Cannae (NYSE:CNNE) Posts Quarterly Earnings Results, Misses Expectations By $3.62 EPS

Key Points

• Cannae Holdings reported a quarterly loss of ($3.93) earnings per share, missing analyst expectations by $3.62.
• The company's revenue decreased by 6.6% year-over-year, with a negative return on equity of 4.86% and a net margin of 73.64%.
• Cannae increased its quarterly dividend from $0.12 to $0.15, reflecting an annual yield of 3.0%.

Cannae (NYSE:CNNE - Get Free Report) posted its earnings results on Monday. The company reported ($3.93) earnings per share for the quarter, missing analysts' consensus estimates of ($0.31) by ($3.62), Briefing.com reports. Cannae had a negative return on equity of 4.86% and a negative net margin of 73.64%. The business's revenue was down 6.6% on a year-over-year basis. During the same period last year, the business earned ($2.49) EPS.

Cannae Price Performance

Cannae stock traded up $0.21 during mid-day trading on Monday, reaching $20.09. The stock had a trading volume of 688,224 shares, compared to its average volume of 629,702. Cannae has a one year low of $15.91 and a one year high of $22.36. The company has a 50-day moving average price of $20.66 and a two-hundred day moving average price of $19.10. 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 Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 30th. Shareholders of record on Tuesday, September 16th will be issued a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 3.0%. This is a positive change from Cannae's previous quarterly dividend of $0.12. The ex-dividend date is Tuesday, September 16th. Cannae's dividend payout ratio is currently -9.13%.

Wall Street Analyst Weigh In

Separately, Royal Bank Of Canada upped their price objective on shares of Cannae from $22.00 to $26.00 and gave the stock an "outperform" rating in a report on Thursday, July 10th.

Institutional Trading of Cannae

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in Cannae by 4.4% in the 1st 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. increased its position in shares of Cannae by 4.1% in the 1st quarter. Goldman Sachs Group Inc. now owns 299,843 shares of the company's stock valued at $5,496,000 after acquiring an additional 11,788 shares during the period. Finally, Jane Street Group LLC lifted its position in Cannae by 95.4% during the 1st 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. 88.12% of the stock is owned by hedge funds and other institutional investors.

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.

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