Cannae Holdings, Inc. $CNNE Shares Sold by Nitorum Capital L.P.

Key Points

• Nitorum Capital L.P. reduced its stake in Cannae Holdings, Inc. by 3.1%, owning approximately 1,610,069 shares after selling 52,319 shares, making it the firm's 8th largest holding.
• Cannae recently announced a quarterly dividend increase to $0.15 per share with an annual yield of 3.2%, a notable jump from its previous dividend of $0.12.
• Royal Bank of Canada upgraded Cannae's price target from $22.00 to $26.00 and assigned an "outperform" rating, reflecting optimism among analysts regarding the stock's performance.

Nitorum Capital L.P. cut its stake in shares of Cannae Holdings, Inc. (NYSE:CNNE - Free Report) by 3.1% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 1,610,069 shares of the company's stock after selling 52,319 shares during the period. Cannae comprises approximately 4.1% of Nitorum Capital L.P.'s investment portfolio, making the stock its 8th biggest position. Nitorum Capital L.P. owned approximately 2.56% of Cannae worth $29,513,000 as of its most recent filing with the SEC.

Several other institutional investors also recently modified their holdings of the stock. Park Avenue Securities LLC increased its holdings in 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 purchasing an additional 777 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in Cannae by 3.7% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 32,060 shares of the company's stock valued at $637,000 after purchasing an additional 1,151 shares during the period. Crescent Grove Advisors LLC increased its holdings in Cannae by 0.4% in the first quarter. Crescent Grove Advisors LLC now owns 325,479 shares of the company's stock valued at $5,966,000 after purchasing an additional 1,259 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. increased its holdings in Cannae by 460.7% in the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 2,069 shares of the company's stock valued at $38,000 after purchasing an additional 1,700 shares during the period. Finally, Spire Wealth Management increased its holdings in Cannae by 81.4% in the first quarter. Spire Wealth Management now owns 4,100 shares of the company's stock valued at $75,000 after purchasing an additional 1,840 shares during the period. 88.12% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Cannae

In related news, Director Frank R. Martire sold 26,478 shares of the company's stock in a transaction dated Tuesday, September 2nd. The stock was sold at an average price of $18.43, for a total transaction of $487,989.54. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 10.90% of the stock is currently owned by insiders.

Cannae Trading Up 0.8%

Shares of Cannae stock traded up $0.15 on Friday, hitting $18.70. 573,024 shares of the company's stock traded hands, compared to its average volume of 797,996. Cannae Holdings, Inc. has a one year low of $15.91 and a one year high of $22.36. The company has a debt-to-equity ratio of 0.05, a current ratio of 2.78 and a quick ratio of 2.78. The company has a fifty day moving average of $20.08 and a two-hundred day moving average of $18.94. The company has a market capitalization of $1.05 billion, a price-to-earnings ratio of -2.79 and a beta of 1.08.

Cannae Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Investors 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 is Tuesday, September 16th. This is a positive change from Cannae's previous quarterly dividend of $0.12. Cannae's dividend payout ratio is currently -7.16%.

Wall Street Analysts Forecast Growth

Separately, Royal Bank Of Canada increased their price objective on Cannae from $22.00 to $26.00 and gave the company an "outperform" rating in a report on Thursday, July 10th. Two equities research analysts have rated the stock with a Buy rating, According to MarketBeat.com, the company presently 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.