Fifth Third Bancorp Invests $1.26 Million in Cannae Holdings, Inc. $CNNE

Key Points

• Fifth Third Bancorp initiated a new position in Cannae Holdings during the first quarter, buying 110,620 shares valued at about $1.26 million.
• Other institutional investors also increased their stakes, and institutions and hedge funds now own 88.12% of Cannae’s stock.
• Cannae reported a Q1 earnings miss, with EPS of -$0.70 versus an expected -$0.40, while revenue came in at $96.2 million; the stock also carries a Hold consensus rating with a $17.00 average target price.

Fifth Third Bancorp purchased a new stake in shares of Cannae Holdings, Inc. (NYSE:CNNE - Free Report) during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 110,620 shares of the company's stock, valued at approximately $1,258,000. Fifth Third Bancorp owned approximately 0.24% of Cannae as of its most recent SEC filing.

Other large investors also recently made changes to their positions in the company. Rubric Capital Management LP boosted its position in shares of Cannae by 41.3% in the second quarter. Rubric Capital Management LP now owns 2,105,864 shares of the company's stock worth $43,907,000 after buying an additional 615,616 shares during the period. State of Wisconsin Investment Board raised its stake in shares of Cannae by 109.6% during the fourth quarter. State of Wisconsin Investment Board now owns 815,918 shares of the company's stock valued at $12,834,000 after purchasing an additional 426,736 shares during the period. Jane Street Group LLC lifted its position in shares of Cannae by 467.8% during the fourth quarter. Jane Street Group LLC now owns 468,356 shares of the company's stock worth $7,367,000 after purchasing an additional 385,865 shares in the last quarter. Saba Capital Management L.P. lifted its position in shares of Cannae by 23.3% during the fourth quarter. Saba Capital Management L.P. now owns 1,714,994 shares of the company's stock worth $26,977,000 after purchasing an additional 323,531 shares in the last quarter. Finally, Poehling Capital Management INC. boosted its stake in shares of Cannae by 46.4% in the first quarter. Poehling Capital Management INC. now owns 954,190 shares of the company's stock valued at $10,849,000 after purchasing an additional 302,494 shares during the period. Institutional investors and hedge funds own 88.12% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on the stock. Royal Bank Of Canada reiterated an "outperform" rating on shares of Cannae in a report on Tuesday, May 12th. Weiss Ratings restated a "sell (d-)" rating on shares of Cannae in a research note on Monday, July 6th. Finally, Stephens reaffirmed an "overweight" rating and set a $17.00 target price on shares of Cannae in a research report on Thursday, April 23rd. Two investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat.com, Cannae has a consensus rating of "Hold" and an average target price of $17.00.

Cannae Stock Up 2.4%

Shares of Cannae stock opened at $14.71 on Friday. The company has a debt-to-equity ratio of 0.07, a current ratio of 1.71 and a quick ratio of 1.71. Cannae Holdings, Inc. has a 1-year low of $10.46 and a 1-year high of $21.88. The business's fifty day moving average price is $14.34 and its two-hundred day moving average price is $13.65. The company has a market capitalization of $646.37 million, a P/E ratio of -1.88 and a beta of 1.20.

Cannae (NYSE:CNNE - Get Free Report) last released its quarterly earnings results on Monday, May 11th. The company reported ($0.70) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.40) by ($0.30). The business had revenue of $96.20 million during the quarter, compared to the consensus estimate of $99.77 million. Cannae had a negative return on equity of 36.53% and a negative net margin of 103.77%.The company's revenue for the quarter was down 6.8% compared to the same quarter last year. During the same period in the previous year, the company posted ($1.81) EPS. As a group, research analysts forecast that Cannae Holdings, Inc. will post -2.4 EPS for the current year.

Cannae Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, June 30th. Investors of record on Tuesday, June 16th were given a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 4.1%. The ex-dividend date was Tuesday, June 16th. Cannae's dividend payout ratio is currently -7.68%.

About Cannae

Cannae Holdings, Inc NYSE: CNNE is a publicly traded diversified holding company that focuses on partnering with and investing in businesses across a range of industry sectors. The company seeks to identify attractive opportunities in both private and public markets, leveraging its capital resources and management expertise to support operational growth and value creation. Cannae's investment strategy emphasizes companies in data and analytics, marketing services, healthcare technology, and payment processing.

Through its portfolio, Cannae holds controlling or significant minority stakes in companies that provide critical software, data and services to corporate clients.

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