Cannae Holdings, Inc. (NYSE:CNNE) Announces Dividend Increase - $0.15 Per Share

Key Points

• Cannae Holdings, Inc. has announced a quarterly dividend increase to $0.15 per share, representing a 25.0% increase from its previous dividend of $0.12.
• The company currently has a negative payout ratio of -45.3%, indicating it is relying on its balance sheet to fund the dividend payments.
• Analysts predict that Cannae will post an EPS of -$3.14 for the current year, suggesting challenges in covering its annual dividend of $0.48 with expected earnings.

Cannae Holdings, Inc. (NYSE:CNNE - Get Free Report) announced a quarterly dividend on Friday, August 8th, Wall Street Journal reports. Investors of record on Tuesday, September 16th will be given a dividend of 0.15 per share on Tuesday, September 30th. This represents a c) annualized dividend and a yield of 3.3%. The ex-dividend date is Tuesday, September 16th. This is a 25.0% increase from Cannae's previous quarterly dividend of $0.12.

Cannae has a payout ratio of -45.3% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Equities research analysts expect Cannae to earn ($1.17) per share next year, which means the company may not be able to cover its $0.48 annual dividend with an expected future payout ratio of -41.0%.

Cannae Stock Performance

NYSE CNNE traded up $0.19 on Wednesday, reaching $18.00. The stock had a trading volume of 279,437 shares, compared to its average volume of 645,099. The company has a debt-to-equity ratio of 0.04, a quick ratio of 4.19 and a current ratio of 4.19. Cannae has a 12-month low of $15.91 and a 12-month high of $22.36. The business's 50-day moving average price is $20.63 and its 200 day moving average price is $19.10. The stock has a market cap of $1.13 billion, a P/E ratio of -3.42 and a beta of 1.06.

Cannae (NYSE:CNNE - Get Free Report) last announced its quarterly earnings data on Monday, May 12th. The company reported ($0.59) earnings per share for the quarter, missing analysts' consensus estimates of ($0.56) by ($0.03). Cannae had a negative return on equity of 4.86% and a negative net margin of 73.64%. The business had revenue of $103.20 million for the quarter, compared to analyst estimates of $105.30 million. During the same period in the prior year, the company earned ($1.27) EPS. The company's revenue was down 6.8% on a year-over-year basis. As a group, equities analysts expect that Cannae will post -3.14 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the business. Continental Advisors LLC grew its holdings in Cannae by 0.3% in the fourth quarter. Continental Advisors LLC now owns 239,623 shares of the company's stock valued at $4,759,000 after purchasing an additional 624 shares during the last quarter. Police & Firemen s Retirement System of New Jersey grew its holdings in Cannae by 6.3% in the second quarter. Police & Firemen s Retirement System of New Jersey now owns 12,189 shares of the company's stock valued at $254,000 after purchasing an additional 725 shares during the last quarter. Park Avenue Securities LLC grew its holdings in Cannae by 6.3% in the first quarter. Park Avenue Securities LLC now owns 13,089 shares of the company's stock valued at $240,000 after purchasing an additional 777 shares during the last quarter. CWM LLC grew its holdings in Cannae by 40.4% in the second quarter. CWM LLC now owns 3,253 shares of the company's stock valued at $68,000 after purchasing an additional 936 shares during the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in Cannae by 3.7% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 32,060 shares of the company's stock valued at $637,000 after purchasing an additional 1,151 shares during the last quarter. Institutional investors and hedge funds own 88.12% of the company's stock.

Cannae Company Profile

Cannae Holdings, Inc is a principal investment firm. The firm primarily invests in restaurants, technology enabled healthcare services, financial services and more. It takes both minority and majority stakes. Cannae Holdings, Inc was founded in 2014 and is based in Las Vegas, Nevada.