Insider Buying: CIT Group Inc. (NYSE:CIT) CEO Acquires 11,500 Shares of Stock

CIT Group Inc. (NYSE:CIT) CEO Ellen R. Alemany purchased 11,500 shares of the business’s stock in a transaction that occurred on Tuesday, August 13th. The shares were purchased at an average price of $43.55 per share, for a total transaction of $500,825.00. Following the completion of the acquisition, the chief executive officer now directly owns 152,088 shares in the company, valued at approximately $6,623,432.40. The purchase was disclosed in a document filed with the SEC, which is accessible through this hyperlink.

NYSE:CIT opened at $42.88 on Wednesday. The firm has a market capitalization of $4.31 billion, a price-to-earnings ratio of 10.61, a P/E/G ratio of 0.91 and a beta of 1.53. CIT Group Inc. has a 1-year low of $35.50 and a 1-year high of $55.48. The business has a fifty day simple moving average of $49.81. The company has a debt-to-equity ratio of 1.13, a current ratio of 0.94 and a quick ratio of 0.94.

CIT Group (NYSE:CIT) last released its quarterly earnings data on Tuesday, July 23rd. The financial services provider reported $1.32 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.13 by $0.19. CIT Group had a net margin of 14.72% and a return on equity of 9.02%. The firm had revenue of $466.80 million for the quarter, compared to analyst estimates of $463.21 million. During the same quarter in the prior year, the business earned $1.00 earnings per share. The business’s quarterly revenue was down 11.0% compared to the same quarter last year. Equities research analysts forecast that CIT Group Inc. will post 4.99 EPS for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Friday, August 23rd. Investors of record on Friday, August 9th will be issued a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a yield of 3.26%. The ex-dividend date of this dividend is Thursday, August 8th. CIT Group’s dividend payout ratio (DPR) is presently 34.65%.

A number of hedge funds and other institutional investors have recently made changes to their positions in CIT. LSV Asset Management lifted its holdings in CIT Group by 0.7% during the second quarter. LSV Asset Management now owns 4,535,562 shares of the financial services provider’s stock valued at $238,298,000 after purchasing an additional 31,772 shares in the last quarter. Wells Fargo & Company MN increased its position in shares of CIT Group by 2.4% during the second quarter. Wells Fargo & Company MN now owns 2,207,041 shares of the financial services provider’s stock valued at $115,958,000 after acquiring an additional 51,104 shares during the last quarter. Geode Capital Management LLC increased its position in shares of CIT Group by 21.9% during the fourth quarter. Geode Capital Management LLC now owns 1,245,400 shares of the financial services provider’s stock valued at $47,631,000 after acquiring an additional 223,475 shares during the last quarter. Parametric Portfolio Associates LLC increased its position in shares of CIT Group by 9.1% during the second quarter. Parametric Portfolio Associates LLC now owns 766,598 shares of the financial services provider’s stock valued at $40,277,000 after acquiring an additional 64,187 shares during the last quarter. Finally, JPMorgan Chase & Co. increased its position in shares of CIT Group by 2.3% during the first quarter. JPMorgan Chase & Co. now owns 703,001 shares of the financial services provider’s stock valued at $33,723,000 after acquiring an additional 16,079 shares during the last quarter.

Several equities research analysts have issued reports on the stock. BMO Capital Markets boosted their price objective on shares of CIT Group from $49.00 to $50.00 and gave the company a “market perform” rating in a research report on Wednesday, July 24th. ValuEngine cut shares of CIT Group from a “hold” rating to a “sell” rating in a research report on Friday, July 26th. Oppenheimer boosted their price objective on shares of CIT Group from $63.00 to $71.00 and gave the company an “outperform” rating in a research report on Wednesday, April 24th. Citigroup boosted their price objective on shares of CIT Group from $55.00 to $62.00 and gave the company a “buy” rating in a research report on Wednesday, April 24th. Finally, UBS Group boosted their price objective on shares of CIT Group from $55.00 to $60.00 and gave the company a “buy” rating in a research report on Wednesday, April 24th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and three have given a buy rating to the stock. The stock presently has an average rating of “Hold” and an average price target of $56.25.

CIT Group Company Profile

CIT Group Inc operates as the holding company for CIT Bank, N.A. that provides banking and related services to commercial and individual customers. The company operates through Commercial Banking and Consumer Banking segments. The Commercial Banking segment offers lending, leasing, and other financial and advisory services primarily to small and middle-market companies; factoring, receivables management products, and secured supply chain financing; equipment leasing and secured financing to railroads and non-rail companies; equipment financing to small businesses.

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