Pomelo Capital Lowers stake in CIT Group (CIT)

CIT Group (CIT) : Pomelo Capital reduced its stake in CIT Group by 65.13% during the most recent quarter end. The investment management company now holds a total of 55,797 shares of CIT Group which is valued at $1,927,786 after selling 104,203 shares in CIT Group , the firm said in a disclosure report filed with the SEC on Aug 11, 2016.CIT Group makes up approximately 2.20% of Pomelo Capital’s portfolio.

Other Hedge Funds, Including , Credit Suisse Ag boosted its stake in CIT in the latest quarter, The investment management firm added 334,065 additional shares and now holds a total of 537,571 shares of CIT Group which is valued at $18,573,078. CIT Group makes up approx 0.02% of Credit Suisse Ag’s portfolio.Mn Services Vermogensbeheer B.v. boosted its stake in CIT in the latest quarter, The investment management firm added 761 additional shares and now holds a total of 5,078 shares of CIT Group which is valued at $178,492. CIT Group makes up approx 0.04% of Mn Services Vermogensbeheer B.v.’s portfolio.Dupont Capital Management Corp reduced its stake in CIT by selling 18,156 shares or 9.15% in the most recent quarter. The Hedge Fund company now holds 180,244 shares of CIT which is valued at $6,095,852. CIT Group makes up approx 0.13% of Dupont Capital Management Corp’s portfolio.Quantitative Investment Management reduced its stake in CIT by selling 27,400 shares or 71.73% in the most recent quarter. The Hedge Fund company now holds 10,800 shares of CIT which is valued at $365,256. CIT Group makes up approx 0.02% of Quantitative Investment Management’s portfolio.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 opened for trading at $36.27 and hit $36.73 on the upside on Tuesday, eventually ending the session at $36.34, with a gain of 0.55% or 0.2 points. The heightened volatility saw the trading volume jump to 11,09,671 shares. Company has a market cap of $7,340 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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