It has been about a month since the last earnings report for CIT Group (CIT). Shares have added about 8.9% in that time frame, outperforming the S&P 500.Will the recent positive trend continue leading up to its next earnings release, or is CIT due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at the most recent earnings report in order to get a better handle on the important drivers. CIT Group Q3 Earnings Beat, Revenues & Costs Decline Y/YCIT Group’s third-quarter 2021 adjusted earnings per share of $1.84 outpaced the Zacks Consensus Estimate of $1.33 by a considerable margin. The bottom line represents a significant rise from 84 cents per share recorded in the prior-year quarter.Results primarily benefited from a decline in operating expenses. Also, the company recorded provision benefits in the quarter, which was a major positive. The balance sheet position remained strong. However, lower revenues acted as a headwind.After considering noteworthy items, net income available to common shareholders (GAAP basis) was $172.7 million or $1.72 per share, up from $82.9 million or 84 cents per share recorded in the year-ago quarter.Revenues & Expenses DeclineTotal net revenues (non-GAAP) were $432.1 million, down 8.8% year over year.Net interest revenues were $256.8 million, down marginally year over year.Total non-interest income was $310.9 million, down 10.5% year over year. The decline was due to a fall in rental income on operating lease equipment as well as other non-interest income.Net finance margin improved 17 basis points year over year to 2.44%.Operating expenses (excluding noteworthy items and intangible asset amortization) were $259 million, down 9.8% year over year.Credit Quality ImprovesIn the reported quarter, the company recorded net provision benefits of $67.1 million against provisions of $63.3 million in the year-earlier quarter. Net charge-offs were $5 million, plunging 92.4% year over year.Non-accrual loans declined 37.4% year over year to $405 million.Balance Sheet Strong, Capital Ratios ImproveAs of Sep 30, 2021, average interest-bearing cash and investment securities amounted to $10.62 billion, comprising $5.30 billion in interest-bearing cash, and $5.32 billion in investment securities and securities purchased under the agreement to resell.As of Sep 30, 2021, Common Equity Tier 1 and Total Capital ratios (as calculated under the fully phased-in Regulatory Capital Rules) were 11.9% and 15.3%, respectively, compared with 9.9% and 13.1% at the end of the prior-year quarter.How Have Estimates Been Moving Since Then?It turns out, fresh estimates have trended downward during the past month. The consensus estimate has shifted -8.26% due to these changes.VGM ScoresAt this time, CIT has an average Growth Score of C, though it is lagging a bit on the Momentum Score front with a D. However, the stock was allocated a grade of A on the value side, putting it in the top quintile for this investment strategy.Overall, the stock has an aggregate VGM Score of B. If you aren't focused on one strategy, this score is the one you should be interested in.OutlookEstimates have been broadly trending downward for the stock, and the magnitude of this revision indicates a downward shift. Notably, CIT has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months. Breakout Biotech Stocks with Triple-Digit Profit Potential The biotech sector is projected to surge beyond $2.4 trillion by 2028 as scientists develop treatments for thousands of diseases. They’re also finding ways to edit the human genome to literally erase our vulnerability to these diseases. Zacks has just released Century of Biology: 7 Biotech Stocks to Buy Right Now to help investors profit from 7 stocks poised for outperformance. Recommendations from previous editions of this report have produced gains of +205%, +258% and +477%. The stocks in this report could perform even better.See these 7 breakthrough stocks now>>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report CIT Group Inc. (CIT): Free Stock Analysis Report To read this article on Zacks.com click here.