By late morning, shares had dropped -6.8% to $43.10.
In its first quarter, CIT net income decreased to 55 cents a share from 81 cents a share in the year-ago quarter.
Analysts surveyed by Thomson Reuters had forecast net income of 87 cents a share.
TheStreet Ratings team rates CIT GROUP INC as a Hold with a ratings score of C-. TheStreet Ratings Team has this to say about their recommendation:
"We rate CIT GROUP INC (CIT) a HOLD. The primary factors that have impacted our rating are mixed -- some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its expanding profit margins, reasonable valuation levels and increase in stock price during the past year. However, as a counter to these strengths, we also find weaknesses including unimpressive growth in net income and weak operating cash flow."
- You can view the full analysis from the report here: CIT Ratings Report