AlphaQuest LLC Decreases Stock Position in Cannae Holdings, Inc. $CNNE

Key Points

• AlphaQuest LLC significantly reduced its holdings in Cannae Holdings, selling 23,357 shares and now owning only 6,523 shares, which valued at approximately $120,000.
• Cannae recently announced an increase in its quarterly dividend from $0.12 to $0.15 per share, yielding 3.2% annually.
• Royal Bank Of Canada raised its target price for Cannae shares from $22.00 to $26.00, maintaining an "outperform" rating, reflecting positive sentiment from analysts.

AlphaQuest LLC cut its position in shares of Cannae Holdings, Inc. (NYSE:CNNE - Free Report) by 78.2% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 6,523 shares of the company's stock after selling 23,357 shares during the period. AlphaQuest LLC's holdings in Cannae were worth $120,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also bought and sold shares of the company. Mitsubishi UFJ Asset Management Co. Ltd. raised its position in shares of Cannae by 460.7% in the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 2,069 shares of the company's stock worth $38,000 after acquiring an additional 1,700 shares in the last quarter. Summit Securities Group LLC bought a new position in shares of Cannae in the 1st quarter worth $49,000. Spire Wealth Management raised its holdings in Cannae by 81.4% in the first quarter. Spire Wealth Management now owns 4,100 shares of the company's stock worth $75,000 after purchasing an additional 1,840 shares in the last quarter. Ameriflex Group Inc. bought a new position in Cannae in the fourth quarter worth about $122,000. Finally, GAMMA Investing LLC raised its holdings in Cannae by 2,236.9% in the first quarter. GAMMA Investing LLC now owns 8,413 shares of the company's stock worth $154,000 after purchasing an additional 8,053 shares in the last quarter. 88.12% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

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

Cannae Stock Up 0.8%

NYSE:CNNE traded up $0.15 during mid-day trading on Friday, hitting $18.70. 573,024 shares of the company's stock traded hands, compared to its average volume of 798,369. The company has a fifty day moving average of $20.08 and a 200 day moving average of $18.94. The company has a debt-to-equity ratio of 0.05, a quick ratio of 2.78 and a current ratio of 2.78. The company has a market capitalization of $1.05 billion, a P/E ratio of -2.79 and a beta of 1.08. Cannae Holdings, Inc. has a twelve month low of $15.91 and a twelve month high of $22.36.

Cannae Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Investors of record on Tuesday, September 16th will be issued a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 3.2%. This is a positive change from Cannae's previous quarterly dividend of $0.12. The ex-dividend date of this dividend is Tuesday, September 16th. Cannae's dividend payout ratio is -7.16%.

Insider Buying and Selling

In other news, Director Frank R. Martire sold 26,478 shares of the firm's stock in a transaction that occurred on Tuesday, September 2nd. The shares were sold at an average price of $18.43, for a total transaction of $487,989.54. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 10.90% of the stock is currently owned by company insiders.

About Cannae

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.