Bulldog Investors LLP Sells 154,139 Shares of Cannae Holdings, Inc. $CNNE

Key Points

• Bulldog Investors LLP cut its Cannae Holdings position by 33.8% in the first quarter, selling 154,139 shares and leaving it with 302,052 shares valued at about $3.43 million.
• Cannae reported a weaker-than-expected quarterly result, posting a loss of $0.70 per share versus the $0.40 loss analysts expected, while revenue also came in below estimates at $96.2 million.
• The company continues to pay a quarterly dividend of $0.15 per share, equal to an annualized yield of about 4.1%, even as analyst opinion remains mixed with a consensus rating of Hold.

Bulldog Investors LLP decreased its position in Cannae Holdings, Inc. (NYSE:CNNE - Free Report) by 33.8% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 302,052 shares of the company's stock after selling 154,139 shares during the period. Bulldog Investors LLP owned about 0.68% of Cannae worth $3,434,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also bought and sold shares of the company. Rubric Capital Management LP raised its stake in shares of Cannae by 41.3% in the second quarter. Rubric Capital Management LP now owns 2,105,864 shares of the company's stock valued at $43,907,000 after buying an additional 615,616 shares during the period. State of Wisconsin Investment Board grew its stake in shares of Cannae by 109.6% during the 4th quarter. State of Wisconsin Investment Board now owns 815,918 shares of the company's stock worth $12,834,000 after acquiring an additional 426,736 shares during the period. Jane Street Group LLC increased its holdings 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 acquiring an additional 385,865 shares during the last quarter. Saba Capital Management L.P. increased its holdings in Cannae by 23.3% in the 4th quarter. Saba Capital Management L.P. now owns 1,714,994 shares of the company's stock worth $26,977,000 after acquiring an additional 323,531 shares during the last quarter. Finally, Poehling Capital Management INC. raised its stake in Cannae by 46.4% in the 1st quarter. Poehling Capital Management INC. now owns 954,190 shares of the company's stock valued at $10,849,000 after acquiring an additional 302,494 shares during the period. 88.12% of the stock is owned by institutional investors.

Cannae Price Performance

Shares of NYSE CNNE opened at $14.67 on Tuesday. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.71 and a current ratio of 1.71. Cannae Holdings, Inc. has a fifty-two week low of $10.46 and a fifty-two week high of $21.96. The stock has a market cap of $644.60 million, a PE ratio of -1.88 and a beta of 1.20. The stock has a fifty day moving average of $14.23 and a 200-day moving average of $13.67.

Cannae (NYSE:CNNE - Get Free Report) last issued its quarterly earnings data on Monday, May 11th. The company reported ($0.70) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.40) by ($0.30). Cannae had a negative return on equity of 36.53% and a negative net margin of 103.77%.The company had revenue of $96.20 million for the quarter, compared to analysts' expectations of $99.77 million. During the same period last year, the company posted ($1.81) EPS. The business's revenue for the quarter was down 6.8% on a year-over-year basis. Equities research analysts anticipate that Cannae Holdings, Inc. will post -2.4 earnings per share for the current year.

Cannae Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, June 30th. Stockholders of record on Tuesday, June 16th were issued a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 4.1%. The ex-dividend date of this dividend was Tuesday, June 16th. Cannae's dividend payout ratio is presently -7.68%.

Analyst Ratings Changes

Several research firms have commented on CNNE. Stephens reaffirmed an "overweight" rating and set a $17.00 price objective on shares of Cannae in a report on Thursday, April 23rd. Royal Bank Of Canada reissued an "outperform" rating on shares of Cannae in a research report on Tuesday, May 12th. Finally, Weiss Ratings restated a "sell (d-)" rating on shares of Cannae in a research note on Monday, July 6th. Two equities research 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. Based on data from MarketBeat, the company has a consensus rating of "Hold" and an average price target of $17.00.

Cannae 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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