CIT Group (CIT) Releases Earnings Results, Beats Expectations By $0.12 EPS

CIT Group (CIT) reported quarterly earnings results on Thursday, Jul-28-2016. The company said it had a profit of $0.90 Earnings per Share for the quarter. The results exceeded Wall Street expectations beating the analyst consensus estimate by $0.12. Analysts had a consensus of $0.78. The company posted revenue of $645.10 million in the period, compared to analysts expectations of $628.85 million. The company’s revenue was up 58.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.66 EPS.

CIT Group opened for trading at $34.02 and hit $34.9 on the upside on Thursday, eventually ending the session at $34.74, with a gain of 1.08% or 0.37 points. The heightened volatility saw the trading volume jump to 25,47,953 shares. Company has a market cap of $7,007 M.

Investors should note that on Jul 19, 2016, CIT Group announced a cash dividend of $0.1500. The company’s management has announced Aug 10, 2016 as the ex-dividend date and fixed the record date on Aug 12, 2016. The payable date has been fixed on Aug 26, 2016.

In a different news, on Feb 12, 2016, Steven T Mnuchin (Vice Chairman) purchased 80,000 shares at $25.64 per share price. According to the SEC, on Feb 4, 2016, John A Thain (CEO) purchased 50,000 shares at $27.31 per share price. On Feb 4, 2016, Ellen R Alemany (Vice Chairman) purchased 19,000 shares at $27.32 per share price, according to the Form-4 filing with the securities and exchange commission.

CIT Group Inc. is a bank holding company (BHC) which provides financing leasing and advisory services principally to middle market companies. The Company operates in two segments: Transportation and International Finance (TIF) provider of leasing and financing solutions to operators and suppliers in the global aviation and railcar industries and North American Commercial Finance (NACF). which consists of four divisions: Commercial Services Corporate Finance Equipment Finance and Real Estate Finance. Commercial Services provides factoring receivable management products and secured financing to businesses. Corporate Finance provides a range of financing options and offers advisory services to small and medium size companies. Equipment Finance provides leasing and equipment loan solutions to small businesses and middle market companies. Real Estate Finance provides senior secured commercial real estate loans to developers and other commercial real estate professionals.

CIT Group

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