342,052 Shares in Cannae Holdings, Inc. $CNNE Acquired by Cinctive Capital Management LP

Key Points

• Cinctive Capital Management LP has acquired 342,052 shares of Cannae Holdings, Inc. valued at approximately $6.27 million, representing about 0.54% of the company.
• Cannae recently declared a quarterly dividend of $0.15 per share, with a yield of 3.2%, up from the previous $0.12.
• The Royal Bank of Canada raised its price target on Cannae's shares from $22.00 to $26.00, maintaining an "outperform" rating as the stock continues to receive positive analyst attention.

Cinctive Capital Management LP purchased a new position in shares of Cannae Holdings, Inc. (NYSE:CNNE - Free Report) in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 342,052 shares of the company's stock, valued at approximately $6,270,000. Cinctive Capital Management LP owned about 0.54% of Cannae at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in the company. Carronade Capital Management LP grew its position in Cannae by 66.2% in the first quarter. Carronade Capital Management LP now owns 2,874,116 shares of the company's stock worth $52,683,000 after acquiring an additional 1,145,190 shares during the period. Saba Capital Management L.P. lifted its stake in shares of Cannae by 92.3% in the 4th quarter. Saba Capital Management L.P. now owns 2,219,230 shares of the company's stock valued at $44,074,000 after purchasing an additional 1,065,083 shares during the last quarter. Nuveen LLC purchased a new position in shares of Cannae during the 1st quarter worth $14,816,000. Private Management Group Inc. increased its position in shares of Cannae by 91.1% during the 1st quarter. Private Management Group Inc. now owns 1,601,334 shares of the company's stock worth $29,352,000 after purchasing an additional 763,324 shares during the last quarter. Finally, Invenomic Capital Management LP purchased a new stake in Cannae in the 4th quarter valued at about $10,174,000. Hedge funds and other institutional investors own 88.12% of the company's stock.

Cannae Trading Up 1.1%

NYSE CNNE traded up $0.21 during trading on Tuesday, hitting $18.87. The stock had a trading volume of 354,851 shares, compared to its average volume of 657,616. The company has a quick ratio of 2.78, a current ratio of 2.78 and a debt-to-equity ratio of 0.05. The company has a market capitalization of $1.06 billion, a PE ratio of -2.82 and a beta of 1.08. The firm has a 50 day moving average price of $20.04 and a 200 day moving average price of $18.93. Cannae Holdings, Inc. has a twelve month low of $15.91 and a twelve month high of $22.36.

Cannae Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Shareholders of record on Tuesday, September 16th will be issued a dividend of $0.15 per share. This is a boost from Cannae's previous quarterly dividend of $0.12. The ex-dividend date is Tuesday, September 16th. This represents a $0.60 dividend on an annualized basis and a yield of 3.2%. Cannae's dividend payout ratio (DPR) is currently -7.16%.

Analyst Ratings Changes

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

Insider Buying and Selling

In other Cannae news, Director Frank R. Martire sold 106,855 shares of the business's stock in a transaction on Friday, August 29th. The shares were sold at an average price of $18.63, for a total value of $1,990,708.65. Following the completion of the transaction, the director owned 26,478 shares in the company, valued at $493,285.14. The trade was a 80.14% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. 10.90% of the stock is owned by corporate insiders.

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.