Bank of America Corp DE Purchases 87,935 Shares of Cannae Holdings, Inc. $CNNE

Key Points

• Bank of America acquired 87,935 shares of Cannae Holdings worth approximately $1.27 million, while institutional investors and hedge funds collectively own 88.12% of the company.
• Analyst sentiment remains mixed: Cannae has an average rating of “Hold” and a consensus price target of $16.50, with individual targets including Royal Bank of Canada’s $16.00 estimate.
• Cannae shares opened at $15.48, near its 50-day average, after the company reported quarterly EPS of $0.86—well above estimates—and maintained a quarterly dividend of $0.15 per share, yielding about 3.9%.

Bank of America Corp DE purchased a new position in shares of Cannae Holdings, Inc. (NYSE:CNNE - Free Report) during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The fund purchased 87,935 shares of the company's stock, valued at approximately $1,266,000. Bank of America Corp DE owned approximately 0.20% of Cannae at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of the business. GAMMA Investing LLC grew its holdings in shares of Cannae by 147.0% in the 2nd quarter. GAMMA Investing LLC now owns 2,008 shares of the company's stock valued at $29,000 after acquiring an additional 1,195 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. bought a new stake in Cannae during the second quarter worth about $30,000. Allworth Financial LP bought a new stake in Cannae during the second quarter worth about $32,000. Essential Partners LLC boosted its position in Cannae by 2,913.0% during the first quarter. Essential Partners LLC now owns 2,772 shares of the company's stock valued at $32,000 after purchasing an additional 2,680 shares during the last quarter. Finally, Parallel Advisors LLC acquired a new position in Cannae during the first quarter valued at approximately $50,000. 88.12% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research analysts have weighed in on the company. Royal Bank Of Canada restated an "outperform" rating and issued a $16.00 price target on shares of Cannae in a research note on Tuesday, August 11th. Weiss Ratings upgraded Cannae from a "sell (d-)" rating to a "sell (d)" rating in a research note on Wednesday, August 26th. Finally, Wall Street Zen raised Cannae from a "sell" rating to a "hold" rating in a 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 issued a Sell rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Hold" and a consensus price target of $16.50.

Cannae Trading Up 0.9%

Cannae stock opened at $15.48 on Friday. The stock has a 50-day simple moving average of $15.28 and a 200 day simple moving average of $14.10. The stock has a market capitalization of $671.37 million, a P/E ratio of -5.13 and a beta of 1.23. 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 52 week low of $10.46 and a 52 week high of $19.01.

Cannae (NYSE:CNNE - Get Free Report) last released its quarterly earnings data on Monday, August 10th. The company reported $0.86 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.42) by $1.28. The firm had revenue of $102.20 million for 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 Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, September 30th. Shareholders of record on Wednesday, September 16th were issued a dividend of $0.15 per share. The ex-dividend date of this dividend was Wednesday, September 16th. This represents a $0.60 annualized dividend and a yield of 3.9%. Cannae's dividend payout ratio (DPR) is currently -19.87%.

Cannae Company Profile

Cannae Holdings, Inc NYSE: CNNE is a diversified holding company that invests in and manages operating businesses across the restaurant, payment technology and financial services sectors. The company combines majority-owned operating companies with minority investments in businesses it views as having long-term growth potential.

Cannae's operating activities have included restaurant businesses such as O'Charley's and 99 Restaurants, as well as Legendary Baking. Its investment portfolio has also included companies involved in payment processing, financial technology, data services and other business services.

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