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July 22, 2014
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.
News For CIT From The Last 14 Days
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May 4, 2015
07:55 EDTCITRyder extends preferred lender agreement with CIT Group
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April 28, 2015
06:44 EDTCITCIT Group approves additional $200M share repurchase in April
CIT Group authorized additional $200M share repurchase in April. Company completed existing share repurchase authorization and returned nearly $360M of capital to shareholders through dividends and the repurchase of 7.3M shares during the Q1.
06:33 EDTCITCIT Group reports Q1 EPS 59c, consensus 73c
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April 27, 2015
15:04 EDTCITNotable companies reporting before tomorrow's open
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10:00 EDTCITOn The Fly: Analyst Initiation Summary
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07:08 EDTCITCIT Group initiated with a Market Perform at Keefe Bruyette
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