First Pacific Advisors buys $489,010,758 stake in CIT Group (CIT)

CIT Group (CIT) : First Pacific Advisors scooped up 1,327,526 additional shares in CIT Group during the most recent quarter end , the firm said in a disclosure report filed with the SEC on Aug 9, 2016. The investment management firm now holds a total of 14,186,561 shares of CIT Group which is valued at $489,010,758.CIT Group makes up approximately 3.85% of First Pacific Advisors’s portfolio.

Other Hedge Funds, Including , Global X Management Co boosted its stake in CIT in the latest quarter, The investment management firm added 1,393 additional shares and now holds a total of 3,733 shares of CIT Group which is valued at $128,677. CIT Group makes up approx 0.01% of Global X Management Co’s portfolio. Zweig-dimenna Associates added CIT to its portfolio by purchasing 7,300 company shares during the most recent quarter which is valued at $251,631. CIT Group makes up approx 0.02% of Zweig-dimenna Associates’s portfolio. Airain Ltd sold out all of its stake in CIT during the most recent quarter. The investment firm sold 114,487 shares of CIT which is valued $4,024,218. Mutual Of America Capital Management sold out all of its stake in CIT during the most recent quarter. The investment firm sold 10,414 shares of CIT which is valued $352,201.Public Employees Retirement Association Of Colorado reduced its stake in CIT by selling 235 shares or 0.57% in the most recent quarter. The Hedge Fund company now holds 41,328 shares of CIT which is valued at $1,428,296. CIT Group makes up approx 0.01% of Public Employees Retirement Association Of Colorado’s portfolio.

CIT Group opened for trading at $35.46 and hit $37.12 on the upside on Wednesday, eventually ending the session at $35.78, with a gain of 2.35% or 0.82 points. The heightened volatility saw the trading volume jump to 27,39,844 shares. Company has a market cap of $7,227 M.

On the company’s financial health, CIT Group reported $0.90 EPS for the quarter, beating the analyst consensus estimate by $ 0.12 according to the earnings call on Jul 28, 2016. Analyst had a consensus of $0.78. The company had revenue of $645.10 million for the quarter, compared to analysts expectations of $628.85 million. The company’s revenue was up 58.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.66 EPS.

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.

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