Bank of America Corp DE Cuts Stock Position in Cannae Holdings, Inc. $CNNE

Key Points

• Bank of America cut its Cannae Holdings position by 22.2% in the first quarter, selling 72,216 shares and retaining 252,629 shares valued at approximately $2.87 million. Institutional investors collectively own 88.12% of the company.
• Cannae reported quarterly earnings of $0.86 per share, beating the $0.42-per-share loss analysts expected, while revenue of $102.2 million also exceeded estimates.
• The company declared a quarterly dividend of $0.15 per share, equivalent to an annualized $0.60 payout and a 3.9% yield. Analysts maintain a consensus “Hold” rating with an average price target of $16.50.

Bank of America Corp DE lessened its position in shares of Cannae Holdings, Inc. (NYSE:CNNE - Free Report) by 22.2% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 252,629 shares of the company's stock after selling 72,216 shares during the quarter. Bank of America Corp DE owned about 0.57% of Cannae worth $2,872,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Rubric Capital Management LP increased its holdings 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 acquiring an additional 615,616 shares in the last quarter. State of Wisconsin Investment Board boosted its stake in 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 purchasing an additional 426,736 shares in the last quarter. Jane Street Group LLC boosted its stake in Cannae by 467.8% in the 4th quarter. Jane Street Group LLC now owns 468,356 shares of the company's stock worth $7,367,000 after purchasing an additional 385,865 shares in the last quarter. Saba Capital Management L.P. grew its position in Cannae by 23.3% during the 4th quarter. Saba Capital Management L.P. now owns 1,714,994 shares of the company's stock worth $26,977,000 after purchasing an additional 323,531 shares during the last quarter. Finally, Poehling Capital Management INC. grew its position in Cannae by 46.4% during the 1st 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 during the last quarter. Hedge funds and other institutional investors own 88.12% of the company's stock.

Cannae Price Performance

Shares of NYSE CNNE opened at $15.56 on Tuesday. The firm has a market cap of $674.84 million, a PE ratio of -5.15 and a beta of 1.20. The firm has a fifty day moving average of $14.84 and a 200 day moving average of $13.60. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.24 and a current ratio of 1.24. Cannae Holdings, Inc. has a one year low of $10.46 and a one year high of $19.88.

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

Cannae Announces Dividend

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 dividend of $0.15 per share. The ex-dividend date of this dividend is Wednesday, September 16th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 3.9%. Cannae's dividend payout ratio is presently -19.87%.

Analysts Set New Price Targets

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