Top 5 Stock Picks of the Late Billionaire Michael Price

4. CIT Group Inc. (NYSE:CIT)

MFP Investors’ Stake Value: $33.1 million

Percentage of MFP Investors’ Portfolio: 3.66%

Number of Hedge Fund Holders: 32

CIT Group Inc. (NYSE:CIT) operates 64 branches throughout Southern California and is headquartered in New York City. In October 2020, First Citizen BancShares, Inc. (NASDAQ:FCNCA) announced a merger with the bank, which was completed in March 2022. After the merger, CIT Group will initially operate as a division of First Citizens Bank. 

Both companies benefited from the $2.2 billion deal. First Citizens was looking to expand into new markets, while CIT needed lower costs of funding. CIT will support First Citizens’ growing presence in California, where it has 64 branches and offers access to specialized commercial lending lines such as equipment leasing and railroad financing.