LONDON, February 12, 2015 /PRNewswire/ --
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Investor-Edge.com has issued free earnings updates on CIT Group Inc. (NYSE: CIT). On January 27, 2015, the company reported its financial results for Q4 FY14 and full year FY14 (period ended December 31, 2014). Click on http://get.Investor-Edge.com/pdf/?c=CIT%20Group&d=12-Feb-2015&s=CIT to read our free earnings review on CIT Group Inc. (CIT Group). During Q4 FY14 and FY14, CIT recorded net income of $251.0 million, or $1.37 per diluted share, and $1,130.0 million, or $5.96 per diluted share, respectively. Chairman and CEO of CIT Group, John A. Thain, said that the company made good progress in FY14 building its commercial franchise. In addition to growing its assets organically, CIT Group made two key acquisitions that will strengthen its commercial franchises and improve returns, he added. Our free coverage report can be accessed at:
http://get.Investor-Edge.com/pdf/?c=CIT%20Group&d=12-Feb-2015&s=CIT
Earnings Overview
During Q4 FY14, CIT Group's total net revenues (non-GAAP) improved to $489.3 million from $452.6 million in Q4 FY13. The company's net interest revenue was $29.3 million in Q4 FY14 compared to $39.7 million in Q4 FY13. Furthermore, in Q4 FY14, CIT Group's total non-interest income increased to $662.9 million from $591.4 million in Q4 FY13. Free research on CIT can be downloaded in PDF format at:
http://get.Investor-Edge.com/pdf/?c=CIT%20Group&d=12-Feb-2015&s=CIT
In Q4 FY14, CIT Group's, income from continuing operations was $252.0 million, or $1.37 per diluted share, in Q4 FY14 compared to $123.0 million, $0.61 per diluted share, in Q4 FY13. In the reported quarter, the company's net income increased by $121.1 million, or $0.72 per diluted share, from $129.9 million, or $0.65 per diluted share, in Q4 FY13. Analysts from Bloomberg had expected net income of $169.2 million, or $0.92 per diluted share, in Q4 FY14.
For FY14, CIT Group's total net revenue (non-GAAP) was $1.73 billion compared to $1.77 billion in FY13. In FY14, the company's net interest revenue declined to $140.3 million from $194.3 million in FY13. Moreover, CIT Group's total non-interest income came in at $2.40 billion in FY14, compared to $2.28 billion in FY13.
In FY14, CIT Group's net income improved by $454.3 million, or $2.61 per diluted share, from $675.7 million, or $3.35 per diluted share, in FY13. Analysts at Bloomberg had expected net income of $1,038.0 million, or $5.51 per diluted share, in FY14. Sign up and read the free analyst's notes on CIT at:
http://get.Investor-Edge.com/pdf/?c=CIT%20Group&d=12-Feb-2015&s=CIT
As of December 31, 2014, the company's preliminary Tier 1 and total capital ratios were 14.5% and 15.2%, respectively. CIT Group's combined North American Commercial Finance and Transportation and International Finance financing and leasing assets grew 12% Y-o-Y to $35.3 billion. Additionally, CIT Group's pre-tax return on average earning assets was approximately 3% including benefits from discrete asset sales.
During Q4 FY14, CIT returned $145 million in capital to its shareholders including $28 million in dividends and $117 million as repurchase of 2.5 million common shares. In FY14, the company repurchased over 17 million shares at an average price of $45.42 per share for approximately $775 million and paid dividend worth $95 million.
In January 2015, CIT Group's Board of Directors approved cash dividend of $0.15 per share which is payable on February 27, 2015 to its shareholders. The company also repurchased an additional 4 million common shares for an aggregate purchase price of $181 million. As of January 23, 2015, the company's authorized repurchase capacity, expiring on June 20, 2015, stood at approximately $146 million. Visit Investor-Edge and access the latest research on CIT at:
http://get.Investor-Edge.com/pdf/?c=CIT%20Group&d=12-Feb-2015&s=CIT
Mr. Thain asserted that in 2015, the company will continue to build long-term value by focusing on closing and integrating the acquisition of OneWest Bank, returning additional capital to its shareholders, and meeting the financing needs of its small and middle market customers.
Stock Performance
On the day of the earnings release, January 27, 2015, CIT Group's stock lost 1.07% to end the session at $45.36. Since then, the stock has moved both ways with gains outperforming losses. On the last close, Wednesday, February 11, 2015, the company's shares finished 0.31% higher at $45.81, after vacillating between $45.53 and $46.09. A total of 1.66 million shares were traded which was above its three months average volume of 1.46 million shares. Over the previous three trading sessions and over the past three months, the company's shares have fallen by 0.30% and 6.87%, respectively. However, the stock has advanced 0.64% in the last one month. Furthermore, shares in CIT Group are trading below their 50-day and 200-day moving averages of $46.44 and $46.40, respectively.
Sneak Peek to Corporate Insider Trading
In the last one month, there were nine corporate insider transactions made by nine individuals. On February 01, 2015, a total of 107,668 shares have been sold at an average price of $43.82 per share and for a total value of $4.72 million. The following are a few of the transactions on the aforesaid date: John A. Thain disposed 29,505 shares, and on the same day, Nelson J. Chai, President of CIT Group, and Scott T. Parker, Executive Vice President and Chief Financial Officer at CIT Group, sold 21,942 and 15,051 shares, respectively. Complimentary in-depth research on CIT is available at:
http://get.Investor-Edge.com/pdf/?c=CIT%20Group&d=12-Feb-2015&s=CIT
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