CIT Group Inc (DEL) (NYSE:CIT) has tumbled 5.96% during the past week and has dropped 5.29% in the last 4 week period. The stocks are negative as compared to the S&P 500 for the past week with a loss of 4.83%. CIT Group Inc (DEL) (NYSE:CIT) has underperformed the index by 6.16% in the last 4 weeks. Investors should watch out for further signals and trade with caution.
CIT Group Inc (DEL) (NYSE:CIT): The stock opened at $31.07 on Friday but the bulls could not build on the opening and the stock topped out at $31.40 for the day. The stock traded down to $30.66 during the day, due to lack of any buying support eventually closed down at $30.77 with a loss of -0.90% for the day. The stock had closed at $31.05 on the previous day. The total traded volume was 3,111,771 shares.
The company shares have dropped -35.21% from its 1 Year high price. On Jul 21, 2015, the shares registered one year high at $49.27 and the one year low was seen on Feb 11, 2016. The 50-Day Moving Average price is $32.90 and the 200 Day Moving Average price is recorded at $33.57.
On the companys insider trading activities, Mnuchin Steven T, director officer (Vice Chairman) of Cit Group Inc, had purchased 80,000 shares on February 11, 2016. The total value of the transaction was $2,051,200. The information was disclosed with the SEC in a Form 4 Filing. The information is based on open market trades at the market prices.Option exercises are not covered.
Many analysts have stated their opinion on the company shares. Major Brokerage house, Nomura maintains its ratings on CIT Group Inc (DEL) (NYSE:CIT). In the latest research report, Nomura raises the target price from $29 per share to $33 per share. According to the latest information available, the shares are now rated Neutral by the analysts at the agency. The rating by the firm was issued on May 3, 2016. Currently the company Insiders own 1.68% of CIT Group Inc (DEL) shares according to the proxy statements. Institutional Investors own 98.02% of CIT Group Inc (DEL) shares. During last six month period, the net percent change held by insiders has seen a change of 13.92%.
CIT Group Inc. is a bank holding company (BHC), which provides financing, leasing and advisory services principally to middle market companies. The Company operates in two segments: Transportation and International Finance (TIF), provider of leasing and financing solutions to operators and suppliers in the global aviation and railcar industries, and North American Commercial Finance (NACF)., which consists of four divisions: Commercial Services, Corporate Finance, Equipment Finance and Real Estate Finance. Commercial Services provides factoring, receivable management products, and secured financing to businesses. Corporate Finance provides a range of financing options and offers advisory services to small and medium size companies. Equipment Finance provides leasing and equipment loan solutions to small businesses and middle market companies. Real Estate Finance provides senior secured commercial real estate loans to developers and other commercial real estate professionals.