Shares of CIT Group Inc. (NYSE:CIT) gapped up prior to trading on Wednesday following insider buying activity. The stock had previously closed at $15.78, but opened at $16.45. CIT Group shares last traded at $18.81, with a volume of 4,071,113 shares.
Specifically, CEO Ellen R. Alemany bought 35,000 shares of CIT Group stock in a transaction on Friday, March 20th. The stock was acquired at an average price of $13.95 per share, with a total value of $488,250.00. Also, Director Alan L. Frank bought 2,500 shares of CIT Group stock in a transaction on Monday, March 23rd. The shares were purchased at an average cost of $12.84 per share, with a total value of $32,100.00. Following the acquisition, the director now directly owns 26,346 shares of the company’s stock, valued at $338,282.64. The disclosure for this purchase can be found here. Insiders have acquired 76,950 shares of company stock valued at $1,188,085 in the last three months. Insiders own 0.42% of the company’s stock.
Several equities research analysts recently commented on the company. ValuEngine cut CIT Group from a “sell” rating to a “strong sell” rating in a report on Tuesday. Citigroup cut their price target on CIT Group from $57.00 to $27.00 and set a “buy” rating for the company in a report on Tuesday. TheStreet cut CIT Group from a “b-” rating to a “c+” rating in a report on Tuesday, March 10th. Oppenheimer assumed coverage on CIT Group in a report on Tuesday, January 28th. They issued a “buy” rating and a $76.00 price target for the company. Finally, Morgan Stanley cut their price target on CIT Group from $41.00 to $38.00 and set an “equal weight” rating for the company in a report on Tuesday, March 17th. 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 stock presently has an average rating of “Hold” and a consensus price target of $49.83.
CIT Group (NYSE:CIT) last issued its quarterly earnings data on Tuesday, January 28th. The financial services provider reported $1.27 earnings per share for the quarter, topping the consensus estimate of $1.11 by $0.16. The company had revenue of $461.00 million during the quarter, compared to analyst estimates of $449.80 million. CIT Group had a return on equity of 8.97% and a net margin of 16.11%. The firm’s revenue for the quarter was up 9.5% compared to the same quarter last year. During the same period in the prior year, the business posted $1.10 earnings per share. On average, equities research analysts expect that CIT Group Inc. will post 4.69 EPS for the current year.
Institutional investors have recently modified their holdings of the stock. Parallel Advisors LLC grew its position in CIT Group by 83.1% in the fourth quarter. Parallel Advisors LLC now owns 551 shares of the financial services provider’s stock worth $25,000 after acquiring an additional 250 shares during the period. BBVA USA Bancshares Inc. purchased a new position in CIT Group in the fourth quarter worth approximately $30,000. Sugarloaf Wealth Management LLC purchased a new position in CIT Group in the fourth quarter worth approximately $42,000. Tower Research Capital LLC TRC purchased a new position in CIT Group in the fourth quarter worth approximately $57,000. Finally, NumerixS Investment Technologies Inc purchased a new position in CIT Group in the fourth quarter worth approximately $100,000. Institutional investors own 99.28% of the company’s stock.
About CIT Group (NYSE:CIT)
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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