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 lessened its stake in shares of Cannae Holdings, Inc. (NYSE:CNNE - Free Report) by 5.9% in the 1st quarter, according to its most recent disclosure with the SEC. The firm owned 573,424 shares of the company's stock after selling 36,080 shares during the period. Northern Trust Corp owned 0.91% of Cannae worth $10,511,000 as of its most recent SEC filing.

Other hedge funds have also bought and sold shares of the company. Mitsubishi UFJ Asset Management Co. Ltd. grew its holdings in Cannae by 460.7% during the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 2,069 shares of the company's stock valued at $38,000 after purchasing an additional 1,700 shares during the period. Summit Securities Group LLC bought a new stake in Cannae during the first quarter valued at about $49,000. Spire Wealth Management grew its holdings in Cannae by 81.4% during the first 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. Ameriflex Group Inc. bought a new stake in Cannae during the fourth quarter valued at about $122,000. Finally, GAMMA Investing LLC grew its holdings in Cannae by 2,236.9% during the first quarter. GAMMA Investing LLC now owns 8,413 shares of the company's stock valued at $154,000 after purchasing an additional 8,053 shares during the period. Institutional investors own 88.12% of the company's stock.

Analyst Ratings Changes

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

Cannae Price Performance

Shares of NYSE CNNE traded up $0.55 during mid-day trading on Thursday, reaching $19.30. The company's stock had a trading volume of 725,375 shares, compared to its average volume of 671,715. The firm has a market capitalization of $1.08 billion, a PE ratio of -2.88 and a beta of 1.08. The company has a debt-to-equity ratio of 0.05, a current ratio of 2.78 and a quick ratio of 2.78. The stock has a fifty day moving average of $19.91 and a two-hundred day moving average of $18.93. Cannae Holdings, Inc. has a 52 week low of $15.91 and a 52 week high of $22.36.

Cannae Increases Dividend

The firm also recently disclosed 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 dividend on an annualized basis and a dividend yield of 3.1%. This is a positive change from Cannae's previous quarterly dividend of $0.12. The ex-dividend date of this dividend is Tuesday, September 16th. Cannae's dividend payout ratio is currently -7.16%.

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 dated Friday, August 29th. The stock was 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 owned 26,478 shares of the company's stock, valued at $493,285.14. This represents a 80.14% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. 10.90% of the stock is currently owned by company insiders.

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.