Cannae Holdings, Inc. $CNNE Position Decreased by AREX Capital Management LP

Key Points

• AREX Capital Management LP reduced its stake in Cannae Holdings, Inc. by 94.4%, selling 887,790 shares and now holding only 52,500 shares, which accounts for 2.0% of its holdings.
• Cannae announced a dividend increase to $0.15 per share, up from $0.12, with a 3.2% yield, to be paid on September 30th.
• Analysts have raised Cannae's price target from $22.00 to $26.00, with an average rating of "Buy" and an average target of $24.00.

AREX Capital Management LP cut its position in Cannae Holdings, Inc. (NYSE:CNNE - Free Report) by 94.4% in the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 52,500 shares of the company's stock after selling 887,790 shares during the period. Cannae makes up about 2.0% of AREX Capital Management LP's investment portfolio, making the stock its 10th largest holding. AREX Capital Management LP owned about 0.08% of Cannae worth $962,000 at the end of the most recent reporting period.

Several other large investors also recently added to or reduced their stakes in CNNE. Nuveen Asset Management LLC boosted its position in shares of Cannae by 53.4% in the fourth quarter. Nuveen Asset Management LLC now owns 866,870 shares of the company's stock worth $17,216,000 after purchasing an additional 301,670 shares during the period. Park Avenue Securities LLC raised its stake in shares of Cannae by 6.3% in the first quarter. Park Avenue Securities LLC now owns 13,089 shares of the company's stock valued at $240,000 after acquiring an additional 777 shares during the period. Spire Wealth Management increased its stake in Cannae by 81.4% in the 1st quarter. Spire Wealth Management now owns 4,100 shares of the company's stock worth $75,000 after buying an additional 1,840 shares during the period. Two Sigma Investments LP increased its position in Cannae by 357.8% during the 4th quarter. Two Sigma Investments LP now owns 67,328 shares of the company's stock valued at $1,337,000 after purchasing an additional 52,621 shares during the period. Finally, Two Sigma Advisers LP purchased a new position in Cannae during the 4th quarter valued at about $451,000. 88.12% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Cannae

In other news, Director Frank R. Martire sold 106,855 shares of the business's stock in a transaction dated Friday, August 29th. The shares were sold at an average price of $18.63, for a total transaction of $1,990,708.65. Following the transaction, the director owned 26,478 shares of the company's stock, valued at approximately $493,285.14. The trade was a 80.14% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 10.90% of the company's stock.

Cannae Price Performance

CNNE traded down $0.17 on Monday, hitting $18.58. 225,377 shares of the company's stock were exchanged, compared to its average volume of 655,405. Cannae Holdings, Inc. has a fifty-two week low of $15.91 and a fifty-two week high of $22.36. The company has a current ratio of 2.78, a quick ratio of 2.78 and a debt-to-equity ratio of 0.05. The firm has a 50-day moving average price of $20.08 and a 200-day moving average price of $18.94. The stock has a market cap of $1.04 billion, a price-to-earnings ratio of -2.78 and a beta of 1.08.

Cannae Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Tuesday, September 16th will be given a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a dividend yield of 3.2%. The ex-dividend date of this dividend is Tuesday, September 16th. This is a positive change from Cannae's previous quarterly dividend of $0.12. Cannae's dividend payout ratio is presently -7.16%.

Wall Street Analyst Weigh In

Separately, Royal Bank Of Canada raised their price target on shares of Cannae from $22.00 to $26.00 and gave the stock an "outperform" rating in a research report on Thursday, July 10th. Two investment analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, the company has a consensus rating of "Buy" and a consensus target price of $24.00.

About Cannae

Cannae Holdings, Inc is a principal investment firm. The firm primarily invests in restaurants, technology enabled healthcare services, financial services and more. It takes both minority and majority stakes. Cannae Holdings, Inc was founded in 2014 and is based in Las Vegas, Nevada.