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CIT Group Inc.
Type
Public company
Traded as NYSE: CIT
Industry Financial services
Founded 1908; 109 years ago (1908)
Founder Henry Ittleson
Headquarters Salmon Tower Building
New York City
Key people
Ellen R. Alemany, Chairwoman & CEO
John Fawcett, CFO
Products Factoring
Mortgages
Revenue Increase $2.943 billion (2016)
Net income
Increase $709 million (2016)
Total assets Decrease $64.170 billion (2016)
Total equity Decrease $10.002 billion (2016)
Number of employees
4,410
Capital ratio 13.8%
Website www.cit.com

CIT Group Inc. is a financial holding company headquartered in New York City. The company's name is an abbreviation of an early corporate name, Commercial Investment Trust. It provides financing and leasing capital to customers in over 30 industries. CIT also operates CIT Bank.

The company is ranked #550 on the Fortune 1000 list of the largest American companies and is on the list of largest banks in the United States.

CIT filed for bankruptcy protection on November 1, 2009, and with the consent of its bondholders, emerged from bankruptcy 38 days later, on December 10, 2009.

CIT operates two business segments:

On February 11, 1908, Henry Ittleson founded the Commercial Credit and Investment Company in St. Louis, Missouri.

In 1915, the company moved its headquarters to New York City and renamed itself Commercial Investment Trust and went by the initials of C.I.T. By that time, the company provided financing for wholesale suppliers and producers of consumer goods. The company added automobile financing to its product line in 1916, through an agreement with Studebaker, the first of its kind in the auto industry. During World War I, CIT financed the manufacture of 150 submarine chasers. It also added consumer financing of radios through an agreement with Thomas Edison, Inc. During the Roaring 20s following the war, consumer spending rose dramatically and CIT prospered in its consumer appliance, furniture, and automobile financing groups. In 1924, CIT incorporated in Delaware and listed its stock on the New York Stock Exchange. CIT entered the field of factoring in 1928 and expanded operations into Europe in 1929.

With international tensions rising prior to World War II, CIT closed its German operations in 1934. Arthur O. Dietz succeeded Ittleson as president of the company in 1939. During the war, CIT offered its 2000 employees a month's bonus, life insurance, and a guaranteed job on return if they served in the United States Armed Forces. Between 1947 and 1950, the company's net income rose from $7.3 million to $30.8 million. Ittleson died at age 77 on October 27, 1948.

The company moved into a new building at 650 Madison Avenue in Manhattan in 1957. In 1960, Walter Lundell succeeded Dietz as president of the company. Five years later, in 1959, the company passed $100 billion ($822 billion in recent terms) in financing volume since its founding. The Vietnam War racial turmoil of the 1960s resulted in CIT making changes to its business. In 1969, CIT entered the personal and home equity loan and leasing business and left auto financing. In 1979, restrictive banking rules forced CIT to sell its bank, National Bank of North America. CIT was acquired by RCA Corporation in 1980. RCA promptly sold CIT's four manufacturing businesses: Picker X-Ray, Inc., Gibson Greeting Cards, Inc., All-Steel, Inc. (office furniture), and Raco, Inc. (wall boxes for electric switches and outlets.) The Madison Avenue building was sold in 1982 as the company moved to a newly constructed headquarters facility in Livingston, New Jersey in 1983.

In 1984, CIT was sold to Manufacturers Hanover Trust. In 1989, Manufacturers Hanover Trust sold 60% of CIT to Dai-Ichi Kangyo Bank of Japan.

In 1991, the company acquired Fidelcor Business Credit Corporation, which increased its services to small businesses. In 1992, CIT opened 15 new offices in 7 states.

In 1997, the company became a public company via an initial public offering that raised $850 million.

On November 15, 1999, CIT acquired Toronto-based Newcourt Credit Group in a $4.2 billion transaction, which created one of the largest publicly owned leasing companies. In 2000, CIT announced record earnings of $611.6 million, an increase of 57.1% from the prior year, which was largely attributed to the acquisition of Newcourt the year before.

