CIT Group Inc. (NYSE:CIT) EVP John J. Fawcett acquired 14,000 shares of the company’s stock in a transaction dated Wednesday, November 13th. The stock was acquired at an average price of $25.00 per share, for a total transaction of $350,000.00. Following the acquisition, the executive vice president now owns 14,000 shares in the company, valued at approximately $350,000. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this link.
Shares of NYSE CIT traded up $0.77 during trading hours on Friday, reaching $44.74. The stock had a trading volume of 115,841 shares, compared to its average volume of 952,382. The firm has a market cap of $4.21 billion, a price-to-earnings ratio of 11.07, a PEG ratio of 0.89 and a beta of 1.59. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 1.13. CIT Group Inc. has a fifty-two week low of $35.50 and a fifty-two week high of $54.02. The firm has a 50-day moving average of $44.29 and a 200-day moving average of $47.41.
CIT Group (NYSE:CIT) last announced its earnings results on Tuesday, October 22nd. The financial services provider reported $1.29 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.21 by $0.08. The firm had revenue of $454.00 million during the quarter, compared to analysts’ expectations of $460.02 million. CIT Group had a return on equity of 8.99% and a net margin of 15.11%. The business’s revenue was down 4.6% on a year-over-year basis. During the same period in the prior year, the firm earned $1.15 EPS. On average, equities analysts predict that CIT Group Inc. will post 5 EPS for the current year.
A number of institutional investors have recently bought and sold shares of CIT. Redpoint Investment Management Pty Ltd increased its position in CIT Group by 81.3% in the 2nd quarter. Redpoint Investment Management Pty Ltd now owns 53,565 shares of the financial services provider’s stock valued at $2,814,000 after acquiring an additional 24,026 shares during the period. Zeke Capital Advisors LLC purchased a new stake in shares of CIT Group during the third quarter worth about $742,000. Unigestion Holding SA increased its position in shares of CIT Group by 10.8% during the second quarter. Unigestion Holding SA now owns 17,754 shares of the financial services provider’s stock worth $933,000 after acquiring an additional 1,737 shares during the last quarter. Quantamental Technologies LLC increased its position in shares of CIT Group by 311.2% during the second quarter. Quantamental Technologies LLC now owns 11,268 shares of the financial services provider’s stock worth $592,000 after acquiring an additional 8,528 shares during the last quarter. Finally, Bank of New York Mellon Corp increased its position in shares of CIT Group by 1.0% during the second quarter. Bank of New York Mellon Corp now owns 666,741 shares of the financial services provider’s stock worth $35,030,000 after acquiring an additional 6,483 shares during the last quarter. 98.30% of the stock is owned by institutional investors.
A number of research firms have recently commented on CIT. ValuEngine downgraded CIT Group from a “hold” rating to a “sell” rating in a report on Friday, July 26th. BMO Capital Markets increased their price objective on CIT Group from $49.00 to $50.00 and gave the company a “market perform” rating in a report on Wednesday, July 24th. TheStreet downgraded CIT Group from a “b” rating to a “c+” rating in a report on Monday, August 19th. Finally, Morgan Stanley dropped their price objective on CIT Group from $54.00 to $53.00 and set an “equal weight” rating on the stock in a report on Thursday, October 3rd. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and three have assigned a buy rating to the company. The company has an average rating of “Hold” and an average target price of $55.86.
About CIT Group
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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