Insider Selling: CIT Group Inc. (CIT) Insider Sells 2,000 Shares of Stock
CIT Group Inc. (NYSE:CIT) insider James L. Hudak sold 2,000 shares of the business’s stock in a transaction that occurred on Thursday, March 1st. The stock was sold at an average price of $53.63, for a total value of $107,260.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website.
CIT Group Inc. (NYSE:CIT) opened at $53.90 on Friday. The company has a debt-to-equity ratio of 1.28, a quick ratio of 1.05 and a current ratio of 1.03. CIT Group Inc. has a one year low of $39.48 and a one year high of $55.23. The company has a market capitalization of $7,048.50, a P/E ratio of 20.73 and a beta of 1.31.
CIT Group (NYSE:CIT) last issued its earnings results on Tuesday, January 30th. The financial services provider reported $0.99 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.81 by $0.18. CIT Group had a return on equity of 7.08% and a net margin of 14.60%. The company had revenue of $537.00 million during the quarter, compared to the consensus estimate of $469.24 million. During the same period in the previous year, the company posted $0.59 EPS. The firm’s revenue for the quarter was up 15.7% compared to the same quarter last year. research analysts anticipate that CIT Group Inc. will post 4.25 earnings per share for the current fiscal year.
Several research analysts have weighed in on the company. Credit Suisse Group boosted their price target on CIT Group from $50.00 to $54.00 and gave the stock a “neutral” rating in a research report on Monday, February 5th. Morgan Stanley boosted their price target on CIT Group from $54.00 to $57.00 and gave the stock an “equal weight” rating in a research report on Monday, February 5th. BMO Capital Markets raised CIT Group from an “underperform” rating to a “market perform” rating and lowered their price target for the stock from $49.00 to $35.00 in a research report on Monday, February 5th. Wells Fargo & Co boosted their price target on CIT Group from $52.00 to $53.00 and gave the stock a “market perform” rating in a research report on Wednesday, January 31st. Finally, Barclays set a $53.00 price target on CIT Group and gave the stock a “hold” rating in a research report on Friday, January 12th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and nine have given a buy rating to the stock. The stock currently has an average rating of “Buy” and an average target price of $53.73.
Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Avestar Capital LLC bought a new stake in CIT Group in the 4th quarter valued at $132,000. Schroder Investment Management Group boosted its stake in CIT Group by 82.0% in the 3rd quarter. Schroder Investment Management Group now owns 3,063 shares of the financial services provider’s stock valued at $149,000 after purchasing an additional 1,380 shares during the period. IFM Investors Pty Ltd bought a new stake in CIT Group in the 3rd quarter valued at $236,000. Quantitative Systematic Strategies LLC bought a new stake in CIT Group in the 4th quarter valued at $240,000. Finally, Virtu Financial LLC bought a new stake in CIT Group in the 4th quarter valued at $240,000.
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About CIT Group
CIT Group Inc (CIT) is a bank holding company (BHC) and a financial holding company (FHC). The Company, together with its subsidiaries, provides financing, leasing and advisory services to middle market companies in a range of industries in North America. The Company’s segments include Commercial Banking, Consumer Banking, Non-Strategic Portfolios, and Corporate and Other.
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