Nwq Investment Management Company buys $129.2 Million stake in CIT Group (CIT)

CIT Group (CIT) : Nwq Investment Management Company scooped up 25,123 additional shares in CIT Group during the most recent quarter end , the firm said in a disclosure report filed with the SEC on May 12, 2016. The investment management firm now holds a total of 4,134,373 shares of CIT Group which is valued at $129.2 Million.CIT Group makes up approximately 2.05% of Nwq Investment Management Company’s portfolio.

Other Hedge Funds, Including , Daiwa Securities Group reduced its stake in CIT by selling 3,200 shares or 43.84% in the most recent quarter. The Hedge Fund company now holds 4,100 shares of CIT which is valued at $128,166.Blackrock Investment Management reduced its stake in CIT by selling 12,231 shares or 11.72% in the most recent quarter. The Hedge Fund company now holds 92,102 shares of CIT which is valued at $2.9 Million.Global X Management Co boosted its stake in CIT in the latest quarter, The investment management firm added 2,085 additional shares and now holds a total of 2,340 shares of CIT Group which is valued at $75,839.Proshare Advisors reduced its stake in CIT by selling 8,282 shares or 21.64% in the most recent quarter. The Hedge Fund company now holds 29,986 shares of CIT which is valued at $971,846. CIT Group makes up approx 0.01% of Proshare Advisors’s portfolio. Checchi Capital Advisers added CIT to its portfolio by purchasing 1,078 company shares during the most recent quarter which is valued at $34,938. CIT Group makes up approx 0.01% of Checchi Capital Advisers’s portfolio.

CIT Group opened for trading at $32.27 and hit $32.8 on the upside on Friday, eventually ending the session at $32.49, with a gain of 0.96% or 0.31 points. The heightened volatility saw the trading volume jump to 8,60,761 shares. Company has a market cap of $6,553 M.

On the company’s financial health, CIT Group reported $0.73 EPS for the quarter, missing the analyst consensus estimate by $ -0.03 based on the information available during the earnings call on Apr 28, 2016. Analyst had a consensus of $0.76.Analysts expectations of $ 625.86.During the same quarter in the previous year, the company posted $0.59 EPS.

Many Wall Street Analysts have commented on CIT Group. CIT Group was Downgraded by BofA/Merrill to ” Underperform” on Apr 29, 2016. CIT Group was Downgraded by Sterne Agee CRT to ” Neutral” on Mar 28, 2016.

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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