Revenue Update on CIT Group(NYSE:CIT)

CIT Group(NYSE:CIT) announced the earnings results for Fiscal Year 2016 and Q2. The results came in during Pre-market on Jul 28, 2016. Company reported revenue of $645.10M. Analysts estimated a revenue of $620.33M. Earnings per share were $0.90. Analysts had estimated an EPS of $0.77.

In a different note, On May 3, 2016, Nomura said it Maintains its rating on CIT Group. In the research note, the firm Raises the price-target to $29.00 per share. The shares have been rated ‘Neutral’ by the firm.

CIT Group (CIT) shares turned negative on Thursdays trading session with the shares closing down -0.1 points or -0.30% at a volume of 9,47,732. The pessimistic mood was evident in the company shares which never went considerably beyond the level of $34.07. The peak price level was also seen at $34.07 while the days lowest was $33.59. Finally the shares closed at $33.72. The 52-week high of the shares is $47.7375 while the 52-week low is $25.185. According to the latest information available, the market cap of the company is $6,802 M.

CIT Group has also declared a cash dividend of $0.1500 on Jul 19, 2016. The shares will quote ex-dividend on Aug 10, 2016 and the record date has been fixed on Aug 12, 2016. The dividend payable date has been fixed on Aug 26, 2016.

Several Insider Transactions has been reported to the SEC. On Feb 12, 2016, Steven T Mnuchin (Vice Chairman) purchased 80,000 shares at $25.64 per share price.Also, 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.

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