In 2001, Tyco acquired CIT for $9.2 billion in stock. CIT was renamed as Tyco Capital.

Tyco ran into operating troubles and sold or spun off non-core operations, including CIT. On July 8, 2002, Tyco completed its divestment of its Tyco Capital business through an initial public offering, via the sale of 100% of the common shares in CIT Group Inc.

In 2006, CIT moved its global headquarters back to New York City, opening a new headquarters across from the New York Public Library. CIT retained its Livingston campus as its corporate headquarters.

Under the leadership of CEO Jeff Peek, assets at CIT jumped 77% from 2004 to the end of 2007 as it acquired companies in education lending and subprime mortgages. Those acquisitions turned out to be disastrous for the company and in the following eight quarters, CIT reported more than $3 billion in losses.

On July 1, 2008, CIT Group announced that it would sell its home lending division to Lone Star Funds for $1.5 billion in cash and the assumption of $4.4 billion in debt and announced that it would sell its manufactured housing loan portfolio, with a face value of $470 million in loans, to Vanderbilt Mortgage and Finance for approximately $300 million.

In 2008, CIT became a bank holding company in order to receive $2.3 billion in Troubled Asset Relief Program (TARP) funds.

On July 15, 2009, CIT's request for Federal Deposit Insurance Corporation loan guarantees was rejected. At 6:03 PM, the company issued a press release stating that talks of a government bailout were unlikely and that the company had been advised that there was "no appreciable likelihood of additional government support being provided over the near term" and that it was very close to declaring bankruptcy.

On July 19, 2009, the company received a bailout via a $3 billion deal via an agreement with the bondholders group, which included Pacific Investment Management Company (PIMCO) and other large bond holders. CIT said it planned a comprehensive restructuring of its liabilities.

Effective July 24, 2009, CIT was removed from the S&P 500 Index.

On Sunday, November 1, 2009, CIT Group filed for bankruptcy protection under Chapter 11, Title 11, United States Code.

On December 10, 2009, CIT satisfied all of the conditions required to consummate the prepackaged Plan of Reorganization, which included the cancellation of existing debt and shares and the issuance of new debt and publicly traded shares.

As part of the reorganization plan, CIT named seven new independent directors. On January 19, 2010, Peter J. Tobin, a member of the board of directors, was named interim Chief Executive Officer, replacing Jeff Peek, who resigned effective January 15, 2010. On February 8, 2010, former Merrill Lynch CEO John Thain was hired as chairman and Chief Executive Officer.

On July 22, 2014, CIT Group announced an agreement to acquire OneWest Bank for $3.4 billion in cash and stock. The California Reinvestment Coalition was concerned about the possibility of the FDIC's loss-sharing agreement with OneWest being transferred to CIT Group and the growth of a bank that is considered too big to fail and so it filed a Freedom of Information Act request in October 2014 seeking information about the amount of money paid out to OneWest's investors under the loss-share agreement and what conversations FDIC staff have had with the leadership of OneWest Bank and CIT Group. On July 21, 2015, the Office of the Comptroller of the Currency and the Federal Reserve approved CIT Group's acquisition of OneWest Bank. The acquisition closed on August 3, 2015.

Effective November 1, 2015, CEO John Thain resigned and was replaced by Ellen Alemany, a member of the board of directors.

On February 19, 2016, Thain resigned as chairman and Ellen Alemany became chairwoman in addition to CEO.

In April 2017, the company sold its aircraft lease business to Avolon for $10.38 billion.

In October 2017, the company sold Financial Freedom, acquired as part of the acquisition of OneWest Bank, and its reverse mortgage portfolio.

