CIT Group Inc. (CIT) - NYSE
  • Apr. 28, 2015, 7:20 AM
    • Q1 net income of $104M or $0.59 per share includes a $44M tax provision. Net income was $117M and $0.59 one year ago.
    • The share repurchase program was completed in Q1, and total capital returned to shareholders in the quarter was nearly $360M ($332M for buybacks). Company today announces a new $200M buyback program.
    • Credit metrics remain at or near cycle lows, says CIT. Non-accrual loans were $179M or 0.92% of finance receivables vs. 1.18% a year ago, though up 10 basis points from Q4 thanks to one energy-related account.
    • CET1 ratio estimated at 14.1%.
    • Tangible book value per share of $46.89 vs. $42.94 one year ago.
    • Conference call at 8 ET
    • Previously: CIT EPS of $0.59 (April 28)
    • Shares flat premarket
    | Apr. 28, 2015, 7:20 AM
  • Apr. 28, 2015, 6:33 AM
    • CIT (NYSE:CIT): Q1 EPS of $0.59 may not be comparable to consensus of $0.73.
    • Revenue of $423.8M (+7.9% Y/Y) misses by $32.94M.
    | Apr. 28, 2015, 6:33 AM
  • Apr. 27, 2015, 5:30 PM
  • Apr. 27, 2015, 10:39 AM
    • "We believe there is still more work to be done and it may take a few years before the company can right-size its tangible common equity level and deliver more consistent and transparent returns on tangible common equity," says KBW initiating coverage on CIT Group (CIT -0.1%) with a Market Perform and $50 price target.
    • A possible positive catalyst will be the closing of the OneWest purchase, says the team, noting the underperformance of CIT since the initial pop after announcing the acquisition last summer.
    • The GE Capital sales could be a benefit as well, with CIT possibly bidding for smaller blocks of assets in the Americas.
    | Apr. 27, 2015, 10:39 AM
  • Apr. 21, 2015, 8:32 AM
    • CIT (NYSE:CIT) declares $0.15/share quarterly dividend, in line with previous.
    • Forward yield 1.26%
    • Payable May 29; for shareholders of record May 15; ex-div May 13.
    | Apr. 21, 2015, 8:32 AM
  • Apr. 2, 2015, 8:48 AM
    • CIT Aerospace orders another five A321ceo aircraft, adding to its previous order of five from last year. Deliveries for the new order are scheduled for 2016.
    • This deal brings CIT Aerospaes' total order for the A320 family to 205 aircraft - 155 CEO and 50 NEO.
    • "We continue to see strong demand for the A320 family," says CIT's Jeff Knittel, with particular interest in the larger A321 models.
    | Apr. 2, 2015, 8:48 AM
  • Mar. 31, 2015, 3:06 PM
    • "We're seeing the sausage made and it's not pretty," says Oppenheimer's Chris Kotowski, maintaining an Overweight and $58 price target on CIT Group (CIT +0.7%). "But at the end of this process there are some good businesses here."
    • Kotowski takes note of CIT's transportation equipment leasing business and how it makes up an increasing portion of the company's revenue and earnings. It's comparable to companies like Air Lease and Gatix. It'll take a year or two, says Kotowski, but CIT could be worth a great deal more at the end of the process.
    • Instead of valuing CIT as a mature, stable regional bank, he says, think of CIT as more of a P-E portfolio undergoing a restructuring.
    | Mar. 31, 2015, 3:06 PM
  • Mar. 4, 2015, 11:07 AM
    • The current balance of E*Trade's (NASDAQ:ETFC) home-loan portfolio is only $6B now vs. $27B as the financial crisis began to unfold, and regulators are no longer requiring the parent company to set aside capital to support the lending unit.
    • There's still risk as a buyer would have to mark the loans to market, and there's currently a wide gap between carrying value and market value. "As that [gap] goes down, I would think a buyer would be more and more interested," says Compass Point's Michael Tarkan..
    • TD Ameritrade (AMTD -0.5%) and Schwab (SCHW -0.9%) seem like natural potential buyers, but lenders like CIT Group (CIT -0.8%) and Capital One (COF -0.8%) might also have interest, says Sandler O'Neill's Rich Repetto. Goldman Sachs has been rumored to have sniffed around the company as well.
    | Mar. 4, 2015, 11:07 AM | 1 Comment
  • Feb. 6, 2015, 2:22 PM
    • The Fed and the OCC on Feb. 26 will hold a public hearing on CIT Group's (CIT +1.1%) plan to purchase the parent of OneWest Bank for $3.4B in cash and stock. OneWest had waged an unusual public campaign arguing no hearing was necessary.
