Stock Traders Buy Large Volume of CIT Group Put Options (CIT)
CIT Group Inc. (NYSE:CIT) saw some unusual options trading on Thursday. Stock traders bought 18,997 put options on the stock. This is an increase of approximately 173% compared to the typical volume of 6,952 put options.
Several equities research analysts have recently commented on CIT shares. Morgan Stanley started coverage on CIT Group in a report on Monday, March 27th. They issued an “equal weight” rating and a $45.00 price objective for the company. BTIG Research reissued a “buy” rating and issued a $45.00 price objective on shares of CIT Group in a report on Sunday, February 5th. Credit Suisse Group AG reissued a “hold” rating and issued a $45.00 price objective on shares of CIT Group in a report on Sunday, February 5th. Barclays PLC cut their price objective on CIT Group to $41.00 in a report on Wednesday, February 1st. Finally, Zacks Investment Research downgraded CIT Group from a “hold” rating to a “sell” rating in a report on Tuesday, April 18th. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating and three have assigned a buy rating to the stock. CIT Group has an average rating of “Hold” and an average price target of $40.11.
Shares of CIT Group (NYSE:CIT) opened at 46.87 on Friday. The company has a 50-day moving average price of $44.23 and a 200-day moving average price of $42.15. CIT Group has a 1-year low of $28.33 and a 1-year high of $47.40. The company’s market cap is $9.50 billion.
CIT Group (NYSE:CIT) last posted its quarterly earnings data on Tuesday, April 25th. The financial services provider reported $0.54 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.52 by $0.02. CIT Group had a positive return on equity of 5.39% and a negative net margin of 21.08%. The business had revenue of $495.70 million for the quarter, compared to analysts’ expectations of $499.98 million. During the same quarter in the previous year, the firm earned $0.73 earnings per share. The business’s revenue was down 5.9% on a year-over-year basis. Equities research analysts expect that CIT Group will post $2.75 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, May 26th. Shareholders of record on Friday, May 12th will be given a $0.15 dividend. The ex-dividend date is Wednesday, May 10th. This represents a $0.60 annualized dividend and a yield of 1.28%. CIT Group’s dividend payout ratio is currently -14.08%.
In other news, Director R. Brad Oates sold 7,030 shares of the stock in a transaction that occurred on Monday, February 27th. The stock was sold at an average price of $42.78, for a total value of $300,743.40. Following the completion of the sale, the director now owns 6,132 shares of the company’s stock, valued at approximately $262,326.96. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Corporate insiders own 1.68% of the company’s stock.
Hedge funds and other institutional investors have recently bought and sold shares of the company. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. boosted its position in shares of CIT Group by 2.7% in the third quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 28,950 shares of the financial services provider’s stock worth $1,051,000 after buying an additional 761 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. boosted its position in shares of CIT Group by 4.7% in the third quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 563,560 shares of the financial services provider’s stock worth $20,457,000 after buying an additional 25,174 shares in the last quarter. Spot Trading L.L.C boosted its position in shares of CIT Group by 94.2% in the third quarter. Spot Trading L.L.C now owns 21,140 shares of the financial services provider’s stock worth $767,000 after buying an additional 10,256 shares in the last quarter. Quantbot Technologies LP purchased a new position in shares of CIT Group during the third quarter worth approximately $835,000. Finally, BlackRock Investment Management LLC boosted its position in shares of CIT Group by 5.7% in the third quarter. BlackRock Investment Management LLC now owns 114,314 shares of the financial services provider’s stock worth $4,150,000 after buying an additional 6,139 shares in the last quarter. 98.54% of the stock is currently owned by institutional investors and hedge funds.
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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