Spears Abacus Advisors buys $25.8 Million stake in CIT Group (CIT)

CIT Group (CIT) : Spears Abacus Advisors scooped up 128,227 additional shares in CIT Group during the most recent quarter end , the firm said in a disclosure report filed with the SEC on May 13, 2016. The investment management firm now holds a total of 825,021 shares of CIT Group which is valued at $25.8 Million.CIT Group makes up approximately 3.23% of Spears Abacus Advisors’s portfolio.

Other Hedge Funds, Including , Alliancebernstein reduced its stake in CIT by selling 20,344 shares or 12.73% in the most recent quarter. The Hedge Fund company now holds 139,465 shares of CIT which is valued at $4.4 Million.Twin Capital Management Inc reduced its stake in CIT by selling 140 shares or 0.27% in the most recent quarter. The Hedge Fund company now holds 51,150 shares of CIT which is valued at $1.6 Million. CIT Group makes up approx 0.13% of Twin Capital Management Inc’s portfolio.Numeric Investors boosted its stake in CIT in the latest quarter, The investment management firm added 203,100 additional shares and now holds a total of 325,400 shares of CIT Group which is valued at $10.5 Million. CIT Group makes up approx 0.11% of Numeric Investors’s portfolio. Nisa Investment Advisors L.l.c. added CIT to its portfolio by purchasing 4,800 company shares during the most recent quarter which is valued at $165,936.

CIT Group opened for trading at $33.53 and hit $34.03 on the upside on Wednesday, eventually ending the session at $33.9, with a gain of 1.83% or 0.61 points. The heightened volatility saw the trading volume jump to 9,27,523 shares. Company has a market cap of $6,838 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.

Leave a Reply

CIT Group - Is it time to Sell?

Top Brokerage Firms are advising their investors on CIT Group. Subscribe to MoneyFlowIndex.Org Pre-Market Alerts, You will be the first to know the street buzz.