Bronson Point Management Lowers stake in CIT Group (CIT)

CIT Group (CIT) : Bronson Point Management reduced its stake in CIT Group by 37.54% during the most recent quarter end. The investment management company now holds a total of 210,000 shares of CIT Group which is valued at $7,255,500 after selling 126,200 shares in CIT Group , the firm said in a disclosure report filed with the SEC on Aug 15, 2016.CIT Group makes up approximately 2.26% of Bronson Point Management’s portfolio.

Other Hedge Funds, Including , Two Sigma Investments Lp sold out all of its stake in CIT during the most recent quarter. The investment firm sold 116,030 shares of CIT which is valued $4,008,837.Hotchkis Wiley Capital Management reduced its stake in CIT by selling 93,600 shares or 4.01% in the most recent quarter. The Hedge Fund company now holds 2,242,171 shares of CIT which is valued at $77,467,008. CIT Group makes up approx 0.31% of Hotchkis Wiley Capital Management’s portfolio.Lord Abbett boosted its stake in CIT in the latest quarter, The investment management firm added 80,994 additional shares and now holds a total of 935,156 shares of CIT Group which is valued at $32,309,640. CIT Group makes up approx 0.10% of Lord Abbett’s portfolio. Gsa Capital Partners Llp sold out all of its stake in CIT during the most recent quarter. The investment firm sold 39,854 shares of CIT which is valued $1,400,868.

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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