154,323 Shares in Cannae Holdings, Inc. $CNNE Acquired by Bank of New York Mellon Corp

Key Points

• Bank of New York Mellon acquired 154,323 Cannae shares worth approximately $2.22 million, representing a 0.35% stake. Institutional investors collectively own 88.12% of the company.
• Cannae reported quarterly EPS of $0.86, beating the consensus estimate of a $0.42 loss, while revenue of $102.2 million exceeded expectations of $99.65 million.
• The company declared a quarterly dividend of $0.15, equal to a 3.8% annualized yield. Analysts maintain a consensus “Hold” rating with a $16.50 price target, versus the stock’s reported $15.82 price.

Bank of New York Mellon Corp bought a new stake in Cannae Holdings, Inc. (NYSE:CNNE - Free Report) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm bought 154,323 shares of the company's stock, valued at approximately $2,222,000. Bank of New York Mellon Corp owned 0.35% of Cannae at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in CNNE. Rubric Capital Management LP raised its stake in shares of Cannae by 41.3% during the second 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 in the last quarter. State of Wisconsin Investment Board lifted its stake in shares of Cannae by 109.6% in the 4th quarter. State of Wisconsin Investment Board now owns 815,918 shares of the company's stock worth $12,834,000 after acquiring an additional 426,736 shares during the period. Jane Street Group LLC boosted its holdings in shares of Cannae by 467.8% in the fourth quarter. Jane Street Group LLC now owns 468,356 shares of the company's stock valued at $7,367,000 after acquiring an additional 385,865 shares in the last quarter. Saba Capital Management L.P. increased its stake 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 acquiring an additional 323,531 shares during the period. Finally, Poehling Capital Management INC. raised its holdings in Cannae by 46.4% during the first quarter. Poehling Capital Management INC. now owns 954,190 shares of the company's stock worth $10,849,000 after purchasing an additional 302,494 shares in the last quarter. Institutional investors own 88.12% of the company's stock.

Cannae Stock Performance

Shares of NYSE CNNE opened at $15.82 on Tuesday. The stock's fifty day simple moving average is $15.00 and its 200 day simple moving average is $13.69. The stock has a market capitalization of $686.11 million, a price-to-earnings ratio of -5.24 and a beta of 1.21. The company has a quick ratio of 1.24, a current ratio of 1.24 and a debt-to-equity ratio of 0.07. Cannae Holdings, Inc. has a 52-week low of $10.46 and a 52-week high of $19.88.

Cannae (NYSE:CNNE - Get Free Report) last announced its earnings results on Monday, August 10th. The company reported $0.86 EPS for the quarter, beating the consensus estimate of ($0.42) by $1.28. The business had revenue of $102.20 million during the quarter, compared to the consensus estimate of $99.65 million. Cannae had a negative return on equity of 14.10% and a negative net margin of 38.18%.

Cannae Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Wednesday, September 16th will be issued a $0.15 dividend. This represents a $0.60 annualized dividend and a dividend yield of 3.8%. The ex-dividend date is Wednesday, September 16th. Cannae's dividend payout ratio (DPR) is presently -19.87%.

Analyst Ratings Changes

A number of equities analysts have issued reports on CNNE shares. Weiss Ratings raised Cannae from a "sell (d-)" rating to a "sell (d)" rating in a research note on Wednesday, August 26th. Royal Bank Of Canada reissued an "outperform" rating and issued a $16.00 price objective on shares of Cannae in a research note on Tuesday, August 11th. Finally, Wall Street Zen upgraded Cannae from a "sell" rating to a "hold" rating in a report on Saturday, August 15th. Two investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat, Cannae currently has a consensus rating of "Hold" and a consensus price target of $16.50.

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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