Cannae Holdings, Inc. (NYSE:CNNE) to Issue $0.15 Quarterly Dividend

Key Points

• Cannae Holdings declared a quarterly dividend of $0.15 per share, payable September 30 to shareholders of record on September 16. The dividend implies an annualized yield of approximately 4.1%.
• Cannae’s payout ratio is negative 56.6%, indicating that earnings do not currently cover the dividend. The company’s latest quarter also missed analyst expectations, reporting a $0.70 loss per share and revenue below estimates.
• CNNE shares opened at $14.81, while institutional investors and hedge funds own 88.12% of the company. Several funds increased their positions during the first and second quarters.

Cannae Holdings, Inc. (NYSE:CNNE - Get Free Report) declared a quarterly dividend on Thursday, August 6th. Shareholders of record on Wednesday, September 16th will be paid a dividend of 0.15 per share on Wednesday, September 30th. This represents a c) dividend on an annualized basis and a yield of 4.1%. The ex-dividend date is Wednesday, September 16th.

Cannae has a payout ratio of -56.6% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments.

Cannae Stock Down 0.5%

CNNE stock opened at $14.81 on Friday. The firm has a market cap of $650.84 million, a PE ratio of -1.90 and a beta of 1.20. Cannae has a one year low of $10.46 and a one year high of $20.56. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.71 and a current ratio of 1.71. The firm's 50 day moving average price is $14.51 and its 200-day moving average price is $13.56.

Cannae (NYSE:CNNE - Get Free Report) last issued its quarterly earnings data on Monday, May 11th. The company reported ($0.70) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.40) by ($0.30). The company had revenue of $96.20 million during the quarter, compared to analysts' expectations of $99.77 million. Cannae had a negative net margin of 103.77% and a negative return on equity of 36.53%. The firm's quarterly revenue was down 6.8% on a year-over-year basis. During the same quarter last year, the firm posted ($1.81) earnings per share.

Hedge Funds Weigh In On Cannae

Hedge funds and other institutional investors have recently modified their holdings of the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in Cannae by 4.4% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 33,465 shares of the company's stock worth $613,000 after purchasing an additional 1,405 shares during the period. Goldman Sachs Group Inc. lifted its holdings in shares of Cannae by 4.1% in the first quarter. Goldman Sachs Group Inc. now owns 299,843 shares of the company's stock valued at $5,496,000 after buying an additional 11,788 shares during the period. Jane Street Group LLC grew its holdings in Cannae by 95.4% during the first quarter. Jane Street Group LLC now owns 54,393 shares of the company's stock worth $997,000 after acquiring an additional 26,550 shares during the period. Quantbot Technologies LP acquired a new position in Cannae during the second quarter worth about $62,000. Finally, Jump Financial LLC raised its position in Cannae by 353.3% in the second quarter. Jump Financial LLC now owns 64,606 shares of the company's stock worth $1,347,000 after acquiring an additional 50,353 shares in the last quarter. Institutional investors and hedge funds own 88.12% of the company's stock.

Cannae Company Profile

Cannae Holdings, Inc NYSE: CNNE is a publicly traded diversified holding company that focuses on partnering with and investing in businesses across a range of industry sectors. The company seeks to identify attractive opportunities in both private and public markets, leveraging its capital resources and management expertise to support operational growth and value creation. Cannae's investment strategy emphasizes companies in data and analytics, marketing services, healthcare technology, and payment processing.

Through its portfolio, Cannae holds controlling or significant minority stakes in companies that provide critical software, data and services to corporate clients.

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