Welcome to our dedicated page for CIT news (Ticker: CIT), a resource for investors and traders seeking the latest updates and insights on CIT stock.
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CIT Group Inc. (NYSE: CIT) has announced its role as the coordinating lead arranger for a $151 million financing for the 250-megawatt Galloway I solar farm in Concho County, Texas. The financing will support the development and construction overseen by Skyline Renewables and 8minute Solar Energy. The project is backed by a power purchase agreement and a hedge with Morgan Stanley Capital Group. CIT, recognized among the top lenders for renewable energy, continues to strengthen its position in the clean energy sector, reflecting robust market demand.
CIT Group Inc. (NYSE: CIT) has successfully facilitated a $39 million loan for the acquisition of the North Hills Health Center in Menominee Falls, Wisconsin. This financing, arranged by CIT's Healthcare Finance unit, supports IRA Capital in acquiring two class-A medical office buildings totaling nearly 119,000 square feet, fully leased by Froedtert Health. The center is strategically located between two major hospitals and houses multiple outpatient services, enhancing regional healthcare accessibility.
According to CIT Bank's 2020 Halloween survey by The Harris Poll, 67% of adults celebrating Halloween still plan to participate in festivities despite the pandemic. Key findings reveal a shift in celebration behaviors: 39% will stay in for scary movies, 54% are less likely to attend parties, and 42% will hand out candy. While 39% anticipate spending less, 66% are willing to make trade-offs for savings, opting for bulk candy and homemade decorations. Average spending is projected at $39 for décor, $32 for costumes, and $31 for candy, with costumes seeing a drop from $60 last year.
CIT Group Inc. (NYSE: CIT) announced its role as joint lead arranger for $175 million financing for MSTS, a leader in B2B payment and credit solutions. MSTS handles $6 billion in transactions annually in over 190 countries. The financing aims to support MSTS’s growth objectives and enhance its service capabilities. CIT's Asset-Based Lending and Sponsor Finance divisions collaborated to facilitate this transaction, which is significant for MSTS's ongoing business development and customer support.
CIT Group Inc. (NYSE: CIT) reported its financial results for Q3 2020 on October 16, revealing key metrics pivotal for investors. The earnings presentation and financial data are accessible via their Investor Relations section. A conference call to discuss the results occurred at 8:00 a.m. ET on the same day. Investors can listen to a replay of the call until November 30, 2020. CIT has solidified its position as a national bank serving both businesses and savers, with a focus on commercial and consumer banking solutions.
First Citizens BancShares and CIT Group have announced a definitive all-stock merger of equals, creating the 19th largest bank in the U.S. This transformative partnership combines First Citizens' low-cost deposit franchise with CIT's national commercial lending expertise, enhancing stockholder value. CIT shareholders will receive 0.0620 shares of First Citizens common stock per CIT share. The merger is expected to deliver over 50% EPS accretion and 30% tangible book value accretion. The combined company will operate under the First Citizens name and be headquartered in Raleigh, N.C.
CIT Group Inc. (NYSE: CIT) has expanded an existing credit facility to $400 million for Mobilitie Investments III LLC, a telecommunications infrastructure provider. This financing supports Mobilitie's growth amid increasing demand for mobile connectivity and wireless services. The expansion allows Mobilitie to enhance its infrastructure assets, especially for 5G deployments. CIT has been a long-term financial partner of Mobilitie, showcasing its commitment to the telecommunications sector.
CIT Group Inc. (NYSE: CIT) has declared a quarterly cash dividend of $0.35 per common share, payable on Nov. 20, 2020, to shareholders of record as of Nov. 6, 2020. Additionally, a semi-annual cash dividend of $29.00 per share on Series A preferred stock will be paid on Dec. 15, 2020, and a quarterly cash dividend of $0.3515625 per share on Series B preferred stock will also be paid on Dec. 15, 2020 to shareholders of record as of Nov. 30, 2020.
CIT Group Inc. (NYSE: CIT) will report its third quarter 2020 financial results on October 20, 2020, at 6:30 a.m. ET. The results will be available via PR Newswire and on CIT's News website. A conference call with management is scheduled for 8 a.m. ET to discuss performance and take questions. Investors can access the call via phone or webcast, with details provided for dial-ins.
CIT Group Inc. Chairwoman and CEO Ellen R. Alemany received the prestigious Leadership Legacy Award from the Center for Executive Succession at the University of South Carolina on October 7, 2020. This award recognizes leaders who build a legacy of talent and deliver strong business performance. Alemany's leadership was praised for consistency in delivering results and fostering a strong corporate culture. She emphasized the importance of investing in human capital for sustainable results during a virtual celebration with students and faculty.
