Stock Traders Purchase Large Volume of Put Options on CIT Group (CIT) – Fairfield Current

CIT Group Inc. (NYSE:CIT) saw unusually large options trading on Tuesday. Investors bought 2,582 put options on the stock. This represents an increase of 994% compared to the average daily volume of 236 put options.

In other news, insider Matthew Galligan sold 997 shares of CIT Group stock in a transaction on Friday, March 8th. The stock was sold at an average price of $48.65, for a total transaction of $48,504.05. Following the transaction, the insider now directly owns 30,575 shares in the company, valued at approximately $1,487,473.75. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, EVP Edward K. Sperling sold 2,224 shares of CIT Group stock in a transaction on Wednesday, March 6th. The shares were sold at an average price of $50.16, for a total value of $111,555.84. Following the sale, the executive vice president now directly owns 10,336 shares of the company’s stock, valued at approximately $518,453.76. The disclosure for this sale can be found here. Insiders have sold 10,896 shares of company stock valued at $552,081 over the last 90 days. 0.27% of the stock is currently owned by insiders.

Several hedge funds and other institutional investors have recently bought and sold shares of CIT. Capital World Investors grew its position in CIT Group by 32.4% during the 3rd quarter. Capital World Investors now owns 10,756,115 shares of the financial services provider’s stock worth $555,123,000 after acquiring an additional 2,634,000 shares during the last quarter. Norges Bank purchased a new stake in shares of CIT Group during the 4th quarter valued at approximately $79,790,000. Capital International Investors purchased a new stake in shares of CIT Group during the 3rd quarter valued at approximately $92,642,000. New Mountain Vantage Advisers L.L.C. lifted its stake in shares of CIT Group by 79.6% during the 4th quarter. New Mountain Vantage Advisers L.L.C. now owns 3,732,784 shares of the financial services provider’s stock valued at $142,854,000 after buying an additional 1,653,858 shares in the last quarter. Finally, Lakewood Capital Management LP lifted its stake in shares of CIT Group by 101.7% during the 4th quarter. Lakewood Capital Management LP now owns 2,409,870 shares of the financial services provider’s stock valued at $92,226,000 after buying an additional 1,215,000 shares in the last quarter. Hedge funds and other institutional investors own 96.11% of the company’s stock.

NYSE:CIT traded down $0.04 on Thursday, reaching $50.07. 1,257,819 shares of the stock traded hands, compared to its average volume of 914,572. CIT Group has a 12 month low of $35.50 and a 12 month high of $55.78. The firm has a market cap of $5.07 billion, a P/E ratio of 12.39, a P/E/G ratio of 1.00 and a beta of 1.49. The company has a debt-to-equity ratio of 1.44, a quick ratio of 1.04 and a current ratio of 1.04.

CIT Group (NYSE:CIT) last posted its quarterly earnings data on Tuesday, January 29th. The financial services provider reported $1.21 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.10 by $0.11. CIT Group had a net margin of 13.66% and a return on equity of 7.80%. The company had revenue of $421.00 million for the quarter, compared to the consensus estimate of $507.00 million. During the same quarter last year, the firm posted $0.99 earnings per share. On average, equities research analysts predict that CIT Group will post 4.91 EPS for the current year.

The company also recently disclosed a quarterly dividend, which was paid on Friday, February 22nd. Shareholders of record on Friday, February 8th were given a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 2.00%. The ex-dividend date of this dividend was Thursday, February 7th. CIT Group’s dividend payout ratio (DPR) is 24.75%.

Several brokerages recently issued reports on CIT. UBS Group upgraded shares of CIT Group from a “neutral” rating to a “buy” rating in a research note on Wednesday, January 9th. TheStreet cut shares of CIT Group from a “b” rating to a “c” rating in a research note on Thursday, November 15th. Oppenheimer upped their price target on shares of CIT Group from $49.00 to $61.00 and gave the company an “outperform” rating in a research note on Wednesday, January 30th. Barclays set a $47.00 price target on shares of CIT Group and gave the company a “hold” rating in a research note on Friday, December 14th. Finally, Morgan Stanley dropped their price target on shares of CIT Group from $56.00 to $52.00 and set an “equal weight” rating on the stock in a research note on Tuesday, December 11th. Seven analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. CIT Group presently has an average rating of “Hold” and an average target price of $53.36.

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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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