Top Buys by Top Brass: CEO Alemany's $500.8K Bet on CIT

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A company's own top management tend to have the best inside view into the business, so when company officers make major buys, investors are wise to take notice. Presumably the only reason an insider would take their hard-earned cash and use it to buy stock of their company in the open market, is that they expect to make money - maybe they find the stock very undervalued, or maybe they see exciting progress within the company, or maybe both. So in this series we look at the largest insider buys by the ''top brass'' over the trailing six month period, one of which was a total of $500.8K by Ellen R. Alemany, CEO at CIT Group Inc (Symbol: CIT).

Purchased Insider Title Shares Price/Share Value
08/13/2019 Ellen R. Alemany Chair & CEO 11,500 $43.55 $500,816.95

Alemany's average cost works out to $43.55/share. In trading on Wednesday, bargain hunters could buy shares of CIT Group Inc (Symbol: CIT) and achieve a cost basis lower than Alemany, with shares changing hands as low as $41.03 per share. Shares of CIT Group Inc were changing hands at $41.16 at last check, trading off about 3.9% on Wednesday. The chart below shows the one year performance of CIT shares, versus its 200 day moving average:

CIT Group Inc Chart

Looking at the chart above, CIT's low point in its 52 week range is $35.50 per share, with $55.48 as the 52 week high point - that compares with a last trade of $41.16.

The current annualized dividend paid by CIT Group Inc is $1.4/share, currently paid in quarterly installments, and its most recent dividend ex-date was on 08/08/2019. Below is a long-term dividend history chart for CIT, which can be of good help in judging whether the most recent dividend with approx. 3.3% annualized yield is likely to continue.


Click here to find out which other top insider buys by the ''top brass'' you need to know about ยป

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

This article appears in: Investing , Stocks
Referenced Symbols: CIT

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