402 institutions hold shares in CIT Group Inc. (CIT), with 1.14M shares held by insiders accounting for 1.15% while institutional investors hold 99.85% of the company’s shares. The shares outstanding are 98.57M, and float is at 95.76M with Short Float at 4.78%. Institutions hold 98.69% of the Float.
The top institutional shareholder in the company is Blackrock Inc. with over 11.62 million shares valued at $417.05 million. The investor’s holdings represent 11.77% of the CIT Shares outstanding. As of Dec 30, 2020, the second largest holder is Vanguard Group, Inc. (The) with 9.31 million shares valued at $334.08 million to account for 9.43% of the shares outstanding. The other top investors are State Street Corporation which holds 5.29 million shares representing 5.36% and valued at over $189.81 million, while Alua Capital Management LP holds 4.31% of the shares totaling 4.25 million with a market value of $152.69 million.
CIT Group Inc. (NYSE: CIT) is 46.94% higher on its value in year-to-date trading and has touched a low of $12.31 and a high of $55.89 in the current 52-week trading range. The question becomes, what are the chances the stock will continue to grow shareholders’ wealth in the market. Here’s what analysts think will happen to its price in the coming time. The CIT stock was last observed hovering at around $53.46 in the last trading session, with the day’s loss setting it -0.71% off its average median price target of $54.00 for the next 12 months. It is also 14.92% off the consensus price target high of $62.00 offered by 5 analysts, but current levels are -5.5% lower than the price target low of $50.00 for the same period.
Currently trading at $52.75, the stock is 0.71% and 4.43% above its SMA20 and SMA50 respectively. However, with a daily trading volume of 0.8 million and changing -1.33% at the moment leaves the stock 54.79% off its SMA200. CIT registered 153.97% gain for a year compared to 6-month gain of 84.51%. The firm has a 50-day simple moving average (SMA 50) of $51.93 and a 200-day simple moving average (SMA200) of $40.97.
The stock witnessed a 0.46% loss in the last 1 month and extending the period to 3 months gives it a 39.48%, and is 1.13% up over the last 5 days. If we measure the stock’s price variations over the week and the month, we find that the volatility rates stand at 3.76% over the week and 3.12% over the month.
CIT Group Inc. (CIT) has around 4085 employees, a market worth around $4.98B and $1.80B in sales. Fwd P/E is 12.79. Profit margin for the company is -35.90%. Distance from 52-week low is 328.52% and -5.62% from its 52-week high. The company has generated returns on investments over the last 12 months (11.60%).
CIT Group Inc. (CIT) Analyst Forecasts
Analyst recommendations provided by FactSet shows that the consensus forecast for CIT Group Inc. (CIT) is a “Hold”. 5 analysts offering their recommendations for the stock have an average rating of 2.80, where 4 rate it as a Hold and 0 think it is a “Overweight”. 1 of the analysts rate the stock as a “Buy”. 0 analysts have rated the stock as a Sell or Underperform.
CIT Group Inc. is expected to release its quarterly report on 07/27/2021 and quarterly earnings per share for the current quarter are estimated at $0.76 with sales reaching $462M over the same period.The EPS is expected to shrink by -224.70% this year, but quarterly earnings will post 4.70% year-over-year. Quarterly sales are estimated to grow 12.50% in year-over-year returns.
CIT Group Inc. (CIT) Insider Activity
A total of 54 insider transactions have happened at CIT Group Inc. (CIT) in the last six months, with sales accounting for 32 and purchases happening 22 times. The most recent transaction is an insider sale by BROSNAN MICHAEL L., the company’s Director. SEC filings show that BROSNAN MICHAEL L. sold 5,901 shares of the company’s common stock on Mar 11 at a price of $50.96 per share for a total of $0.3 million. Following the sale, the insider now owns 13883.0 shares.
CIT Group Inc. disclosed in a document filed with the SEC on Mar 08 that PROIA GINA M. (EVP & Head of Marketing) sold a total of 14,000 shares of the company’s common stock. The trade occurred on Mar 08 and was made at $49.76 per share for $0.7 million. Following the transaction, the insider now directly holds 27347.0 shares of the CIT stock.
Still, SEC filings show that on Mar 04, MENELLY DENISE M. (EVP, Head of Technology & Ops) disposed off 14,500 shares at an average price of $46.45 for $0.67 million. The insider now directly holds 58,512 shares of CIT Group Inc. (CIT).
CIT Group Inc. (CIT): Who are the competitors?
The company’s main competitors (and peers) include SLM Corporation (SLM) that is 127.90% higher over the past 12 months. Regional Management Corp. (RM) is 132.40% up on the 1-year trading charts. Short interest in the company’s stock has fallen -18.35% from the last report on Apr 14, 2021 to stand at a total of 4.58 million short shares sold with a short interest ratio of 4.83.