have made estimates for CIT Group’s earnings. CIT Group reported earnings per share of ($0.62) during the same quarter last year, which suggests a positive year over year growth rate of 300%. The company is expected to issue its next quarterly earnings report before the market opens on Tuesday, July 27th.

On average, analysts expect that CIT Group will report full-year earnings of $4.17 per share for the current year, with EPS estimates ranging from $2.50 to $5.84. For the next financial year, analysts expect that the company will post earnings of $4.67 per share. Zacks Investment Research’s EPS calculations are an average based on a survey of research analysts that cover CIT Group.

CIT Group (NYSE:CIT) last posted its earnings results on Wednesday, April 28th. The financial services provider reported $2.47 earnings per share for the quarter, topping analysts’ consensus estimates of $0.98 by $1.49. The company had revenue of $557.00 million during the quarter, compared to analyst estimates of $464.00 million. CIT Group had a return on equity of 8.27% and a net margin of 10.06%. CIT Group’s revenue was up 12.3% on a year-over-year basis. During the same quarter in the prior year, the business earned ($2.43) earnings per share.

CIT has been the subject of a number of analyst reports. upped their target price on CIT Group from $47.00 to $52.00 in a report on Wednesday, April 14th. Wells Fargo & Company increased their price objective on CIT Group from $38.00 to $54.00 and gave the company an “equal weight” rating in a report on Thursday, April 29th. Keefe, Bruyette & Woods upgraded CIT Group from a “market perform” rating to an “outperform” rating and increased their price objective for the company from $37.00 to $62.00 in a report on Monday, April 19th. Citigroup increased their price objective on CIT Group from $47.00 to $52.00 in a report on Wednesday, April 14th. Finally, Zacks Investment Research upgraded CIT Group from a “hold” rating to a “strong-buy” rating and set a $56.00 price objective for the company in a report on Thursday, July 8th. Seven analysts have rated the stock with a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company. The stock currently has a consensus rating of “Hold” and an average price target of $45.06.

A number of institutional investors have recently modified their holdings of CIT. First Bank & Trust purchased a new position in CIT Group in the 1st quarter valued at about $30,000. Simon Quick Advisors LLC purchased a new position in CIT Group in the 1st quarter valued at about $41,000. Neo Ivy Capital Management purchased a new position in CIT Group in the 4th quarter worth approximately $63,000. Eaton Vance Management purchased a new position in CIT Group in the 1st quarter worth approximately $94,000. Finally, Harvest Fund Management Co. Ltd lifted its stake in CIT Group by 121.1% in the 1st quarter. Harvest Fund Management Co. Ltd now owns 2,147 shares of the financial services provider’s stock worth $110,000 after purchasing an additional 1,176 shares in the last quarter. 93.01% of the stock is currently owned by hedge funds and other institutional investors.

CIT Group stock traded down $0.43 during mid-day trading on Thursday, reaching $47.74. 4,003 shares of the company were exchanged, compared to its average volume of 1,097,611. The firm’s fifty day moving average is $51.46. The company has a debt-to-equity ratio of 0.91, a quick ratio of 0.94 and a current ratio of 0.94. The firm has a market cap of $4.73 billion, a price-to-earnings ratio of 16.90 and a beta of 1.56. CIT Group has a 12-month low of $15.65 and a 12-month high of $55.89.

The company also recently announced a quarterly dividend, which will be paid on Friday, August 13th. Stockholders of record on Friday, July 30th will be paid a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a dividend yield of 2.93%. The ex-dividend date of this dividend is Thursday, July 29th. CIT Group’s payout ratio is currently -200.00%.

About CIT Group

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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