Simplex Trading adds CIT Group (CIT) to its portfolio

CIT Group (CIT) : Simplex Trading added new position in CIT Group during the most recent quarter end. The investment management firm now holds 89,385 shares of CIT Group which is valued at $3,300,988 , the company said in a statement filed on Oct 7, 2016 with the SEC.CIT Group makes up approximately 0.43% of Simplex Trading’s portfolio.

Other Hedge Funds, Including , First Mercantile Trust Co reduced its stake in CIT by selling 10,081 shares or 10.74% in the most recent quarter. The Hedge Fund company now holds 83,800 shares of CIT which is valued at $3,094,734. CIT Group makes up approx 0.42% of First Mercantile Trust Co’s portfolio.Bnp Paribas Arbitrage Sa reduced its stake in CIT by selling 4,891 shares or 11.19% in the most recent quarter. The Hedge Fund company now holds 38,808 shares of CIT which is valued at $1,407,178. CIT Group makes up approx 0.01% of Bnp Paribas Arbitrage Sa’s portfolio.

CIT Group opened for trading at $37.89 and hit $37.98 on the upside on Friday, eventually ending the session at $36.93, with a gain of 1.46% or 0.53 points. The heightened volatility saw the trading volume jump to 83,81,302 shares. Company has a market cap of $7,460 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.

Many Wall Street Analysts have commented on CIT Group. Company shares were Downgraded by Stifel on Oct 7, 2016 to ” Hold”, Firm has raised the Price Target to $ 41 from a previous price target of $40 .

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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