Nwq Investment Management Company Lowers stake in CIT Group (CIT)

CIT Group (CIT) : Nwq Investment Management Company reduced its stake in CIT Group by 8.73% during the most recent quarter end. The investment management company now holds a total of 3,773,376 shares of CIT Group which is valued at $130,370,141 after selling 360,997 shares in CIT Group , the firm said in a disclosure report filed with the SEC on Aug 12, 2016.CIT Group makes up approximately 2.13% of Nwq Investment Management Company’s portfolio.

Other Hedge Funds, Including , Piermont Capital Management added CIT to its portfolio by purchasing 18,415 company shares during the most recent quarter which is valued at $636,238. CIT Group makes up approx 0.15% of Piermont Capital Management’s portfolio.Alliancebernstein boosted its stake in CIT in the latest quarter, The investment management firm added 10,481 additional shares and now holds a total of 149,946 shares of CIT Group which is valued at $5,180,634. Oppenheimer Co Inc added CIT to its portfolio by purchasing 7,726 company shares during the most recent quarter which is valued at $266,315. CIT Group makes up approx 0.01% of Oppenheimer Co Inc’s portfolio. Finemark National Bank Trust sold out all of its stake in CIT during the most recent quarter. The investment firm sold 198 shares of CIT which is valued $6,825.Dekabank Deutsche Girozentrale reduced its stake in CIT by selling 1,200 shares or 18.38% in the most recent quarter. The Hedge Fund company now holds 5,330 shares of CIT which is valued at $187,350.

CIT Group opened for trading at $35.97 and hit $36.46 on the upside on Monday, eventually ending the session at $36.11, with a gain of 0.70% or 0.25 points. The heightened volatility saw the trading volume jump to 10,06,551 shares. Company has a market cap of $7,294 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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