Sandell Asset Management Corp buys $10,864,006 stake in CIT Group (CIT)

CIT Group (CIT) : Sandell Asset Management Corp scooped up 77,300 additional shares in CIT Group during the most recent quarter end , the firm said in a disclosure report filed with the SEC on Aug 15, 2016. The investment management firm now holds a total of 314,443 shares of CIT Group which is valued at $10,864,006.CIT Group makes up approximately 2.73% of Sandell Asset Management Corp’s portfolio.

Other Hedge Funds, Including , Highland Capital Management Lp reduced its stake in CIT by selling 447,636 shares or 62.26% in the most recent quarter. The Hedge Fund company now holds 271,304 shares of CIT which is valued at $9,373,553. CIT Group makes up approx 0.50% of Highland Capital Management Lp’s portfolio. Tower Research Capital (trc) sold out all of its stake in CIT during the most recent quarter. The investment firm sold 12 shares of CIT which is valued $415.Harris Associates L P reduced its stake in CIT by selling 1,700 shares or 6.71% in the most recent quarter. The Hedge Fund company now holds 23,625 shares of CIT which is valued at $816,244.Td Asset Management Inc boosted its stake in CIT in the latest quarter, The investment management firm added 1,200 additional shares and now holds a total of 11,653 shares of CIT Group which is valued at $409,603.Shell Asset Management Co reduced its stake in CIT by selling 35,489 shares or 64.23% in the most recent quarter. The Hedge Fund company now holds 19,767 shares of CIT which is valued at $679,392. CIT Group makes up approx 0.02% of Shell Asset Management Co’s portfolio.

CIT Group closed down -0.6 points or -1.63% at $36.28 with 7,90,262 shares getting traded on Thursday. Post opening the session at $37.03, the shares hit an intraday low of $35.98 and an intraday high of $37.18 and the price fluctuated in this range throughout the day.Shares ended Thursday 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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