Northern Trust Corp Sells 36,080 Shares of Cannae Holdings, Inc. $CNNE

Key Points

• Northern Trust Corp reduced its stake in Cannae Holdings by 5.9%, selling 36,080 shares, and now holds 573,424 shares valued at approximately $10.5 million.
• Cannae recently announced an increase in its quarterly dividend from $0.12 to $0.15 per share, representing an annualized yield of 3.2%.
• Royal Bank Of Canada raised its price target for Cannae stock from $22.00 to $26.00 and rated it as "outperform," contributing to an overall positive consensus rating of "Buy" with a target price of $24.00.

Northern Trust Corp lowered its position in Cannae Holdings, Inc. (NYSE:CNNE - Free Report) by 5.9% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 573,424 shares of the company's stock after selling 36,080 shares during the quarter. Northern Trust Corp owned 0.91% of Cannae worth $10,511,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. Nuveen Asset Management LLC lifted its position in shares of Cannae by 53.4% in the 4th quarter. Nuveen Asset Management LLC now owns 866,870 shares of the company's stock worth $17,216,000 after acquiring an additional 301,670 shares during the period. Park Avenue Securities LLC lifted its holdings in shares of Cannae by 6.3% during the 1st quarter. Park Avenue Securities LLC now owns 13,089 shares of the company's stock worth $240,000 after acquiring an additional 777 shares during the period. Spire Wealth Management lifted its holdings in shares of Cannae by 81.4% during the 1st quarter. Spire Wealth Management now owns 4,100 shares of the company's stock worth $75,000 after acquiring an additional 1,840 shares during the period. Two Sigma Investments LP lifted its holdings in shares of Cannae by 357.8% during the 4th quarter. Two Sigma Investments LP now owns 67,328 shares of the company's stock worth $1,337,000 after acquiring an additional 52,621 shares during the period. Finally, Two Sigma Advisers LP bought a new position in shares of Cannae during the 4th quarter worth about $451,000. Institutional investors own 88.12% of the company's stock.

Cannae Trading Up 0.8%

CNNE opened at $18.70 on Friday. The company has a current ratio of 2.78, a quick ratio of 2.78 and a debt-to-equity ratio of 0.05. The stock has a market capitalization of $1.05 billion, a PE ratio of -2.79 and a beta of 1.08. 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 $20.08 and a two-hundred day moving average price of $18.95.

Cannae Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 30th. Shareholders of record on Tuesday, September 16th will be given a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 3.2%. The ex-dividend date is Tuesday, September 16th. This is a boost from Cannae's previous quarterly dividend of $0.12. Cannae's dividend payout ratio is -7.16%.

Analyst Upgrades and Downgrades

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

Insiders Place Their Bets

In other Cannae news, Director Frank R. Martire sold 26,478 shares of the firm's stock in a transaction dated 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 legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 10.90% of the company's stock.

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.

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