Earnings Report: Here’s what to expect from CIT Group (NYSE:CIT)

Earnings results for CIT Group (NYSE:CIT)

CIT Group Inc (DEL) is estimated to report earnings on 10/15/2021. The upcoming earnings date is derived from an algorithm based on a company’s historical reporting dates. Our vendor, Zacks Investment Research, might revise this date in the future, once the company announces the actual earnings date. According to Zacks Investment Research, based on 1 analysts’ forecasts, the consensus EPS forecast for the quarter is $1.33. The reported EPS for the same quarter last year was $0.84.

CIT Group last issued its earnings results on July 26th, 2021. The financial services provider reported $2.09 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.24 by $0.85. The company had revenue of $478 million for the quarter, compared to analysts’ expectations of $449 million. Its revenue for the quarter was up 16.3% on a year-over-year basis. CIT Group has generated ($0.70) earnings per share over the last year ($5.98 diluted earnings per share) and currently has a price-to-earnings ratio of 8.6. Earnings for CIT Group are expected to decrease by -31.07% in the coming year, from $6.92 to $4.77 per share. CIT Group has not formally confirmed its next earnings publication date, but the company’s estimated earnings date is Friday, October 15th, 2021 based off prior year’s report dates.

Analyst Opinion on CIT Group (NYSE:CIT)

According to the issued ratings of 5 analysts in the last year, the consensus rating for CIT Group stock is Hold based on the current 4 hold ratings and 1 buy rating for CIT. The average twelve-month price target for CIT Group is $45.58 with a high price target of $62.00 and a low price target of $34.00.
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on CIT’s analyst rating history

CIT Group has received a consensus rating of Hold. The company’s average rating score is 2.20, and is based on 1 buy rating, 4 hold ratings, and no sell ratings. According to analysts’ consensus price target of $45.58, CIT Group has a forecasted downside of 11.0% from its current price of $51.24. CIT Group has received no research coverage in the past 90 days.

Dividend Strength: CIT Group (NYSE:CIT)

CIT Group pays a meaningful dividend of 2.71%, higher than the bottom 25% of all stocks that pay dividends. CIT Group has only been increasing its dividend for 1 years. Based on earnings estimates, CIT Group will have a dividend payout ratio of 29.35% next year. This indicates that CIT Group will be able to sustain or increase its dividend.

Insiders buying/selling: CIT Group (NYSE:CIT)

In the past three months, CIT Group insiders have not sold or bought any company stock. Only 0.65% of the stock of CIT Group is held by insiders. 91.23% of the stock of CIT Group is held by institutions. High institutional ownership can be a signal of strong market trust in this company.

Earnings and Valuation of CIT Group (NYSE:CIT

Earnings for CIT Group are expected to decrease by -31.07% in the coming year, from $6.92 to $4.77 per share. The P/E ratio of CIT Group is 8.57, which means that it is trading at a less expensive P/E ratio than the market average P/E ratio of about 14.74. The P/E ratio of CIT Group is 8.57, which means that it is trading at a less expensive P/E ratio than the Finance sector average P/E ratio of about 14.60. CIT Group has a P/B Ratio of 0.97. P/B Ratios below 1 indicate that a company could be undervalued with respect to its assets and liabilities.

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