News

Q reports

Period Date Adjusted Actuals EPS GAAP EPS
Q4 2020 2021-01-26 Future report Set alerts
Q3 2020 2020-10-20 Future report Set alerts
Q2 2020 2020-07-21 -0.99 -0.99
Q1 2020 2020-04-21 -6.40 -6.40
Q4 2019 2020-01-28 1.27 1.27
Q3 2019 2019-10-22 1.50 1.50
Q2 2019 2019-07-23 1.33 1.32
Q1 2019 2019-04-23 1.18 1.18
Q4 2018 2019-01-29 1.10 0.78
Q3 2018 2018-10-23 1.15 1.13

Ratings

2016-06-15 Reiterated Rating Deutsche Bank Hold
2016-06-15 Reiterated Rating Deutsche Bank AG Hold
2016-05-03 Boost Price Target Nomura Neutral $33.00
2016-05-03 Boost Price Target Nomura Holdings Inc. Neutral $33.00
2016-04-29 Reiterated Rating Credit Suisse Hold $42.00
2016-04-29 Downgrade Bank of America Neutral to Underperform
2016-04-29 Reiterated Rating Credit Suisse Group AG Hold $42.00
2016-04-29 Downgrade Bank of America Corp. Neutral to Underperform
2016-04-04 Reiterated Rating Morgan Stanley Overweight $38.00
2016-04-04 Reiterated Rating Macquarie Buy
2016-04-04 Reiterated Rating Oppenheimer Buy $50.00
2016-04-04 Reiterated Rating Oppenheimer Holdings Inc. Buy $50.00
2016-03-28 Downgrade Sterne Agee CRT Buy to Neutral $37.00
2016-03-28 Reiterated Rating BMO Capital Markets Hold
2016-03-28 Reiterated Rating Keefe, Bruyette & Woods Hold
2016-03-24 Reiterated Rating Drexel Hamilton Buy $48.00
2016-03-23 Reiterated Rating Credit Suisse Hold $42.00
2016-03-10 Reiterated Rating Drexel Hamilton Buy $54.00
2016-02-04 Lower Price Target Keefe, Bruyette & Woods Market Perform $50.00 to $40.00
2016-02-03 Lower Price Target Goldman Sachs Neutral $47.00 to $42.00
2016-02-03 Lower Price Target DA Davidson Buy $46.00
2016-02-03 Lower Price Target BMO Capital Markets Market Perform $48.00 to $37.00
2016-02-03 Lower Price Target Barclays Equal Weight $47.00 to $37.00
2016-02-03 Lower Price Target Oppenheimer Outperform $57.00 to $50.00
2016-02-03 Reiterated Rating BTIG Research Buy $52.00
2016-02-03 Downgrade Citigroup Inc. Buy to Neutral
2016-02-03 Lower Price Target Goldman Sachs Group Inc. Neutral $47.00 to $42.00
2016-02-03 Lower Price Target Barclays PLC Equal Weight $47.00 to $37.00
2016-02-02 Reiterated Rating Oppenheimer Buy
2016-02-02 Reiterated Rating Nomura Neutral $46.00
2016-01-26 Reiterated Rating BTIG Research Buy $56.00
2016-01-21 Initiated Coverage Deutsche Bank Hold $38.00
2016-01-13 Lower Price Target Goldman Sachs $50.00 to $47.00
2016-01-05 Boost Price Target Oppenheimer Outperform $54.00 to $57.00
2015-12-18 Initiated Coverage JMP Securities Outperform $53.00
2015-11-09 Lower Price Target Stifel Nicolaus Buy $52.00 to $50.00
2015-11-04 Boost Price Target Barclays Equal Weight $46.00 to $48.00
2015-11-04 Boost Price Target Oppenheimer Outperform $51.00 to $54.00
2015-11-03 Reiterated Rating BTIG Research Buy $56.00
2015-11-02 Initiated Coverage BMO Capital Markets Market Perform
2015-10-22 Reiterated Rating BTIG Research Buy $56.00
2015-10-22 Upgrade Macquarie Neutral to Outperform $39.88 to $65.00
2015-10-08 Lower Price Target Credit Suisse Neutral $48.00 to $47.00
2015-10-06 Lower Price Target Oppenheimer Outperform $54.00 to $51.00
2015-08-20 Initiated Coverage DA Davidson Buy to Buy $56.00
2015-08-15 Reiterated Rating Goldman Sachs Hold
2015-08-14 Initiated Coverage Goldman Sachs Neutral $50.00 to $46.44
2015-07-29 Lower Price Target Barclays Equal Weight $47.00 to $46.00
2015-07-29 Reiterated Rating Oppenheimer Outperform $54.00
2015-07-29 Downgrade Guggenheim Buy to Neutral
2015-07-28 Reiterated Rating BTIG Research Buy
