Comerica Bank Has $1.49 Million Holdings in Cannae Holdings, Inc. $CNNE

Key Points

• Comerica Bank reduced its holdings in Cannae Holdings, Inc. by 23.6%, owning 81,384 shares valued at approximately $1.49 million.
• Royal Bank Of Canada raised its target price on Cannae shares from $22.00 to $26.00, maintaining an "outperform" rating.
• Cannae recently announced an increased quarterly dividend of $0.15 per share, representing a yield of 3.2% and up from the previous dividend of $0.12.

Comerica Bank lessened its holdings in Cannae Holdings, Inc. (NYSE:CNNE - Free Report) by 23.6% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 81,384 shares of the company's stock after selling 25,142 shares during the period. Comerica Bank owned 0.13% of Cannae worth $1,492,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also modified their holdings of CNNE. Mitsubishi UFJ Asset Management Co. Ltd. lifted its stake in shares of Cannae by 460.7% in the 1st 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 last quarter. Summit Securities Group LLC acquired a new position in Cannae in the 1st quarter valued at $49,000. Spire Wealth Management grew its stake in Cannae by 81.4% in the 1st quarter. Spire Wealth Management now owns 4,100 shares of the company's stock valued at $75,000 after buying an additional 1,840 shares during the last quarter. Ameriflex Group Inc. acquired a new position in Cannae in the 4th quarter valued at $122,000. Finally, GAMMA Investing LLC grew its stake in Cannae by 2,236.9% in the 1st quarter. GAMMA Investing LLC now owns 8,413 shares of the company's stock valued at $154,000 after buying an additional 8,053 shares during the last quarter. Institutional investors and hedge funds own 88.12% of the company's stock.

Wall Street Analyst Weigh In

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

Insider Buying and Selling

In related news, Director Frank R. Martire sold 106,855 shares of the company's stock in a transaction on 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 completion of the transaction, the director directly owned 26,478 shares in the company, valued at $493,285.14. This represents a 80.14% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 10.90% of the stock is currently owned by insiders.

Cannae Price Performance

NYSE:CNNE opened at $18.76 on Thursday. The stock has a market cap of $1.05 billion, a P/E ratio of -2.80 and a beta of 1.08. Cannae Holdings, Inc. has a one year low of $15.91 and a one year high of $22.36. The company has a fifty day moving average price of $20.17 and a 200 day moving average price of $18.97. 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 Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Investors of record on Tuesday, September 16th will be paid a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 3.2%. The ex-dividend date is Tuesday, September 16th. This is an increase from Cannae's previous quarterly dividend of $0.12. Cannae's dividend payout ratio 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.

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