CIT Group: New Book Value $39.67

[Stocks-to-Watch]

CIT Group (CIT), the small business lender that recently took on ex-Merrill Lynch CEO John Thain as its chief executive, got a new lease on life from a balance sheet perspective this afternoon, reporting a 10-K, which was delayed a couple weeks.

The report shows the company with a tangible book value per share of $39.67 as of Dec. 31 of last year, after the company emerged from bankruptcy.

That’s three times what it was at the end of 2008, and well above the levels for several years prior to that. Ordinary book value per share is $41.99, the company reported.

CIT delayed the report in order to pour over its finances with fresh-start accounting.

The shares are up 50 cents, or 1.4%, this evening, at $36.79, though that’s still below this new book value.



Original Article Source by Barrons.com