Assenagon Asset Management S.A. Acquires Shares of 73,722 Cannae Holdings, Inc. $CNNE

Key Points

• Assenagon Asset Management acquired 73,722 shares of Cannae Holdings, valued at approximately $1.06 million, joining other institutional investors that have increased their positions. Institutions and hedge funds collectively own 88.12% of CNNE.
• Analyst sentiment remains mixed, with ratings ranging from sell to outperform. Cannae has an average rating of “Hold” and a consensus price target of $16.50, compared with its reported share price of $14.61.
• Cannae reported quarterly revenue of $102.2 million and adjusted earnings of $0.86 per share, exceeding analyst expectations, and declared a quarterly dividend of $0.15, representing a 4.1% annualized yield.

Assenagon Asset Management S.A. acquired a new stake in shares of Cannae Holdings, Inc. (NYSE:CNNE - Free Report) during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm acquired 73,722 shares of the company's stock, valued at approximately $1,062,000. Assenagon Asset Management S.A. owned 0.17% of Cannae as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in CNNE. First Trust Advisors LP purchased a new position in Cannae in the 1st quarter valued at about $936,000. Fifth Third Bancorp purchased a new stake in shares of Cannae during the first quarter worth about $1,258,000. Gabelli Funds LLC lifted its stake in shares of Cannae by 90.4% in the first quarter. Gabelli Funds LLC now owns 191,152 shares of the company's stock worth $2,173,000 after acquiring an additional 90,741 shares in the last quarter. Private Management Group Inc. lifted its stake in shares of Cannae by 8.5% in the fourth quarter. Private Management Group Inc. now owns 1,821,685 shares of the company's stock worth $28,655,000 after acquiring an additional 142,025 shares in the last quarter. Finally, Thompson Siegel & Walmsley LLC boosted its holdings in Cannae by 17.9% in the fourth quarter. Thompson Siegel & Walmsley LLC now owns 950,378 shares of the company's stock valued at $14,949,000 after purchasing an additional 144,570 shares during the last quarter. 88.12% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities analysts have issued reports on the company. Wall Street Zen raised Cannae from a "sell" rating to a "hold" rating in a research report on Saturday. Weiss Ratings reissued a "sell (d-)" rating on shares of Cannae in a research report on Monday, July 6th. Stephens restated an "overweight" rating and issued a $17.00 price target on shares of Cannae in a research note on Thursday, April 23rd. Finally, Royal Bank Of Canada reaffirmed an "outperform" rating and issued a $16.00 price target on shares of Cannae in a report on Tuesday. Two analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, Cannae currently has an average rating of "Hold" and a consensus price target of $16.50.

Cannae Trading Down 6.1%

CNNE stock opened at $14.61 on Friday. Cannae Holdings, Inc. has a 1-year low of $10.46 and a 1-year high of $19.88. The company has a current ratio of 1.24, a quick ratio of 1.71 and a debt-to-equity ratio of 0.07. The business's 50 day moving average is $14.55 and its 200-day moving average is $13.54. The firm has a market cap of $633.74 million, a P/E ratio of -4.84 and a beta of 1.20.

Cannae (NYSE:CNNE - Get Free Report) last announced its quarterly 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. Cannae had a negative return on equity of 14.10% and a negative net margin of 38.18%.The business had revenue of $102.20 million for the quarter, compared to analyst estimates of $99.65 million.

Cannae Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Wednesday, September 16th will be issued a $0.15 dividend. The ex-dividend date of this dividend is Wednesday, September 16th. This represents a $0.60 annualized dividend and a dividend yield of 4.1%. Cannae's dividend payout ratio is presently -19.87%.

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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