OverviewSuggest Edit

CIT provides banking and related services to commercial and individual customers. The Company operates through three segments: Commercial Banking, Consumer Banking, and Non-Strategic Portfolios (NSP). The Commercial Banking segment offers lending, leasing, and other financial and advisory services, factoring, receivables management products, and secured supply chain financing, and equipment leasing and secured financing to railroads and non-rail companies. The Consumer Banking segment provides mortgage loans and deposits. It also offer small business administration loans and fiduciary services. The NSP segment provides equipment financing, secured lending, and leasing and advisory services to small and middle-market businesses. In addition, the Company offers online banking services.
TypePublic
Founded1908
HQNew York, US
Websitecit.com
Employee Ratings3.1

Latest Updates

Employees (est.) (Dec 2018)3,678(-4%)
Job Openings180
Revenue (FY, 2017)$3.2 B(+4%)
Share Price (Mar 2019)$51 (+2%)

Key People/Management at CIT

George Cashman

George Cashman

President, CIT Rail
Jim Hudak

Jim Hudak

President, CIT Commercial Finance
Stuart Alderoty

Stuart Alderoty

Executive Vice President, General Counsel and Corporate Secretary
John Fawcett

John Fawcett

Executive Vice President and Chief Financial Officer
Matt Galligan

Matt Galligan

President, CIT Real Estate Finance
Ellen R. Alemany

Ellen R. Alemany

Chairwoman and CEO
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CIT Office Locations

CIT has offices in New York, Livingston, Washington, Salt Lake City and in 12 other locations
Livingston, US (HQ)
1 CIT Dr
New York, US (HQ)
11 W 42nd St
Boston, US
175 Federal St #503
Charlotte, US
201 S Tryon St #700
Chicago, US
30 S Wacker Dr #2900
Dallas, US
12221 Merit Dr #1700
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CIT Financials and Metrics

CIT Revenue

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CIT's revenue was reported to be $3.21 b in FY, 2017 which is a 3.7% increase from the previous period.
USD

Revenue (Q3, 2018)

824.1m

Gross profit (Q3, 2018)

572.1m

Gross profit margin (Q3, 2018), %

69.4%

Net income (Q3, 2018)

131.5m

Market capitalization (18-Mar-2019)

5.1b

Closing stock price (18-Mar-2019)

51.0

Cash (30-Jun-2018)

208.6m

EV

13.8b
CIT's current market capitalization is $5.1 b.
Annual
USDFY, 2015FY, 2016FY, 2017

Revenue

2.6b3.1b3.2b

Revenue growth, %

10%18%4%

Cost of goods sold

890.0m947.9m832.3m

Gross profit

1.7b2.1b2.4b
Quarterly
USDQ1, 2016Q2, 2016Q3, 2016Q1, 2017Q2, 2017Q3, 2017Q1, 2018Q2, 2018Q3, 2018

Revenue

831.8m839.5m813.6m786.1m814.0m769.6m809.5m870.3m824.1m

Cost of goods sold

284.5m214.9m233.3m212.8m213.6m206.8m249.3m238.1m252.0m

Gross profit

547.3m624.6m580.3m573.3m600.4m562.8m560.2m632.2m572.1m

Gross profit Margin, %

66%74%71%73%74%73%69%73%69%
Annual
USDFY, 2015FY, 2016FY, 2017

Cash

1.0b822.1m278.5m

Inventories

30.2b29.1b28.7b

PP&E

6.9b7.5b6.7b

Goodwill

1.1b685.4m369.9m
Quarterly
USDQ1, 2016Q2, 2016Q3, 2016Q1, 2017Q2, 2017Q3, 2017Q1, 2018Q2, 2018

Cash

1.0b1.0b920.5m741.7m598.9m453.4m200.9m208.6m

Inventories

31.0b30.1b29.5b29.2b28.6b28.1b29.0b28.9b

PP&E

16.7b16.9b17.0b7.5b6.7b6.7b6.8b6.8b

Goodwill

1.2b1.2b1.2b686.1m625.5m625.5m369.9m369.9m
Annual
USDFY, 2015FY, 2016FY, 2017

Net Income

1.0b(848.0m)468.2m

Depreciation and Amortization

783.9m700.0m392.6m

Cash From Operating Activities

1.2b2.4b519.8m

Cash From Investing Activities

1.1b(498.9m)7.8b
Quarterly
USDQ1, 2016Q2, 2016Q3, 2016Q1, 2017Q2, 2017Q3, 2017Q1, 2018Q2, 2018

Net Income

146.0m163.0m293.8m179.9m336.6m556.2m97.0m223.8m

Depreciation and Amortization

204.0m402.1m598.1m98.8m200.4m84.2m76.4m153.6m

Cash From Operating Activities

410.1m995.3m1.5b289.5m222.3m388.7m127.1m500.9m

Cash From Investing Activities

(168.5m)(257.8m)(507.9m)621.0m10.3b9.6b55.2m832.4m
USDY, 2018

EV/CFO

27.5 x

Debt/Equity

1.4 x

Debt/Assets

0.2 x

Financial Leverage

7.6 x
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CIT Operating Metrics

CIT's Total Loans was reported to be $29.3b in Q2, 2018.
FY, 2014Q1, 2015Q2, 2015Q3, 2015FY, 2015Q1, 2016Q2, 2016Q3, 2016FY, 2016Q1, 2017Q2, 2017Q3, 2017FY, 2017Q1, 2018Q2, 2018

