In sync with its decision to exit the commercial aircraft leasing business, CIT Group Inc. announced to sell 30% stake in the joint ventures with Tokyo Century Corporation. The deal is expected to be completed by Mar 31.
Following the divesture, Tokyo Century will become the sole owner of aircraft leasing joint ventures – TC-CIT Aviation Ireland and TC-CIT Aviation U.S., Inc. – of which it holds 70% stake as of now.
CIT Group plans to concentrate on its middle-market and small business lending areas that will likely get support from its growing banking franchises.
The company plans to use the proceeds from this deal and from the sale of CIT Commercial Air, announced in Oct 2016, to return capital to its shareholders.
The company’s strategic decision to become a regional commercial banking institution raises hope for performance enhancement in the future. Also, its capital deployment activities expected to be more impressive going forward. However, we fear its exposure to risky loan portfolio.
CIT Group belongs to the Zacks categorized Financial – Miscellaneous Service industry. Some other stocks in the same industry worth a look include Marathon Patent Group, Inc. (MARA - Free Report) , On Deck Capital, Inc. and Houlihan Lokey, Inc. (HLI - Free Report) .
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It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
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In sync with its decision to exit the commercial aircraft leasing business, CIT Group Inc. announced to sell 30% stake in the joint ventures with Tokyo Century Corporation. The deal is expected to be completed by Mar 31.
Following the divesture, Tokyo Century will become the sole owner of aircraft leasing joint ventures – TC-CIT Aviation Ireland and TC-CIT Aviation U.S., Inc. – of which it holds 70% stake as of now.
CIT Group plans to concentrate on its middle-market and small business lending areas that will likely get support from its growing banking franchises.
The company plans to use the proceeds from this deal and from the sale of CIT Commercial Air, announced in Oct 2016, to return capital to its shareholders.
The company’s strategic decision to become a regional commercial banking institution raises hope for performance enhancement in the future. Also, its capital deployment activities expected to be more impressive going forward. However, we fear its exposure to risky loan portfolio.
CIT Group belongs to the Zacks categorized Financial – Miscellaneous Service industry. Some other stocks in the same industry worth a look include Marathon Patent Group, Inc. (MARA - Free Report) , On Deck Capital, Inc. and Houlihan Lokey, Inc. (HLI - Free Report) .
5 Trades Could Profit "Big-League" from Trump Policies
If the stocks above spark your interest, wait until you look into companies primed to make substantial gains from Washington's changing course.
Today Zacks reveals 5 tickers that could benefit from new trends like streamlined drug approvals, tariffs, lower taxes, higher interest rates, and spending surges in defense and infrastructure. See these buy recommendations now >>
Zacks Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.
Free: See Our Top Stock and 4 Runners Up >>
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