Sunday, June 13, 2021

What to Watch When CIT Group Inc. [CIT] Reports Quarterly Earnings

Earnings from CIT Group Inc. [CIT] are scheduled on April 28, 2021, before the market opens. It is expected that the company will report strong earnings for the quarter ending Mar 2021.


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CIT Stock Earnings Outlook For The Current Quarter

The consensus estimates for the quarter suggest that the company would earn $0.71 per share on revenue of $464M. Taking a look at the future, the company is projected to report revenue of $476M at an earnings per share of $0.65 for the Jun 2021 quarter. The estimates represent year-over-year improvements of 7.30% in revenue and 39.03% in earnings per share for the company.

CIT Stock Earnings Forecast For The Current Year


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For the full financial year, CIT Group Inc. [NYSE:CIT] is forecasted to generate revenue of $1.92B. The figure is about $40.0 million above what the company actually reported for the fiscal year 2020. In terms of EPS, it is estimated to be $2.97 in 2021, which is $9.54 higher than the figure in FY20. Based on current estimates, earnings are expected to grow 145.20% this year, 38.70% next year, and 10.00% annually over the next five years. With regard to sales, forecasts suggest an incline of 2.40% in current fiscal year and 7.30% over following year.

CIT Stock Price Performance

At the close of Tuesday’s session, CIT Group Inc. [NYSE:CIT] finished up 0.33% at $54.49. The stock’s highest single-day price was $54.815, and its lowest was $53.70. Its price rose 6.01% in the last five days. Since the beginning of the year, CIT Group Inc.’s shares are up nearly 51.78%. However, the share price is -2.50% below its one year high. The top price reached by the shares of the company was $55.89 on 04/26/21, while the 52-week low came on 01/04/21, when the shares were $34.77. In the past year, shares of the company have risen 198.09%. At 50 days, the moving average achieved is $50.36 while at 200 days, the moving average is $33.91. There were 0.57 million shares traded in the last session, up from 0.41 million in the previous session.

CIT Group Inc. [NYSE:CIT] Stock Valuation Metrics

Investors may find it helpful to look at historical price-sales ratios, and in the case of this stock, 2.86 PS value ratio is reported for the last one year of reported earnings. This is above the average return 2.73 for the industry, which means CIT offers an unattractive investment opportunity than its competitors do.

CIT Share Price Support And Resistance Levels

Based on the daily chart, the immediate backing lies around the 54.49 level, and the violation of this level will cause a further drop to 53.86 level. At the upper end, 56.08 remains a key resistance. As the stock increases, it may find resistance at 55.45. In the 14-day chart, the Relative Strength Index standing at 62.11 suggests a technical neutral stance while the MACD standing at 1.88 indicates price will increase in the next trading period. Stochastic %K at 79.57% suggests holding the stock while Percent R indicator at 24.18% suggests bullish price movement.

How much is the short interest in CIT Group Inc.?

There have been a drop in short interest in the CIT Group Inc. Financial stock, with short interest up by 0.73 million shares to 3.41 million shares on Feb 25, 2021. According to data provided by Yahoo Finance, the short interest on Mar 30, 2021 stood at 4.14 million shares. This -21.41% decrease suggests some bullish sentiment was experienced by the stock. Shorted shares accounted for just 5.42% of the overall float in the stock, while the stock’s days to cover moved to 4.03.

How do analysts view CIT Group Inc.?

In regard to the share price forecast for CIT Group Inc. stock, the analysts, as surveyed by FactSet, forecast the price to reach $52.00 in the next twelve months, representing almost an -4.79% growth from its recent price of $54.49. Among CIT Group Inc. stock projections, $62.00 is the highest analyst target for the stock, while $38.00 is the lowest. Despite this, 5 analysts who share their consensus rating for CIT in 2021 agree that the stock is a Hold. The latest rating change took place on 4/20/21, when Keefe, Bruyette & Woods Ratings upgraded the stock from “Market Perform” to “Outperform.”

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