CIT Group Sees Unusually Large Options Volume (CIT)
CIT Group Inc. (NYSE:CIT) was the recipient of some unusual options trading activity on Friday. Traders bought 1,093 put options on the stock. This represents an increase of approximately 1,114% compared to the average daily volume of 90 put options.
CIT has been the subject of several analyst reports. Wells Fargo & Co initiated coverage on shares of CIT Group in a research note on Friday, December 1st. They issued a “market perform” rating and a $52.00 price objective for the company. Zacks Investment Research lowered shares of CIT Group from a “buy” rating to a “hold” rating in a research note on Friday, November 3rd. Barclays set a $53.00 price objective on shares of CIT Group and gave the company a “hold” rating in a research note on Friday, January 12th. Stephens set a $60.00 price objective on shares of CIT Group and gave the company a “buy” rating in a research note on Wednesday, January 3rd. Finally, Keefe, Bruyette & Woods reiterated a “hold” rating and issued a $53.00 price objective on shares of CIT Group in a research note on Friday, December 29th. One research analyst has rated the stock with a sell rating, six have given a hold rating and nine have issued a buy rating to the stock. CIT Group presently has a consensus rating of “Buy” and a consensus price target of $53.73.
Institutional investors have recently added to or reduced their stakes in the company. Assenagon Asset Management S.A. bought a new position in shares of CIT Group during the 4th quarter valued at approximately $18,735,000. Teacher Retirement System of Texas bought a new position in shares of CIT Group during the 3rd quarter valued at approximately $4,767,000. AMP Capital Investors Ltd grew its position in shares of CIT Group by 8.0% during the 3rd quarter. AMP Capital Investors Ltd now owns 59,840 shares of the financial services provider’s stock valued at $2,934,000 after acquiring an additional 4,440 shares during the period. Nomura Asset Management Co. Ltd. grew its position in shares of CIT Group by 10.8% during the 3rd quarter. Nomura Asset Management Co. Ltd. now owns 25,157 shares of the financial services provider’s stock valued at $1,233,000 after acquiring an additional 2,451 shares during the period. Finally, Dimensional Fund Advisors LP grew its position in shares of CIT Group by 16.8% during the 3rd quarter. Dimensional Fund Advisors LP now owns 1,792,459 shares of the financial services provider’s stock valued at $87,916,000 after acquiring an additional 258,455 shares during the period.
CIT Group (NYSE:CIT) last released its earnings results on Tuesday, January 30th. The financial services provider reported $0.99 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.81 by $0.18. CIT Group had a net margin of 14.60% and a return on equity of 6.84%. The firm had revenue of $537.00 million during the quarter, compared to the consensus estimate of $469.24 million. During the same period in the prior year, the firm earned $0.59 EPS. The company’s revenue was up 15.7% compared to the same quarter last year. sell-side analysts anticipate that CIT Group will post 4.06 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Friday, February 23rd. Stockholders of record on Friday, February 9th will be given a dividend of $0.16 per share. This represents a $0.64 dividend on an annualized basis and a dividend yield of 1.26%. The ex-dividend date is Thursday, February 8th. CIT Group’s dividend payout ratio is currently 24.62%.
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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