Highline Capital Management buys $65,517,165 stake in CIT Group (CIT)

CIT Group (CIT) : Highline Capital Management scooped up 319,500 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 1,896,300 shares of CIT Group which is valued at $65,517,165.CIT Group makes up approximately 2.69% of Highline Capital Management’s portfolio.

Other Hedge Funds, Including , Clearbridge Investments reduced its stake in CIT by selling 1,672 shares or 0.23% in the most recent quarter. The Hedge Fund company now holds 726,920 shares of CIT which is valued at $25,115,086. CIT Group makes up approx 0.03% of Clearbridge Investments’s portfolio.Bronfman E.l. Rothschild boosted its stake in CIT in the latest quarter, The investment management firm added 178 additional shares and now holds a total of 4,661 shares of CIT Group which is valued at $161,038. CIT Group makes up approx 0.03% of Bronfman E.l. Rothschild’s portfolio.Bnp Paribas Investment Partners S.a. reduced its stake in CIT by selling 1,002 shares or 4.84% in the most recent quarter. The Hedge Fund company now holds 19,696 shares of CIT which is valued at $678,921. CIT Group makes up approx 0.01% of Bnp Paribas Investment Partners S.a.’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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