Invesco Ltd. Decreases Stock Position in Cannae Holdings, Inc. $CNNE

Key Points

• Invesco Ltd. reduced its stake in Cannae Holdings, Inc. by 13.2%, selling 33,666 shares to hold 221,238 shares, valued at approximately $4,055,000.
• Cannae announced a quarterly dividend increase to $0.15 from the previous $0.12, resulting in a 3.2% dividend yield.
• Analysts at Royal Bank Of Canada have raised their price target for Cannae from $22.00 to $26.00, reinforcing an "outperform" rating for the stock.

Invesco Ltd. decreased its stake in shares of Cannae Holdings, Inc. (NYSE:CNNE - Free Report) by 13.2% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund owned 221,238 shares of the company's stock after selling 33,666 shares during the period. Invesco Ltd. owned 0.35% of Cannae worth $4,055,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently bought and sold shares of the stock. Vanguard Group Inc. increased its position in 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 purchasing an additional 205,785 shares during the last quarter. Saba Capital Management L.P. increased its position in 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 purchasing an additional 1,065,083 shares during the last quarter. Newtyn Management LLC increased its position in Cannae by 18.9% during the fourth quarter. Newtyn Management LLC now owns 1,890,000 shares of the company's stock worth $37,535,000 after purchasing an additional 300,000 shares during the last quarter. Carronade Capital Management LP increased its position in Cannae by 145.5% during the fourth quarter. Carronade Capital Management LP now owns 1,728,926 shares of the company's stock worth $34,336,000 after purchasing an additional 1,024,663 shares during the last quarter. Finally, Private Management Group Inc. increased its position in 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 purchasing an additional 763,324 shares during the last quarter. Institutional investors and hedge funds own 88.12% of the company's stock.

Analyst Ratings Changes

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

Cannae Stock Up 1.1%

Shares of CNNE stock traded up $0.21 on Wednesday, hitting $18.76. The stock had a trading volume of 632,483 shares, compared to its average volume of 789,387. The firm has a market capitalization of $1.05 billion, a price-to-earnings ratio of -2.80 and a beta of 1.08. The stock's 50 day moving average is $20.17 and its 200-day moving average is $18.97. 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 Holdings, Inc. has a 52-week low of $15.91 and a 52-week high of $22.36.

Cannae Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Tuesday, September 16th will be paid a $0.15 dividend. This represents a $0.60 annualized dividend and a dividend yield of 3.2%. This is a boost from Cannae's previous quarterly dividend of $0.12. The ex-dividend date is Tuesday, September 16th. Cannae's payout ratio is currently -8.96%.

Insider Buying and Selling at Cannae

In other 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 value of $1,990,708.65. Following the completion of the transaction, the director directly owned 26,478 shares in the company, valued at approximately $493,285.14. This represents a 80.14% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 10.90% of the company's stock.

Cannae 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.