Continental Advisors LLC Lowers Stake in Cannae Holdings, Inc. $CNNE

Key Points

• Continental Advisors LLC reduced its stake in Cannae Holdings, Inc. by 9.4%, holding now 217,123 shares, which constitutes 2.2% of its investment portfolio.
• Several institutional investors, including Vanguard Group Inc. and Newtyn Management LLC, have increased their holdings in Cannae, with Newtyn Management increasing its stake by 143.4%.
• Cannae recently announced a quarterly dividend increase from $0.12 to $0.15 per share, representing an annualized yield of 3.2%.

Continental Advisors LLC cut its position in shares of Cannae Holdings, Inc. (NYSE:CNNE - Free Report) by 9.4% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 217,123 shares of the company's stock after selling 22,500 shares during the quarter. Cannae makes up 2.2% of Continental Advisors LLC's investment portfolio, making the stock its 14th largest position. Continental Advisors LLC owned about 0.35% of Cannae worth $3,980,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of the company. Vanguard Group Inc. grew its holdings in shares of Cannae by 3.6% during the first quarter. Vanguard Group Inc. now owns 5,844,675 shares of the company's stock worth $107,133,000 after buying an additional 205,785 shares in the last quarter. Newtyn Management LLC grew its holdings in shares of Cannae by 143.4% during the first quarter. Newtyn Management LLC now owns 4,600,000 shares of the company's stock worth $84,318,000 after buying an additional 2,710,000 shares in the last quarter. Carronade Capital Management LP grew its holdings in shares of Cannae by 66.2% during the first quarter. Carronade Capital Management LP now owns 2,874,116 shares of the company's stock worth $52,683,000 after buying an additional 1,145,190 shares in the last quarter. Saba Capital Management L.P. grew its holdings in shares of Cannae by 92.3% during the fourth quarter. Saba Capital Management L.P. now owns 2,219,230 shares of the company's stock worth $44,074,000 after buying an additional 1,065,083 shares in the last quarter. Finally, Private Management Group Inc. grew its holdings in shares of Cannae by 91.1% during the first quarter. Private Management Group Inc. now owns 1,601,334 shares of the company's stock worth $29,352,000 after buying an additional 763,324 shares in the last quarter. 88.12% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

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

Cannae Price Performance

Cannae stock opened at $18.69 on Tuesday. Cannae Holdings, Inc. has a 1 year low of $15.91 and a 1 year high of $22.36. The firm has a 50 day moving average price of $20.04 and a 200 day moving average price of $18.93. The company has a market cap of $1.05 billion, a price-to-earnings ratio of -2.79 and a beta of 1.08. The company has a debt-to-equity ratio of 0.05, a quick ratio of 2.78 and a current 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 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 dividend on an annualized basis and a yield of 3.2%. Cannae's payout ratio is presently -7.16%.

Insider Transactions at Cannae

In related news, Director Frank R. Martire sold 26,478 shares of the business's stock in a transaction that occurred on Tuesday, September 2nd. The shares were sold at an average price of $18.43, for a total value of $487,989.54. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 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.

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