Cannae Holdings, Inc. (NYSE:CNNE) Shares Bought by Levin Capital Strategies L.P.

Key Points

• Levin Capital Strategies L.P. increased its stake in Cannae Holdings, Inc. by 22.4%, holding 192,594 shares valued at $3.53 million as of the end of the first quarter.
• Royal Bank of Canada raised its target price for Cannae from $22.00 to $26.00 and rated the company an "outperform."
• Cannae reported a loss of ($0.59) EPS for the quarter, missing analyst expectations and reflecting a 6.8% revenue decline compared to the same period last year.

Levin Capital Strategies L.P. lifted its position in Cannae Holdings, Inc. (NYSE:CNNE - Free Report) by 22.4% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 192,594 shares of the company's stock after acquiring an additional 35,197 shares during the quarter. Levin Capital Strategies L.P. owned 0.31% of Cannae worth $3,530,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Continental Advisors LLC increased its stake in Cannae by 0.3% in the 4th quarter. Continental Advisors LLC now owns 239,623 shares of the company's stock worth $4,759,000 after buying an additional 624 shares during the period. Park Avenue Securities LLC increased its position in Cannae by 6.3% during the 1st quarter. Park Avenue Securities LLC now owns 13,089 shares of the company's stock valued at $240,000 after purchasing an additional 777 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in Cannae by 3.7% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 32,060 shares of the company's stock valued at $637,000 after purchasing an additional 1,151 shares during the period. Crescent Grove Advisors LLC increased its position in Cannae by 0.4% during the 1st quarter. Crescent Grove Advisors LLC now owns 325,479 shares of the company's stock valued at $5,966,000 after purchasing an additional 1,259 shares during the period. Finally, Spire Wealth Management increased its position in Cannae by 81.4% during the 1st quarter. Spire Wealth Management now owns 4,100 shares of the company's stock valued at $75,000 after purchasing an additional 1,840 shares during the period. Institutional investors own 88.12% of the company's stock.

Analyst Ratings Changes

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 report on Thursday, July 10th.

Cannae Stock Up 1.0%

NYSE CNNE traded up $0.20 during trading on Friday, reaching $19.88. 580,498 shares of the company's stock traded hands, compared to its average volume of 630,384. The company has a debt-to-equity ratio of 0.04, a current ratio of 4.19 and a quick ratio of 4.19. The firm has a market cap of $1.25 billion, a price-to-earnings ratio of -3.78 and a beta of 1.06. The company's 50 day simple moving average is $20.64 and its two-hundred day simple moving average is $19.10. Cannae Holdings, Inc. has a 12-month low of $15.91 and a 12-month high of $22.36.

Cannae (NYSE:CNNE - Get Free Report) last released its quarterly earnings results on Monday, May 12th. The company reported ($0.59) earnings per share for the quarter, missing analysts' consensus estimates of ($0.56) by ($0.03). Cannae had a negative net margin of 73.64% and a negative return on equity of 4.86%. The firm had revenue of $103.20 million during the quarter, compared to the consensus estimate of $105.30 million. During the same quarter in the prior year, the business posted ($1.27) earnings per share. The firm's quarterly revenue was down 6.8% on a year-over-year basis. As a group, sell-side analysts forecast that Cannae Holdings, Inc. will post -3.14 EPS for the current fiscal year.

Cannae Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Tuesday, September 16th will be issued a $0.15 dividend. The ex-dividend date is Tuesday, September 16th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 3.0%. This is an increase from Cannae's previous quarterly dividend of $0.12. Cannae's dividend payout ratio (DPR) is -9.13%.

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.