CIT Group Inc. (NYSE:CIT) – Oppenheimer dropped their Q1 2019 earnings per share estimates for CIT Group in a research report issued to clients and investors on Monday, March 25th, according to Zacks Investment Research. Oppenheimer analyst C. Kotowski now anticipates that the financial services provider will post earnings of $1.17 per share for the quarter, down from their previous estimate of $1.23. Oppenheimer has a “Outperform” rating and a $63.00 price objective on the stock.
CIT Group (NYSE:CIT) last issued its quarterly earnings results on Tuesday, January 29th. The financial services provider reported $1.21 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.10 by $0.11. CIT Group had a net margin of 13.66% and a return on equity of 7.80%. The business had revenue of $421.00 million for the quarter, compared to analyst estimates of $507.00 million. During the same period in the previous year, the business posted $0.99 earnings per share.
CIT traded down $0.41 on Thursday, hitting $50.53. 665,793 shares of the company were exchanged, compared to its average volume of 715,474. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 1.44. CIT Group has a fifty-two week low of $35.50 and a fifty-two week high of $55.78. The firm has a market capitalization of $5.00 billion, a P/E ratio of 12.51, a PEG ratio of 1.04 and a beta of 1.47.
Institutional investors and hedge funds have recently made changes to their positions in the stock. Enlightenment Research LLC purchased a new position in shares of CIT Group during the fourth quarter valued at approximately $31,000. First Mercantile Trust Co. lifted its stake in shares of CIT Group by 82.0% during the fourth quarter. First Mercantile Trust Co. now owns 910 shares of the financial services provider’s stock valued at $35,000 after buying an additional 410 shares during the period. Pearl River Capital LLC purchased a new position in shares of CIT Group during the fourth quarter valued at approximately $55,000. Tower Research Capital LLC TRC purchased a new position in shares of CIT Group during the third quarter valued at approximately $123,000. Finally, Bessemer Group Inc. lifted its stake in shares of CIT Group by 58.2% during the fourth quarter. Bessemer Group Inc. now owns 2,857 shares of the financial services provider’s stock valued at $109,000 after buying an additional 1,051 shares during the period.
In other CIT Group news, EVP Edward K. Sperling sold 2,224 shares of the company’s stock in a transaction dated Wednesday, March 6th. The shares were sold at an average price of $50.16, for a total value of $111,555.84. Following the sale, the executive vice president now owns 10,336 shares of the company’s stock, valued at $518,453.76. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Matthew Galligan sold 2,300 shares of the company’s stock in a transaction dated Monday, February 25th. The shares were sold at an average price of $51.68, for a total transaction of $118,864.00. Following the completion of the sale, the insider now directly owns 33,841 shares in the company, valued at approximately $1,748,902.88. The disclosure for this sale can be found here. Insiders sold 10,896 shares of company stock worth $552,081 in the last ninety days. Insiders own 0.27% of the company’s stock.
The firm also recently declared a quarterly dividend, which will be paid on Friday, May 24th. Shareholders of record on Friday, May 10th will be issued a $0.35 dividend. This represents a $1.40 annualized dividend and a dividend yield of 2.77%. The ex-dividend date is Thursday, May 9th. This is an increase from CIT Group’s previous quarterly dividend of $0.25. CIT Group’s dividend payout ratio is 24.75%.
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 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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