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Notable Cit Group Insider Makes $250K Sale

·2 min read

Steve Solk, President And Consumer Banking at Cit Group (NYSE:CIT), made a large insider sell on October 28, according to a new SEC filing.

What Happened: A Form 4 filing from the U.S. Securities and Exchange Commission on Thursday showed that Solk sold 5,000 shares of Cit Group at a price of $49.70. The total transaction amounted to $248,494.

Solk still owns a total of 45,380 shares of Cit Group worth, $2,273,084.

Cit Group shares are trading up 0.16% at $50.09 at the time of this writing on Wednesday morning.

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The Importance of Insider Transactions

Insider transactions shouldn't be used primarily to make an investing decision, however, they can be an important factor for an investor to consider.

In legal terms, an "insider" refers to any shareholder who owns at least 10% of a company. This can include executives in the c-suite and large hedge funds. These insiders are required to let the public know of their transactions via a Form 4 filing, which must be filed within two business days of the transaction.

When a company insider makes a new purchase, that is an indication that they expect the stock to rise.

Insider sells, on the other hand, can be made for a variety of reasons, and may not necessarily mean that the seller thinks the stock will go down.

Transaction Codes To Focus On

Investors prefer focusing on transactions that take place in the open market, indicated in Table I of the Form 4 filing. A P in Box 3 indicates a purchase, while S indicates a sale. Transaction code C indicates the conversion of an option, and transaction code A indicates the insider may have been forced to sell shares in order to receive compensation that had been promised upon being hired by the company.

Check Out The Full List Of Cit Group's Insider Trades.

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