On a relative basis, the stock has outperformed the S&P 500 by 8.83% in the past 4 weeks, but has underperformed the S&P 500 in the past 1 week. The stock has continued its bullish performance both in the near-term and the medium-term, as the stock is up 0.43% in the last 1 week, and is up 16.19% in the past 4 weeks. Buying continues as the stock moves higher, suggesting a strong appetite for the stock.
CIT Group Inc (DEL) (NYSE:CIT): During Fridays trading session, Bulls were in full control of the stock right from the opening. The stock opened at $34.87 and $34.66 proved to be the low of the day. Continuous buying at higher levels pushed the stock towards an intraday high of $35.06. The buying momentum continued till the end and the stock did not give up its gains. It closed at $35.03, notching a gain of 0.63% for the day. The total traded volume was 1,252,551 . The stock had closed at $34.81 on the previous day.
The stock has recorded a 20-day Moving Average of 7.91% and the 50-Day Moving Average is 7.49%. CIT Group Inc. is up 3.4% in the last 3-month period. Year-to-Date the stock performance stands at -10.86%.
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.