Total Loans

$18.26 b$19.07 b$19.30 b$32.07 b$30.52 b$31 b$30.57 b$29.50 b$29.54 b$29.69 b$29.03 b$28.51 b$29.11 b$29.45 b$29.35 b

Non-accrual Loans

$160 m$183.50 m$198 m$214.70 m$252 m$295 m$283 m$288.50 m$279 m$258.80 m$256.80 m$265 m$221 m$237 m$292 m

Operating Lease (Railcars)

120 k128 k131 k132 k

Operating Lease (Locomotives)

390 390 400
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CIT Acquisitions / Subsidiaries

Acquired CompanyDateDeal Size
OneWest Bank N.AJuly 22, 2014$3.40 b
1143986 Ontario Limited
1244771 Ontario Limited
3918041 Canada Inc.
544211 Alberta Ltd.
555565 Alberta Ltd.
555566 Alberta Ltd.
Baliardo Limited
C2 Aviation Capital, LLC
Canadian Income Partners III Limited Partnership
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CIT Revenue Breakdown

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CIT revenue breakdown by business segment: 71.9% from Consumer Banking, 23.7% from Commercial Banking and 4.4% from Other

CIT revenue breakdown by geographic segment: 95.0% from USA and 5.0% from Other

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CIT Online and Social Media Presence

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CIT News and Updates

CIT Names James R. Hubbard as General Counsel

NEW YORK, March 14, 2019 /PRNewswire/ -- CIT Group Inc. (NYSE: CIT) today announced that James R. Hubbard has been named the company's general counsel and corporate secretary, effective March 18, 2019. Hubbard will join CIT's Executive Management Committee and report to Chairwoman and...

CIT Northbridge Serves as Sole Lead Arranger on $24 Million Credit Facility for Pocono ProFoods

NEW YORK, Feb. 13, 2019 /PRNewswire/ -- CIT Group Inc. (NYSE: CIT) today announced that CIT Northbridge Credit, through its investment advisor CIT Asset Management LLC, served as sole lead arranger on a $24 million senior secured credit facility for Pocono ProFoods, a leading foodservice...

CIT Announces Fourth Quarter and Full Year 2018 Results

NEW YORK, Jan. 29, 2019 /PRNewswire/ -- Financial Results: Fourth quarter net income available to common shareholders and income from continuing operations available to common shareholders were each $82 million or $0.78 per diluted common share Excluding noteworthy items, fourth quarter...

CIT Bank Renews Partnership with a New Grant for First-Time Homebuyer Assistance

PASADENA, Calif., Jan. 23, 2019 /PRNewswire/ -- CIT Bank, N.A., the banking subsidiary of CIT Group Inc., today announced it has awarded a $400,000 grant to the Los Angeles Housing + Community Investment Department (HCIDLA) to help lower-income Angelinos achieve the American Dream. In...

Freight Cars Leasing Market 2019 Global Analysis By Key Players – Wells Fargo, GATX, Union Tank Car, CIT, VTG, Trinity, Ermewa

WiseGuyReports.Com Publish a New Market Research Report On –“ Freight Cars Leasing Market 2019 Global Analysis By Key Players – Wells Fargo, GATX, Union Tank Car, CIT, VTG, Trinity, Ermewa”. Posted via Industry Today. Follow us on Twitter @IndustryToday

North America Railcar Leasing Market Report 2018-2023 Featuring American Railcar Industries, C.K. Industries, CIT, GATX & Trinity Industries

DUBLIN, Jan. 4, 2019 /PRNewswire/ -- The "Railcar Leasing Market in North America 2019-2023" report has been added to ResearchAndMarkets.com's offering. The application of advanced coatings on railcars will drive the railcar leasing market in North America to grow at a CAGR of almost 7%...
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CIT Frequently Asked Questions

  • When was CIT founded?

    CIT was founded in 1908.

  • Who are CIT key executives?

    CIT's key executives are George Cashman, Jim Hudak and Stuart Alderoty.

  • How many employees does CIT have?

    CIT has 3,678 employees.

  • What is CIT revenue?

    Latest CIT annual revenue is $3.2 b.

  • What is CIT revenue per employee?

    Latest CIT revenue per employee is $872 k.

  • Who are CIT competitors?

    Competitors of CIT include UBS, Citigroup and Zions Bancorporation.

  • Where is CIT headquarters?

    CIT headquarters is located at 11 W 42nd St, New York.

  • Where are CIT offices?

    CIT has offices in New York, Livingston, Washington, Salt Lake City and in 12 other locations.

  • How many offices does CIT have?

    CIT has 16 offices.