Nwq Investment Management Company buys $171,331,457 stake in CIT Group (CIT)

CIT Group (CIT) : Nwq Investment Management Company scooped up 516,345 additional shares in CIT Group during the most recent quarter end , the firm said in a disclosure report filed with the SEC on Nov 14, 2016. The investment management firm now holds a total of 4,289,721 shares of CIT Group which is valued at $171,331,457.CIT Group makes up approximately 2.40% of Nwq Investment Management Company’s portfolio.

Other Hedge Funds, Including , Rafferty Asset Management reduced its stake in CIT by selling 8,649 shares or 40.3% in the most recent quarter. The Hedge Fund company now holds 12,814 shares of CIT which is valued at $511,791. CIT Group makes up approx 0.02% of Rafferty Asset Management’s portfolio.Oppenheimer Co Inc boosted its stake in CIT in the latest quarter, The investment management firm added 50 additional shares and now holds a total of 7,776 shares of CIT Group which is valued at $283,435. CIT Group makes up approx 0.01% of Oppenheimer Co Inc’s portfolio.Nordea Investment Management Ab boosted its stake in CIT in the latest quarter, The investment management firm added 6,300 additional shares and now holds a total of 152,558 shares of CIT Group which is valued at $5,377,670. CIT Group makes up approx 0.01% of Nordea Investment Management Ab’s portfolio.Huntington National Bank boosted its stake in CIT in the latest quarter, The investment management firm added 7,811 additional shares and now holds a total of 8,416 shares of CIT Group which is valued at $302,471. CIT Group makes up approx 0.01% of Huntington National Bank’s portfolio.Apg Asset Management N.v. reduced its stake in CIT by selling 10,960 shares or 1.21% in the most recent quarter. The Hedge Fund company now holds 892,240 shares of CIT which is valued at $32,067,106. CIT Group makes up approx 0.06% of Apg Asset Management N.v.’s portfolio.

CIT Group closed down -0.31 points or -0.75% at $40.93 with 21,01,572 shares getting traded on Monday. Post opening the session at $40.88, the shares hit an intraday low of $40.65 and an intraday high of $41.1225 and the price fluctuated in this range throughout the day.Shares ended Monday session in Red.

On the company’s financial health, CIT Group reported $0.73 EPS for the quarter, missing the analyst consensus estimate by $ -0.04 based on the information available during the earnings call on Oct 25, 2016. Analyst had a consensus of $0.77. The company had revenue of $608.70 million for the quarter, compared to analysts expectations of $625.98 million. The company’s revenue was down -5.6 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $0.80 EPS.

Many Wall Street Analysts have commented on CIT Group. CIT Group was Upgraded by BofA/Merrill to ” Neutral” on Oct 11, 2016. 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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