Spears Abacus Advisors Lowers stake in CIT Group (CIT)

CIT Group (CIT) : Spears Abacus Advisors reduced its stake in CIT Group by 1.15% during the most recent quarter end. The investment management company now holds a total of 815,511 shares of CIT Group which is valued at $28,175,905 after selling 9,510 shares in CIT Group , the firm said in a disclosure report filed with the SEC on Aug 10, 2016.CIT Group makes up approximately 3.40% of Spears Abacus Advisors’s portfolio.

Other Hedge Funds, Including , Credit Agricole S A boosted its stake in CIT in the latest quarter, The investment management firm added 56,526 additional shares and now holds a total of 209,166 shares of CIT Group which is valued at $7,226,685. CIT Group makes up approx 0.03% of Credit Agricole S A’s portfolio. Feltz Wealth Plan added CIT to its portfolio by purchasing 634 company shares during the most recent quarter which is valued at $21,854. 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.Cibc World Markets reduced its stake in CIT by selling 2,158 shares or 9.31% in the most recent quarter. The Hedge Fund company now holds 21,018 shares of CIT which is valued at $736,261.

CIT Group closed down -0.04 points or -0.11% at $35.82 with 6,28,781 shares getting traded on Friday. Post opening the session at $35.69, the shares hit an intraday low of $35.43 and an intraday high of $35.87 and the price fluctuated in this range throughout the day.Shares ended Friday session in Red.

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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