2015-07-22 Reiterated Rating BTIG Research Buy $55.00
2015-07-22 Boost Price Target Stifel Nicolaus Buy $50.00 to $52.00
2015-04-29 Set Price Target Morgan Stanley Buy $54.00
2015-04-29 Lower Price Target Barclays Equal Weight $50.00 to $47.00
2015-04-27 Initiated Coverage Keefe, Bruyette & Woods Market Perform $50.00
2015-04-22 Reiterated Rating BTIG Research Buy $55.00
2015-03-31 Reiterated Rating Oppenheimer Outperform $58.00
2015-02-11 Initiated Coverage BMO Capital Markets Market Perform
2015-01-29 Reiterated Rating Citigroup Inc. Buy $56.00 to $54.00
2015-01-22 Set Price Target BTIG Research Buy $55.00
2014-12-15 Initiated Coverage Guggenheim Buy $55.00
2014-10-10 Upgrade Macquarie Underperform to Neutral $47.00
2014-08-21 Upgrade Morgan Stanley Neutral to Positive $50.00 to $48.00
2014-08-21 Lower Price Target Credit Suisse Neutral $50.00 to $48.00
2014-08-01 Boost Price Target SunTrust $45.00 to $54.00
2014-08-01 Boost Price Target SunTrust Banks Inc. $45.00 to $54.00
2014-07-28 Upgrade Morgan Stanley Equal Weight to Overweight $46.00 to $57.00
2014-07-23 Boost Price Target Nomura Neutral $47.00 to $51.00
2014-07-23 Reiterated Rating Citigroup Inc. Neutral $48.00 to $50.00
2014-07-23 Reiterated Rating Macquarie Underperform $44.00 to $47.00
2014-07-23 Lower Price Target Oppenheimer Outperform $57.00 to $53.00
2014-07-09 Initiated Coverage Macquarie Underperform $44.00
2014-06-27 Reiterated Rating Boenning Scattergood Outperform $53.50
2014-04-30 Reiterated Rating Nomura Neutral $47.00
2014-04-30 Reiterated Rating Citigroup Inc. Buy $54.00
2014-04-30 Reiterated Rating SunTrust Neutral $48.00 to $45.00
2014-04-30 Reiterated Rating Credit Suisse Neutral $50.00 to $48.00
2014-04-03 Reiterated Rating Oppenheimer Outperform $59.00
2014-01-30 Lower Price Target SunTrust $52.00 to $48.00
2014-01-29 Upgrade Buckingham Research Neutral to Buy
2014-01-29 Lower Price Target Jefferies Group Buy $65.00 to $60.00
2014-01-22 Reiterated Rating Morgan Stanley Equal Weight
2014-01-22 Initiated Coverage Goldman Sachs Neutral $55.00
2013-11-04 Reiterated Rating Sterne Agee CRT Buy $60.00
2013-11-04 Lower Price Target Janney Montgomery Scott Buy $58.00 to $55.00
2013-10-23 Reiterated Rating Janney Montgomery Scott Buy $58.00
2013-10-23 Boost Price Target Sterne Agee CRT Buy $55.00 to $60.00
2013-10-14 Initiated Coverage SunTrust Neutral $53.00
2013-09-30 Upgrade Janney Montgomery Scott Neutral to Buy $52.00 to $58.00
2013-09-24 Upgrade Jefferies Group Hold to Buy $52.00 to $65.00
2013-05-31 Reiterated Stifel Buy $50 to $53
2013-05-31 Reiterated Compass Point Neutral $44 to $52
2013-05-31 Reiterated Boenning & Scattergood Outperform $47 to $53.50
2013-03-25 Downgrade Compass Point Buy to Neutral
2012-09-06 Initiated Oppenheimer Perform
2011-08-09 Upgrade Compass Point Neutral to Buy $46 to $46
2011-07-19 Upgrade Boenning & Scattergood Neutral to Outperform $47
2011-05-17 Downgrade Compass Point Buy to Neutral
2011-02-16 Downgrade Boenning & Scattergood Outperform to Neutral
2010-09-01 Initiated Barclays Capital Overweight $46
2010-03-31 Initiated Keefe Bruyette Mkt Perform
2010-03-22 Reiterated Sterne Agee Buy $40 to $45
2010-03-09 Initiated Boenning & Scattergood Outperform $43.25
2016-06-15 Reiterated Rating Deutsche Bank Hold
2016-06-15 Reiterated Rating Deutsche Bank AG Hold
2016-05-03 Boost Price Target Nomura Neutral $33.00
2016-05-03 Boost Price Target Nomura Holdings Inc. Neutral $33.00
2016-04-29 Reiterated Rating Credit Suisse Hold $42.00

