First Trust Advisors LP Acquires New Position in Cannae Holdings, Inc. $CNNE

Key Points

• First Trust Advisors LP acquired 82,338 shares of Cannae Holdings in the first quarter, worth approximately $936,000 and representing a 0.19% stake. Institutional investors and hedge funds collectively own 88.12% of the company.
• Cannae reported quarterly earnings of $0.86 per share, beating consensus estimates by $1.28, while revenue of $102.2 million also exceeded expectations. Despite the earnings beat, the company posted negative net margins and return on equity.
• The company declared a quarterly dividend of $0.15 per share, equivalent to a 4.1% annualized yield. Analysts have a consensus “Hold” rating and an average price target of $17, compared with the stock’s opening price of $14.71.

First Trust Advisors LP bought a new position in shares of Cannae Holdings, Inc. (NYSE:CNNE - Free Report) during the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor bought 82,338 shares of the company's stock, valued at approximately $936,000. First Trust Advisors LP owned 0.19% of Cannae as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. PNC Financial Services Group Inc. increased its position in shares of Cannae by 38.9% during the first quarter. PNC Financial Services Group Inc. now owns 19,224 shares of the company's stock worth $219,000 after acquiring an additional 5,385 shares during the period. Commonwealth Financial Services LLC purchased a new position in Cannae in the first quarter valued at $144,000. Parallel Advisors LLC purchased a new position in Cannae in the first quarter valued at $50,000. Sanctuary Advisors LLC acquired a new position in Cannae during the 1st quarter worth $174,000. Finally, Fifth Third Bancorp acquired a new position in Cannae during the 1st quarter worth $1,258,000. 88.12% of the stock is currently owned by institutional investors and hedge funds.

Cannae Price Performance

Shares of CNNE opened at $14.71 on Tuesday. The firm has a market capitalization of $646.36 million, a price-to-earnings ratio of -1.88 and a beta of 1.20. The firm's fifty day simple moving average is $14.51 and its 200-day simple moving average is $13.55. Cannae Holdings, Inc. has a twelve month low of $10.46 and a twelve month high of $20.23. The company has a current ratio of 1.71, a quick ratio of 1.71 and a debt-to-equity ratio of 0.07.

Cannae (NYSE:CNNE - Get Free Report) last posted its earnings results on Monday, August 10th. The company reported $0.86 EPS for the quarter, beating the consensus estimate of ($0.42) by $1.28. Cannae had a negative return on equity of 36.53% and a negative net margin of 103.77%.The firm had revenue of $102.20 million for the quarter, compared to analyst estimates of $99.65 million.

Cannae Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Wednesday, September 16th will be given a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a dividend yield of 4.1%. The ex-dividend date of this dividend is Wednesday, September 16th. Cannae's dividend payout ratio is currently -7.68%.

Analyst Ratings Changes

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

Cannae Company Profile

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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