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CIT Group, Inc. (CIT) Stock Took a Leap in the After Market, Here’s why

CIT Group, Inc. (CIT) is a holding company for CIT Bank. The company operates via commercial banking and consumer-based banking sectors. The commercial banking provides a diverse variation of products including commercial leasing and comprising of asset-based loans, term loans, ancillary products as cash management and advisory services. Consumer banking sector includes residential mortgage loans and fiduciary services. The company also provides online banking services.

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The price of CIT stock during the regular trading hours of December 17, 2021, with a decline of 3.40% was $46.31. At the last check of the market after hours, the stock price increased significantly by 10.13%.

Events and Happenings

On December 17, 2021, First Citizens BancShares, Inc. and CIT jointly announced that their prior proposal to combine the two firms had been approved by the Board of Governors of the Federal Reserve System. On December 16, 2021, CIT reported that its Healthcare Finance business provided a basis to arrange $34 million for the refinancing of the Enclaves at Chandler, Arizona.

On December 15, 2021, CIT) today informed that the corporate office properties for Diamond Communications LLC were provided $6.3 million to refinance by the company’s Middle Market Banking business. On December 13, 2021, CIT informed about the outcomes of its fourth yearly One Million Meals campaign in collaboration with Feeding America with an aim to fight hunger. CIT network surpassed the actual campaign target by 50% and generated a donation of 1.5 million meals for needy people.

On December 2, 2021, CIT reported about its power and energy sector that directed the refinancing of $69 million worth of solar facilities by Strata Clean Energy LLC. Also, on November 29, 2021, CIT reported about another coordination leading to the refinancing of $210 million for a solar power project in Texas.

On November 16, 2021, CIT announced that it launched a novel amenities characteristic to let the residents pay their rent and dues online or by a mobile app. On November 16, 2021, CIT reported that it aided to support the acquisition of Baker & Taylor LLC. On November 8, 2021, CIT informed about its Maritime Finance business to provide $58 million for the financing of four container ships managed by Leonhardt & Blumberg.

Key Financials

On October 26, 2021, CIT announced its third-quarter 2021 financial results ended September 30, 2021. Some highlights are as follows.

Net Earnings per Share

Q3 net income per diluted share was $173 million or $1.72 per share. For Q3 2020 it was $83 million or $0.84 per share.

Revenue

Total net revenue for Q3 2021 was $432 million as opposed to same quarter 2020 to be $474 million.

Conclusion

The current collaboration of CIT with FCNCA is attributed as one of the sole reasons for significantly surging stock price in the after hours. The investors are optimistic that the company will reap the benefits of current partnerships.

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