Cannae (NYSE:CNNE) Announces Quarterly Earnings Results

Key Points

• Cannae reported quarterly EPS of $0.86, significantly exceeding analysts’ expected loss of $0.42, while revenue of $102.2 million also topped estimates of $99.65 million. Despite the earnings beat, the company posted a negative net margin of 103.77% and negative return on equity.
• The company declared a quarterly dividend of $0.15 per share, or $0.60 annualized, representing a 4.1% yield; the dividend is payable September 30 to shareholders of record September 16.
• CNNE shares traded near $14.71, while analysts maintained a consensus “Hold” rating with an average price target of $17.00. Institutional investors own 88.12% of the company, with several funds recently increasing their stakes.

Cannae (NYSE:CNNE - Get Free Report) announced its earnings results on Monday. The company reported $0.86 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.42) by $1.28, FiscalAI reports. The company had revenue of $102.20 million for the quarter, compared to analyst estimates of $99.65 million. Cannae had a negative return on equity of 36.53% and a negative net margin of 103.77%.

Cannae Stock Performance

Shares of CNNE stock traded down $0.07 on Monday, hitting $14.71. 321,464 shares of the stock traded hands, compared to its average volume of 548,926. The company's fifty day moving average is $14.51 and its 200 day moving average is $13.55. Cannae has a 1-year low of $10.46 and a 1-year high of $20.23. The company has a market capitalization of $646.36 million, a PE ratio of -1.88 and a beta of 1.20. The company has a debt-to-equity ratio of 0.07, a current ratio of 1.71 and a quick ratio of 1.71.

Cannae Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, September 30th. Investors of record on Wednesday, September 16th will be given a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a dividend yield of 4.1%. The ex-dividend date of this dividend is Wednesday, September 16th. Cannae's dividend payout ratio is currently -7.68%.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on CNNE. Weiss Ratings restated a "sell (d-)" rating on shares of Cannae in a research note on Monday, July 6th. Stephens reissued an "overweight" rating and set a $17.00 price objective on shares of Cannae in a report on Thursday, April 23rd. Finally, Royal Bank Of Canada reissued an "outperform" rating on shares of Cannae in a research report on Tuesday, May 12th. Two investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Hold" and an average target price of $17.00.

Institutional Trading of Cannae

A number of institutional investors and hedge funds have recently modified their holdings of CNNE. Rubric Capital Management LP boosted its stake in Cannae by 41.3% during the 2nd quarter. Rubric Capital Management LP now owns 2,105,864 shares of the company's stock valued at $43,907,000 after purchasing an additional 615,616 shares during the period. State of Wisconsin Investment Board increased its stake in shares of Cannae by 109.6% in the fourth quarter. State of Wisconsin Investment Board now owns 815,918 shares of the company's stock valued at $12,834,000 after purchasing an additional 426,736 shares during the period. Jane Street Group LLC raised its holdings in shares of Cannae by 467.8% during the fourth quarter. Jane Street Group LLC now owns 468,356 shares of the company's stock valued at $7,367,000 after buying an additional 385,865 shares during the last quarter. Saba Capital Management L.P. raised its holdings in shares of Cannae by 23.3% during the fourth quarter. Saba Capital Management L.P. now owns 1,714,994 shares of the company's stock valued at $26,977,000 after buying an additional 323,531 shares during the last quarter. Finally, ExodusPoint Capital Management LP acquired a new position in shares of Cannae during the fourth quarter worth approximately $2,895,000. 88.12% of the stock is owned by institutional investors and hedge funds.

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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