Trade Report: The Q2 2017 EPS Estimates for CIT Group Inc. Raised by DA Davidson (CIT)

The Q2 2017 EPS Estimates for CIT Group Inc. Raised by DA Davidson (CIT)

CIT Group Inc. (NYSE:CIT) – Equities research analysts at DA Davidson boosted their Q2 2017 earnings per share estimates for shares of CIT Group in a report released on Tuesday. DA Davidson analyst A. Cyganovich now anticipates that the brokerage will post earnings per share of $0.38 for the quarter, up from their prior estimate of $0.36.

CIT Group (NYSE:CIT) last released its quarterly earnings results on Tuesday, October 25th. The financial services provider reported $0.65 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.79 by $0.14. The company earned $608.70 million during the quarter, compared to analysts’ expectations of $622.98 million. CIT Group had a return on equity of 6.40% and a net margin of 9.61%. The company’s revenue was down 5.6% on a year-over-year basis. During the same quarter in the prior year, the business posted $3.61 EPS.

A number of other equities analysts have also recently weighed in on CIT. BTIG Research set a $52.00 price objective on shares of CIT Group and gave the stock a “buy” rating in a research report on Saturday, October 8th. Barclays PLC lowered their price objective on shares of CIT Group from $37.00 to $35.00 and set an “equal weight” rating for the company in a research report on Friday, July 29th. TheStreet cut shares of CIT Group from a “buy” rating to a “hold” rating in a research report on Tuesday, October 25th. Zacks Investment Research cut shares of CIT Group from a “buy” rating to a “hold” rating in a research report on Monday, October 17th. Finally, BMO Capital Markets reaffirmed a “hold” rating on shares of CIT Group in a research report on Monday, October 10th. One research analyst has rated the stock with a sell rating, twelve have given a hold rating and seven have given a buy rating to the company’s stock. CIT Group currently has an average rating of “Hold” and an average target price of $41.50.

CIT Group (NYSE:CIT) opened at 35.96 on Friday. CIT Group has a 52-week low of $25.19 and a 52-week high of $43.80. The stock has a market cap of $7.27 billion, a price-to-earnings ratio of 16.60 and a beta of 1.52. The company has a 50-day moving average price of $35.97 and a 200 day moving average price of $34.21.

Several hedge funds and other institutional investors have recently bought and sold shares of CIT. British Columbia Investment Management Corp increased its position in CIT Group by 24.4% in the second quarter. British Columbia Investment Management Corp now owns 200,367 shares of the financial services provider’s stock worth $6,394,000 after buying an additional 39,270 shares during the period. Lorber David A bought a new position in CIT Group during the first quarter worth approximately $114,000. Royal Bank of Canada increased its position in CIT Group by 32.8% in the first quarter. Royal Bank of Canada now owns 681,112 shares of the financial services provider’s stock worth $21,136,000 after buying an additional 168,305 shares during the period. Seven Eight Capital LLC increased its position in CIT Group by 249.0% in the first quarter. Seven Eight Capital LLC now owns 13,456 shares of the financial services provider’s stock worth $418,000 after buying an additional 9,600 shares during the period. Finally, Kingstown Capital Management L.P. bought a new position in CIT Group during the first quarter worth approximately $62,060,000. 98.51% of the stock is currently owned by hedge funds and other institutional investors.

The business also recently announced a quarterly dividend, which will be paid on Friday, November 25th. Investors of record on Friday, November 11th will be given a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.67%. The ex-dividend date of this dividend is Tuesday, November 8th. CIT Group’s dividend payout ratio (DPR) is 27.65%.

CIT Group Company Profile

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