Russell Investments Group Ltd. Decreases Stock Holdings in Cannae Holdings, Inc. $CNNE

Key Points

• Russell Investments Group Ltd. has reduced its stake in Cannae Holdings, Inc. by 37.1%, owning 92,903 shares worth approximately $1.7 million after selling 54,718 shares in the first quarter.
• Analysts have shown confidence in Cannae, with the Royal Bank of Canada increasing its price target from $22.00 to $26.00 and maintaining an "outperform" rating.
• Cannae Holdings has announced a quarterly dividend of $0.15, marking an increase from the previous $0.12, providing a yield of 3.2% annually.

Russell Investments Group Ltd. cut its position in Cannae Holdings, Inc. (NYSE:CNNE - Free Report) by 37.1% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The firm owned 92,903 shares of the company's stock after selling 54,718 shares during the period. Russell Investments Group Ltd. owned about 0.15% of Cannae worth $1,703,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in CNNE. Saba Capital Management L.P. lifted its stake in Cannae by 92.3% in the fourth quarter. Saba Capital Management L.P. now owns 2,219,230 shares of the company's stock valued at $44,074,000 after acquiring an additional 1,065,083 shares during the last quarter. Carronade Capital Management LP increased its holdings in Cannae by 145.5% in the 4th quarter. Carronade Capital Management LP now owns 1,728,926 shares of the company's stock valued at $34,336,000 after buying an additional 1,024,663 shares during the period. Nuveen LLC acquired a new position in shares of Cannae during the 1st quarter worth $14,816,000. Private Management Group Inc. lifted its stake in Cannae by 91.1% in the 1st quarter. Private Management Group Inc. now owns 1,601,334 shares of the company's stock valued at $29,352,000 after purchasing an additional 763,324 shares during the last quarter. Finally, Invenomic Capital Management LP bought a new stake in shares of Cannae during the fourth quarter worth about $10,174,000. Institutional investors own 88.12% of the company's stock.

Cannae Trading Down 0.0%

CNNE stock traded down $0.01 during trading on Monday, hitting $18.67. 849,433 shares of the company traded hands, compared to its average volume of 810,589. The company has a 50-day moving average of $20.28 and a 200-day moving average of $18.98. The firm has a market capitalization of $1.05 billion, a PE ratio of -2.79 and a beta of 1.08. 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 1 year low of $15.91 and a 1 year high of $22.36.

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 given a $0.15 dividend. This is an increase from Cannae's previous quarterly dividend of $0.12. This represents a $0.60 dividend on an annualized basis and a dividend yield of 3.2%. The ex-dividend date is Tuesday, September 16th. Cannae's dividend payout ratio (DPR) is presently -8.96%.

Wall Street Analyst Weigh In

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

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.