Cannae Holdings, Inc. $CNNE is Nitorum Capital L.P.'s 8th Largest Position

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. lowered its position in Cannae Holdings, Inc. (NYSE:CNNE - Free Report) by 3.1% in the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 1,610,069 shares of the company's stock after selling 52,319 shares during the quarter. Cannae comprises 4.1% of Nitorum Capital L.P.'s investment portfolio, making the stock its 8th largest holding. Nitorum Capital L.P. owned approximately 2.56% of Cannae worth $29,513,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in CNNE. Mitsubishi UFJ Asset Management Co. Ltd. increased its holdings in Cannae by 460.7% in the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 2,069 shares of the company's stock worth $38,000 after acquiring an additional 1,700 shares during the last quarter. Summit Securities Group LLC purchased a new stake in Cannae in the 1st quarter worth about $49,000. Spire Wealth Management increased its holdings 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 acquiring an additional 1,840 shares during the last quarter. Ameriflex Group Inc. purchased a new stake in Cannae in the 4th quarter worth about $122,000. Finally, GAMMA Investing LLC increased its holdings in Cannae by 2,236.9% in the 1st quarter. GAMMA Investing LLC now owns 8,413 shares of the company's stock worth $154,000 after acquiring an additional 8,053 shares during the last quarter. Hedge funds and other institutional investors own 88.12% of the company's stock.

Wall Street Analysts Forecast Growth

Separately, Royal Bank Of Canada lifted their price objective on Cannae from $22.00 to $26.00 and gave the stock 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 has a consensus rating of "Buy" and an average target price of $24.00.

Cannae Price Performance

NYSE:CNNE traded down $0.23 during trading hours on Wednesday, hitting $18.71. The stock had a trading volume of 161,282 shares, compared to its average volume of 657,542. The company has a 50 day simple moving average of $20.00 and a two-hundred day simple moving average of $18.93. The company has a debt-to-equity ratio of 0.05, a current ratio of 2.78 and a quick ratio of 2.78. Cannae Holdings, Inc. has a one year low of $15.91 and a one year high of $22.36. The firm has a market capitalization of $1.05 billion, a price-to-earnings ratio of -2.78 and a beta of 1.08.

Cannae Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Tuesday, September 16th will be issued a dividend of $0.15 per share. 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. This represents a $0.60 annualized dividend and a dividend yield of 3.2%. Cannae's payout ratio is presently -8.96%.

Insider Activity 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 stock was sold at an average price of $18.63, for a total transaction of $1,990,708.65. Following the completion of 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 ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 10.90% of the company's stock.

Cannae Company Profile

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.