    • The two announced the merger deal last July.
    • OneWest is the former failed California bank IndyMac that resurfaced thanks to investments by a group including George Soros and John Paulson. CIT, of course, is led by another character from the financial crisis - John Thain.
    | Feb. 6, 2015, 2:22 PM
  • Jan. 27, 2015, 9:19 AM
    • Q4 income from continuing operations of $252M or $1.37 per share vs. $123M and $0.61 one year ago. Income this quarter was boosted by $44M or $0.24 per share from the partial reversal of the DTA.
    • Net finance revenue of $373M vs. $325M a year ago. Average earning assets of $34.3B vs. $30.8B.
    • Operating expenses of $249M vs. $284M a year ago. Excluding restructuring costs, operating expenses of $242M were 2.82% of average earning assets vs. 2.87% a year ago.
    • Credit metrics remain at or near cycle lows. Non-accrual loans of $161M or 0.82% of finance receivables vs. 1.29% a year ago.
    • Net charge-offs of $23M or 0.47% of average finance receivables vs. 0.32% a year ago.
    • Tier 1 Capital ratio of 14.5% vs. 16.7% a year ago.
    • Tangible book value per share of $46.83 rises from $45.87 thanks to the partial reversal of the DTA.
    • 2.5 M share repurchased during Q for a total of $117M.
    • Previously: CIT beats by $0.42, beats on revenue
    • CIT +1.64% PM.
    | Jan. 27, 2015, 9:19 AM
  • Jan. 27, 2015, 6:35 AM
    • CIT (NYSE:CIT): Q4 EPS of $1.37 beats by $0.42.
    • Revenue of $692.2M (+9.7% Y/Y) beats by $241M.
    | Jan. 27, 2015, 6:35 AM
  • Jan. 26, 2015, 5:30 PM
    | Jan. 26, 2015, 5:30 PM | 3 Comments
  • Jan. 21, 2015, 12:35 PM
    • CIT (NYSE:CIT) declares $0.15/share quarterly dividend, in line with previous.
    • Forward yield 1.36%
    • Payable Feb. 27; for shareholders of record Feb. 13; ex-div Feb. 11.
    | Jan. 21, 2015, 12:35 PM
  • Dec. 3, 2014, 9:06 AM
    • Deliveries of the five A321-200ceo aircraft are set to begin next year, and the 15 A330-900neo aircraft in 2018.
    • CIT Group's aerospace division is one of the first customers to order to new A330s.
    | Dec. 3, 2014, 9:06 AM
  • Oct. 28, 2014, 8:31 AM
    • Q3 income from continuing operations of $515M or $2.76 per share vs. $193M and $0.96 one year ago. Income this year was boosted by $375M or $2.01 per share from the partial reversal of the DTA.
    • Net finance revenue of $365M vs. $347M a year ago. Average earning assets of $34.3B vs. $30.4B.
    • Operating expenses of $235M vs. $229M a year ago. Excluding restructuring costs, operating expenses of $225M were 2.63% of average earning assets vs. 2.97% a year ago.
    • Credit metrics remain at or near cycle lows. Non-accrual loans of $201M or 1.02% of finance receivables vs. 1.41% a year ago. Net charge-offs of $19M or 0.39% of average finance receivables vs. 0.59% a year ago.
    • Tier 1 Capital ratio of 14.3% vs. 16.7% a year ago. Tangible book value per share of $45.87 rises from $42.36 thanks to the partial reversal of the DTA.
    • 2.2M share repurchased during Q for a total of $106M. Total share buybacks this year of 14.5M shares at average price of $45.20.
    • Previously: CIT EPS of $2.76
    • CIT flat premarket
    | Oct. 28, 2014, 8:31 AM
  • Oct. 28, 2014, 6:46 AM
    • CIT (NYSE:CIT): Q3 EPS of $2.76 may not be comparable to consensus of $0.90.
    • Revenue of $592.3M (-5.5% Y/Y) beats by $159.6M.
    | Oct. 28, 2014, 6:46 AM
Company Description
CIT Group, Inc. is a bank holding company. It provides consumer and business financing, leasing and advisory services. The company operates through two segments: Transportation & International Finance (“TIF”) and North American Commercial Finance (“NACF”). Transportation & International Finance... More
Sector: Financial
Industry: Mortgage Investment
Country: United States