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February 8, 2013
13:05 EDTCIT, TD, WFCCIT Group explored possible sale, Reuters reports
CIT Group (CIT) has had talks with Toronto-Dominion (TD), Wells Fargo (WFC) and other banks about selling itself, though nothing came of the talks, according to a Reuters report that cites three people familiar with the company. Reference Link
News For CIT;TD;WFC From The Last 14 Days
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July 28, 2014
10:02 EDTCITOn The Fly: Analyst Upgrade Summary
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05:42 EDTCITCIT Group upgraded to Overweight from Equal Weight at Morgan Stanley
Morgan Stanley upgraded CIT Group to Overweight citing higher profitability expectations following the company's acquisition of One West. The firm raised its price target for shares to $57 from $46.
July 27, 2014
09:26 EDTCITCIT Group still looks undervalued, Barron's says
CIT Group still looks like an undervalued way to play the recovery in the U.S., Barron's contends in a follow up article. Reference Link
July 22, 2014
12:29 EDTCITOn The Fly: Midday Wrap
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07:52 EDTCITCIT: OneWest acquisition to have 12-13% pre-tax return on tangible common equity
The acquisition will have a 8% tangible book value per share dilution with approximately four-year earnback. CIT says it will maintain OneWest's existing branches and infrastructure. The restructuring charge will be $75M pre-tax. CIT's board has authorized an additional $500M share repurchase to be executed prior to closing. The synergies from the acquisition will be 100% phased in 2016 with 76c accretion. Sees FY16 standalone EPS of $3.73 and FY16 pro forma EPS of $4.49. Comments taken from slides for call to discuss OneWest acquisition.
06:38 EDTCITCIT Group reports Q2 Tier 1 Capital Ratio of 16%
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06:37 EDTCITCIT Group reports Q2 EPS cont ops $1.02, consensus 85c
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06:33 EDTCITCIT Group to repurchase up to $500M of common stock through June 30, 2015
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06:32 EDTCITCIT Group to acquire OneWest Bank for $3.4B in cash and stock
CIT Group announced that it has entered into a definitive agreement and plan of merger with IMB Holdco, the parent company of OneWest Bank, for $3.4B in cash and stock. OneWest Bank is a privately owned regional bank that operates 73 retail branches in Southern California, with approximately $23B in assets, including commercial and residential mortgage loans, and $15B in deposits. Following the close of the transaction, CIT Bank, CIT’s banking subsidiary, will merge with OneWest Bank under the “CIT Bank” name and CIT will have assets of $67B and $28B in deposits. CIT expects the transaction to be 20% accretive to earnings per share. Under the terms of the Agreement, IMB Holdco LLC shareholders will receive $2.0 billion in cash and 31.3 million shares of CIT Group Inc. common stock currently valued at $1.4 billion assuming a CIT stock price of $44.33. The transaction has been approved by the boards of directors of both companies and is subject to customary closing conditions and regulatory approvals.
July 21, 2014
10:02 EDTWFCOn The Fly: Analyst Downgrade Summary
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08:36 EDTWFCWells Fargo downgraded to Hold from Buy at Rafferty Capital
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