Almitas Capital LLC Makes New Investment in Cannae Holdings, Inc. $CNNE

Key Points

• Almitas Capital LLC acquired 143,651 shares of Cannae Holdings, Inc. for approximately $2.63 million, making it the firm's 22nd largest holding.
• Royal Bank Of Canada raised its price target for Cannae from $22.00 to $26.00 and provided an "outperform" rating, signaling positive investor sentiment.
• Cannae announced a quarterly dividend of $0.15 per share, increasing from $0.12, reflecting a 3.2% yield for shareholders.

Almitas Capital LLC acquired a new position in Cannae Holdings, Inc. (NYSE:CNNE - Free Report) during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 143,651 shares of the company's stock, valued at approximately $2,633,000. Cannae accounts for 0.9% of Almitas Capital LLC's investment portfolio, making the stock its 22nd largest position. Almitas Capital LLC owned about 0.23% of Cannae at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in CNNE. Price T Rowe Associates Inc. MD increased its holdings in Cannae by 8.6% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 46,231 shares of the company's stock worth $919,000 after acquiring an additional 3,643 shares in the last quarter. Northern Trust Corp lifted its position in Cannae by 1.8% in the fourth quarter. Northern Trust Corp now owns 609,504 shares of the company's stock worth $12,105,000 after buying an additional 10,895 shares during the last quarter. Caxton Associates LP lifted its position in Cannae by 32.7% in the fourth quarter. Caxton Associates LP now owns 36,616 shares of the company's stock worth $727,000 after buying an additional 9,018 shares during the last quarter. Deutsche Bank AG lifted its position in Cannae by 27.6% in the fourth quarter. Deutsche Bank AG now owns 55,018 shares of the company's stock worth $1,093,000 after buying an additional 11,917 shares during the last quarter. Finally, Invenomic Capital Management LP bought a new stake in Cannae in the fourth quarter worth $10,174,000. 88.12% of the stock is owned by hedge funds and other institutional investors.

Cannae Stock Performance

NYSE CNNE traded up $0.15 during trading hours on Friday, reaching $18.70. The stock had a trading volume of 573,024 shares, compared to its average volume of 798,369. The stock has a fifty day moving average of $20.08 and a 200 day moving average of $18.94. The stock has a market cap of $1.05 billion, a P/E ratio of -2.79 and a beta of 1.08. Cannae Holdings, Inc. has a 52-week low of $15.91 and a 52-week high of $22.36. The company has a debt-to-equity ratio of 0.05, a quick ratio of 2.78 and a current ratio of 2.78.

Cannae Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Investors of record on Tuesday, September 16th will be given a $0.15 dividend. This is an increase from Cannae's previous quarterly dividend of $0.12. This represents a $0.60 dividend on an annualized basis and a yield of 3.2%. The ex-dividend date is Tuesday, September 16th. Cannae's payout ratio is currently -8.96%.

Insider Buying and Selling

In related news, Director Frank R. Martire sold 26,478 shares of the company's stock in a transaction that occurred on Tuesday, September 2nd. The stock was sold at an average price of $18.43, for a total value of $487,989.54. The sale was disclosed in a document filed with the SEC, which is available at this link. 10.90% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Separately, Royal Bank Of Canada lifted their target price on Cannae from $22.00 to $26.00 and gave the stock an "outperform" rating in a research report on Thursday, July 10th. Two research analysts have rated the stock with a Buy rating, According to data from MarketBeat, the stock currently has an average rating of "Buy" and a consensus price target of $24.00.

Cannae 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.