Alan L. Frank Buys 2,500 Shares of CIT Group Inc. (NYSE:CIT) Stock

CIT Group Inc. (NYSE:CIT) Director Alan L. Frank bought 2,500 shares of the business’s stock in a transaction that occurred on Monday, March 23rd. The shares were bought at an average price of $12.84 per share, with a total value of $32,100.00. Following the transaction, the director now directly owns 26,346 shares in the company, valued at $338,282.64. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website.

CIT Group stock opened at $18.81 on Thursday. The company has a debt-to-equity ratio of 1.11, a current ratio of 0.97 and a quick ratio of 0.97. The company has a market capitalization of $1.61 billion, a PE ratio of 3.56, a price-to-earnings-growth ratio of 0.35 and a beta of 1.57. CIT Group Inc. has a one year low of $12.02 and a one year high of $54.02. The business has a 50 day simple moving average of $35.24 and a 200 day simple moving average of $42.69.

CIT Group (NYSE:CIT) last released its quarterly earnings results on Tuesday, January 28th. The financial services provider reported $1.27 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.11 by $0.16. CIT Group had a return on equity of 8.97% and a net margin of 16.11%. The firm had revenue of $461.00 million during the quarter, compared to analysts’ expectations of $449.80 million. During the same period last year, the firm posted $1.10 EPS. The business’s revenue was up 9.5% on a year-over-year basis. Equities analysts anticipate that CIT Group Inc. will post 4.69 earnings per share for the current fiscal year.

CIT has been the subject of several analyst reports. ValuEngine downgraded CIT Group from a “sell” rating to a “strong sell” rating in a research report on Tuesday. TheStreet downgraded CIT Group from a “b-” rating to a “c+” rating in a research report on Tuesday, March 10th. Citigroup cut their target price on CIT Group from $57.00 to $27.00 and set a “buy” rating for the company in a research report on Tuesday. Morgan Stanley cut their target price on CIT Group from $41.00 to $38.00 and set an “equal weight” rating for the company in a research report on Tuesday, March 17th. Finally, Oppenheimer initiated coverage on CIT Group in a research report on Tuesday, January 28th. They set a “buy” rating and a $76.00 target price for the company. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and three have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average price target of $49.83.

Hedge funds have recently added to or reduced their stakes in the stock. Parallel Advisors LLC increased its holdings in CIT Group by 83.1% during the 4th quarter. Parallel Advisors LLC now owns 551 shares of the financial services provider’s stock valued at $25,000 after purchasing an additional 250 shares in the last quarter. BBVA USA Bancshares Inc. acquired a new stake in shares of CIT Group in the 4th quarter valued at $30,000. Sugarloaf Wealth Management LLC acquired a new stake in shares of CIT Group in the 4th quarter valued at $42,000. Tower Research Capital LLC TRC acquired a new stake in shares of CIT Group in the 4th quarter valued at $57,000. Finally, NumerixS Investment Technologies Inc acquired a new stake in shares of CIT Group in the 4th quarter valued at $100,000. 99.28% of the stock is owned by hedge funds and other institutional investors.

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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