Raymond James Financial Inc. Sells 29,285 Shares of Cannae Holdings, Inc. $CNNE

Key Points

• Raymond James Financial Inc. has reduced its stake in Cannae Holdings, Inc. by 9.9%, now holding 266,093 shares worth approximately $4.88 million.
• A recent insider sale by Director Frank R. Martire saw him sell 106,855 shares at an average price of $18.63, resulting in an 80.14% decrease in his ownership.
• Royal Bank of Canada has increased its target price for Cannae's stock from $22.00 to $26.00, maintaining an "outperform" rating.

Raymond James Financial Inc. trimmed its position in Cannae Holdings, Inc. (NYSE:CNNE - Free Report) by 9.9% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 266,093 shares of the company's stock after selling 29,285 shares during the quarter. Raymond James Financial Inc. owned about 0.42% of Cannae worth $4,877,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also modified their holdings of the company. Mitsubishi UFJ Asset Management Co. Ltd. lifted its stake in shares of Cannae by 460.7% in the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 2,069 shares of the company's stock worth $38,000 after buying an additional 1,700 shares during the last quarter. Spire Wealth Management lifted its stake in shares of Cannae by 81.4% in the first quarter. Spire Wealth Management now owns 4,100 shares of the company's stock worth $75,000 after buying an additional 1,840 shares during the last quarter. Ameriflex Group Inc. acquired a new stake in shares of Cannae in the fourth quarter worth $122,000. GAMMA Investing LLC lifted its stake in shares of Cannae by 2,236.9% in the first quarter. GAMMA Investing LLC now owns 8,413 shares of the company's stock worth $154,000 after buying an additional 8,053 shares during the last quarter. Finally, Voloridge Investment Management LLC acquired a new stake in shares of Cannae in the fourth quarter worth $230,000. 88.12% of the stock is currently owned by institutional investors and hedge funds.

Cannae Stock Down 1.0%

CNNE traded down $0.19 during trading on Wednesday, reaching $18.74. 558,816 shares of the stock were exchanged, compared to its average volume of 724,368. The stock has a market cap of $1.05 billion, a P/E ratio of -2.80 and a beta of 1.08. Cannae Holdings, Inc. has a twelve month low of $15.91 and a twelve month high of $22.36. The stock's 50 day moving average price is $19.95 and its two-hundred day moving average price is $18.93. 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 Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Investors of record on Tuesday, September 16th will be issued a dividend of $0.15 per share. The ex-dividend date is Tuesday, September 16th. This is a positive change from Cannae's previous quarterly dividend of $0.12. This represents a $0.60 dividend on an annualized basis and a yield of 3.2%. Cannae's dividend payout ratio is presently -7.16%.

Insiders Place Their Bets

In related news, Director Frank R. Martire sold 106,855 shares of the business's stock in a transaction on Friday, August 29th. The shares were sold at an average price of $18.63, for a total transaction of $1,990,708.65. Following the transaction, the director directly owned 26,478 shares in the company, valued at approximately $493,285.14. The trade was a 80.14% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 10.90% of the company's stock.

Analyst Ratings Changes

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

Cannae Company 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.