Almitas Capital LLC Purchases Shares of 741,318 Cannae Holdings, Inc. $CNNE

Key Points

• Almitas Capital purchased 741,318 Cannae Holdings shares worth approximately $10.7 million, giving it a 1.71% stake and making CNNE its eighth-largest holding. Institutional investors collectively own 88.12% of the stock.
• Analyst sentiment is mixed, with ratings ranging from “sell” to “outperform”; the consensus rating is Hold with a $16.50 target price.
• Cannae reported quarterly EPS of $0.86, significantly exceeding the $0.42 loss analysts expected, while revenue reached $102.2 million. The company also declared a $0.15 quarterly dividend, representing a 3.9% yield.

Almitas Capital LLC purchased a new position in shares of Cannae Holdings, Inc. (NYSE:CNNE - Free Report) in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 741,318 shares of the company's stock, valued at approximately $10,675,000. Cannae comprises approximately 2.6% of Almitas Capital LLC's investment portfolio, making the stock its 8th largest holding. Almitas Capital LLC owned about 1.71% of Cannae at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Assenagon Asset Management S.A. purchased a new position in Cannae in the 2nd quarter worth approximately $1,062,000. First Trust Advisors LP bought a new position in Cannae in the 1st quarter valued at approximately $936,000. Fifth Third Bancorp purchased a new stake in Cannae during the 1st quarter valued at $1,258,000. Gabelli Funds LLC boosted its stake in Cannae by 90.4% during the 1st quarter. Gabelli Funds LLC now owns 191,152 shares of the company's stock valued at $2,173,000 after purchasing an additional 90,741 shares during the last quarter. Finally, Private Management Group Inc. increased its holdings in shares of Cannae by 8.5% in the 4th quarter. Private Management Group Inc. now owns 1,821,685 shares of the company's stock worth $28,655,000 after purchasing an additional 142,025 shares in the last quarter. 88.12% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

CNNE has been the topic of a number of research analyst reports. Royal Bank Of Canada reaffirmed an "outperform" rating and set a $16.00 price target on shares of Cannae in a report on Tuesday, August 11th. Weiss Ratings reiterated a "sell (d-)" rating on shares of Cannae in a report on Monday, July 6th. Finally, Wall Street Zen raised Cannae from a "sell" rating to a "hold" rating in a research report on Saturday, August 15th. Two research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, Cannae presently has a consensus rating of "Hold" and a consensus target price of $16.50.

Cannae Stock Performance

CNNE stock opened at $15.40 on Thursday. The company has a market cap of $667.90 million, a P/E ratio of -5.10 and a beta of 1.20. Cannae Holdings, Inc. has a 1 year low of $10.46 and a 1 year high of $19.88. The company has a debt-to-equity ratio of 0.07, a current ratio of 1.24 and a quick ratio of 1.24. The stock's fifty day moving average price is $14.72 and its 200-day moving average price is $13.58.

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

Cannae Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Wednesday, September 16th will be paid a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 3.9%. The ex-dividend date is Wednesday, September 16th. Cannae's payout ratio is currently -19.87%.

About Cannae

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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