CIT Group (CIT) EVP Sells $90,791.60 in Stock

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CIT Group (NYSE:CIT) EVP Edward K. Sperling sold 1,765 shares of the business’s stock in a transaction that occurred on Thursday, June 14th. The stock was sold at an average price of $51.44, for a total transaction of $90,791.60. Following the sale, the executive vice president now owns 10,491 shares of the company’s stock, valued at $539,657.04. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

Shares of CIT Group traded up $0.30, hitting $51.29, on Monday, MarketBeat Ratings reports. The stock had a trading volume of 88,718 shares, compared to its average volume of 2,418,228. The company has a market capitalization of $6.48 billion, a PE ratio of 16.64, a price-to-earnings-growth ratio of 1.28 and a beta of 1.26. The company has a current ratio of 1.09, a quick ratio of 1.09 and a debt-to-equity ratio of 1.53. CIT Group has a 52-week low of $43.25 and a 52-week high of $56.14.

CIT Group (NYSE:CIT) last announced its earnings results on Tuesday, April 24th. The financial services provider reported $0.74 earnings per share for the quarter, missing the consensus estimate of $0.96 by ($0.22). The firm had revenue of $495.00 million during the quarter, compared to analysts’ expectations of $481.00 million. CIT Group had a net margin of 11.93% and a return on equity of 7.76%. During the same quarter last year, the company posted $0.54 earnings per share. equities research analysts predict that CIT Group will post 3.99 EPS for the current year.

The company also recently announced a quarterly dividend, which was paid on Friday, May 25th. Stockholders of record on Friday, May 11th were paid a $0.16 dividend. The ex-dividend date was Thursday, May 10th. This represents a $0.64 annualized dividend and a dividend yield of 1.25%. CIT Group’s dividend payout ratio (DPR) is presently 20.85%.

Several hedge funds have recently made changes to their positions in CIT. Mutual of America Capital Management LLC bought a new position in CIT Group during the 4th quarter valued at $287,000. Toronto Dominion Bank boosted its stake in CIT Group by 30.0% during the 4th quarter. Toronto Dominion Bank now owns 7,982 shares of the financial services provider’s stock valued at $393,000 after acquiring an additional 1,840 shares during the last quarter. Price Michael F boosted its stake in CIT Group by 0.9% during the 4th quarter. Price Michael F now owns 545,000 shares of the financial services provider’s stock valued at $26,830,000 after acquiring an additional 5,000 shares during the last quarter. Barings LLC boosted its stake in CIT Group by 152.3% during the 4th quarter. Barings LLC now owns 11,100 shares of the financial services provider’s stock valued at $546,000 after acquiring an additional 6,700 shares during the last quarter. Finally, Schroder Investment Management Group boosted its stake in CIT Group by 4,386.2% during the 4th quarter. Schroder Investment Management Group now owns 137,413 shares of the financial services provider’s stock valued at $6,765,000 after acquiring an additional 134,350 shares during the last quarter. Institutional investors and hedge funds own 96.74% of the company’s stock.

Several research firms have issued reports on CIT. TheStreet downgraded shares of CIT Group from a “b-” rating to a “c+” rating in a research note on Thursday. BTIG Research reiterated a “buy” rating and set a $57.00 price objective on shares of CIT Group in a research note on Wednesday, April 18th. ValuEngine downgraded shares of CIT Group from a “buy” rating to a “hold” rating in a research note on Thursday, May 3rd. Zacks Investment Research downgraded shares of CIT Group from a “buy” rating to a “hold” rating in a research note on Tuesday, March 6th. Finally, BMO Capital Markets decreased their price objective on shares of CIT Group from $49.00 to $46.00 and set a “market perform” rating for the company in a research note on Wednesday, April 25th. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating and six have assigned a buy rating to the company. The company has a consensus rating of “Hold” and a consensus target price of $54.83.

CIT Group Company Profile

CIT Group Inc operates as the bank holding company for CIT Bank, National Association that provides banking and related services to commercial and individual customers. The company operates through three segments: Commercial Banking, Consumer Banking, and Non-Strategic Portfolios (NSP). 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; and equipment leasing and secured financing to railroads and non-rail companies.

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