Cannae Holdings, Inc. $CNNE Shares Purchased by JPMorgan Chase & Co.

Key Points

• JPMorgan Chase & Co. increased its stake in Cannae by 83.8% in Q3 to 289,963 shares, representing about 0.59% of the company and valued at roughly $5.31 million.
• Cannae reported a large quarterly loss (EPS -$1.93 vs. -$0.38 expected), with a negative net margin and revenue of $103.3M (down 6% year-over-year); analysts have a consensus "Hold" rating and a $16 price target after recent cuts.
• The company pays a quarterly dividend of $0.15 (annualized $0.60) for a ~5.2% yield, and institutional investors/hedge funds own about 88.12% of the stock.

JPMorgan Chase & Co. raised its stake in shares of Cannae Holdings, Inc. (NYSE:CNNE - Free Report) by 83.8% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 289,963 shares of the company's stock after acquiring an additional 132,166 shares during the period. JPMorgan Chase & Co. owned approximately 0.59% of Cannae worth $5,309,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. Quantbot Technologies LP acquired a new position in shares of Cannae in the second quarter valued at approximately $62,000. Kelleher Financial Advisors purchased a new stake in shares of Cannae during the third quarter worth approximately $73,000. CWM LLC lifted its holdings in shares of Cannae by 25.0% during the third quarter. CWM LLC now owns 4,065 shares of the company's stock worth $74,000 after purchasing an additional 812 shares during the period. AlphaQuest LLC lifted its holdings in shares of Cannae by 62.0% during the third quarter. AlphaQuest LLC now owns 5,781 shares of the company's stock worth $106,000 after purchasing an additional 2,212 shares during the period. Finally, Envestnet Asset Management Inc. grew its position in Cannae by 27.4% in the 3rd quarter. Envestnet Asset Management Inc. now owns 12,614 shares of the company's stock valued at $231,000 after buying an additional 2,716 shares during the last quarter. 88.12% of the stock is owned by institutional investors and hedge funds.

Cannae Stock Performance

Shares of CNNE stock opened at $11.47 on Thursday. The company has a market cap of $531.21 million, a price-to-earnings ratio of -1.29 and a beta of 1.11. The stock has a 50 day simple moving average of $12.72 and a 200-day simple moving average of $15.54. Cannae Holdings, Inc. has a 12-month low of $10.46 and a 12-month high of $21.96. The company has a current ratio of 2.07, a quick ratio of 2.07 and a debt-to-equity ratio of 0.07.

Cannae (NYSE:CNNE - Get Free Report) last posted its quarterly earnings results on Monday, February 23rd. The company reported ($1.93) earnings per share for the quarter, missing analysts' consensus estimates of ($0.38) by ($1.55). Cannae had a negative net margin of 121.15% and a negative return on equity of 31.78%. The business had revenue of $103.30 million during the quarter, compared to analysts' expectations of $102.70 million. During the same quarter last year, the firm earned ($0.74) earnings per share. The firm's quarterly revenue was down 6.0% compared to the same quarter last year. On average, equities analysts forecast that Cannae Holdings, Inc. will post -3.14 EPS for the current year.

Cannae Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, March 31st. Shareholders of record on Tuesday, March 17th were given a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a dividend yield of 5.2%. The ex-dividend date was Tuesday, March 17th. Cannae's payout ratio is presently -6.73%.

Wall Street Analysts Forecast Growth

CNNE has been the topic of several recent research reports. Royal Bank Of Canada dropped their price objective on shares of Cannae from $19.00 to $16.00 and set an "outperform" rating on the stock in a research note on Tuesday, February 24th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Cannae in a report on Friday, January 9th. One investment analyst has rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus price target of $16.00.

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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