There is presents forecasts of rating agencies and recommendations for investors about this ticker

Major Shareholders

Name Relationship Total Shares Holding stocks
MNUCHIN STEVEN T Vice Chairman 1.04%  (1935573) CIT / SHLD /
THAIN JOHN A Chairman & CEO 0.28%  (516884) CIT /
Otting Joseph M Co-President 0.25%  (458592) CIT /
Chai Nelson President 0.17%  (309928) CIT / TMO /
Alemany Ellen R 0.09%  (168441) ADP / CIT / FIS /
KNITTEL C JEFFREY President, Transportation Fin. 0.09%  (167685) CIT /
PARKER SCOTT T EVP & Chief Financial Officer 0.09%  (162453) CIT / LEAF /
POLSKY LISA Exec VP & Chief Risk Officer 0.06%  (119233) CIT / PJC /
HAYLES CAROL EVP & Controller 0.04%  (77485) CIT /
Brandman Andrew Exec. Vice President & CAO 0.04%  (69897) CIT /
HUDAK JAMES L President, Commercial Banking 0.04%  (65226) CIT /
CASHMAN GEORGE D. President, Rail Finance 0.04%  (65092) CIT /
INGATO ROBERT J Exec VP and General Counsel 0.03%  (60033) CIT /
ROWE ROBERT EVP, Chief Risk Officer 0.03%  (55692) CIT /
MENELLY DENISE M. EVP, Head of Technology & Ops 0.02%  (46069) CIT /
Quinlan Raymond J. EVP - Banking 0.02%  (41140) CIT / DRL / SLM /
Alderoty Stuart A EVP, General Counsel & Secy. 0.02%  (36845) CIT /
Allen Bryan David EVP, Chief HR Officer 0.02%  (35634) CIT /
GOODMAN STACEY EVP, CIO and Ops Officer 0.02%  (35568) CIT /
GALLIGAN MATTHEW President, Real Estate Finance 0.02%  (33272) CIT /
Tutwiler Margaret D EVP, Marketing & Communication 0.02%  (32995) CIT /
PROIA GINA M. EVP & Head of Marketing 0.02%  (30792) CIT /
Fawcett John J. EVP and Advisor 0.02%  (29347) CFG / CIT /
DUFFY JAMES J EVP & Chief HR Officer 0.02%  (27854) CIT /
MATSUMOTO RAYMOND D EVP 0.01%  (25040) CIT /
STERNBERG SEYMOUR 0.01%  (23947) CIT / ESRX /
Solk Steve President, Business Capital 0.01%  (20739) CIT /
EMBLER MICHAEL J 0.01%  (16690) AAL / CIT / NMIH / TCO /
Erickson John C President, Consumer Banking 0.01%  (15909) CIT / ZION /
ROSENFELD GERALD 0.01%  (15881) CIT /
McPhail Kenneth EVP, Chief Strategy Officer 0.01%  (13988) CIT /
MORRELL KELLEY EVP, Chief Strategy Officer 0.01%  (12809) CIT /
PARRS MARIANNE M 0.01%  (11708) CIT / SIG / SWH /
SPERLING EDWARD K EVP & Controller 0.01%  (11152) CIT /

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