Cannae Holdings, Inc. $CNNE Stake Lifted by Carronade Capital Management LP

Key Points

• Carronade Capital Management LP increased its position in Cannae Holdings, Inc. by 66.2%, acquiring an additional 1,145,190 shares, making it the firm’s 4th largest holding.
• Cannae recently declared a quarterly dividend of $0.15 per share, which is an increase from the previous dividend of $0.12, reflecting a dividend yield of 3.2%.
• Royal Bank of Canada raised its target price on Cannae from $22.00 to $26.00, maintaining an "outperform" rating on the stock.

Carronade Capital Management LP boosted its position in shares of Cannae Holdings, Inc. (NYSE:CNNE - Free Report) by 66.2% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 2,874,116 shares of the company's stock after buying an additional 1,145,190 shares during the period. Cannae makes up about 3.1% of Carronade Capital Management LP's portfolio, making the stock its 4th biggest holding. Carronade Capital Management LP owned about 4.58% of Cannae worth $52,683,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Corsair Capital Management L.P. bought a new position in Cannae during the first quarter valued at approximately $367,000. Magnetar Financial LLC boosted its stake in Cannae by 176.5% during the first quarter. Magnetar Financial LLC now owns 27,673 shares of the company's stock valued at $507,000 after buying an additional 17,663 shares during the last quarter. Trexquant Investment LP bought a new position in Cannae during the first quarter valued at approximately $795,000. Gabelli Funds LLC boosted its stake in Cannae by 15.7% during the first quarter. Gabelli Funds LLC now owns 16,203 shares of the company's stock valued at $297,000 after buying an additional 2,203 shares during the last quarter. Finally, Jump Financial LLC bought a new position in Cannae during the first quarter valued at approximately $261,000. 88.12% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

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

Insider Buying and Selling at Cannae

In other news, Director Frank R. Martire sold 26,478 shares of the stock in a transaction that occurred on Tuesday, September 2nd. The stock was sold at an average price of $18.43, for a total value of $487,989.54. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Insiders own 10.90% of the company's stock.

Cannae Trading Down 1.1%

Shares of CNNE traded down $0.21 during midday trading on Thursday, hitting $18.53. The stock had a trading volume of 699,180 shares, compared to its average volume of 658,942. Cannae Holdings, Inc. has a 1 year low of $15.91 and a 1 year high of $22.36. The firm has a market cap of $1.04 billion, a PE ratio of -2.77 and a beta of 1.08. 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 stock's 50 day moving average is $20.17 and its 200 day moving average is $18.97.

Cannae Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Tuesday, September 16th will be issued a $0.15 dividend. The ex-dividend date 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 dividend payout ratio (DPR) is currently -8.96%.

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.