Trexquant Investment LP Buys New Stake in Cannae Holdings, Inc. $CNNE

Key Points

• Trexquant Investment LP invested approximately $795,000 in Cannae Holdings, acquiring 43,393 shares, marking significant institutional interest in the company.
• Royal Bank of Canada raised its price target for Cannae from $22.00 to $26.00, reflecting a positive outlook with a consensus rating of "Buy" and a price target of $24.00.
• Cannae Holdings announced a quarterly dividend increase from $0.12 to $0.15 per share, which will be paid to shareholders of record on September 16th, representing a 3.2% yield.

Trexquant Investment LP acquired a new stake in shares of Cannae Holdings, Inc. (NYSE:CNNE - Free Report) in the first quarter, according to its most recent disclosure with the SEC. The firm acquired 43,393 shares of the company's stock, valued at approximately $795,000. Trexquant Investment LP owned approximately 0.07% of Cannae at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in CNNE. Saba Capital Management L.P. grew its holdings in Cannae by 92.3% during the 4th quarter. Saba Capital Management L.P. now owns 2,219,230 shares of the company's stock valued at $44,074,000 after buying an additional 1,065,083 shares in the last quarter. Nuveen LLC bought a new position in shares of Cannae during the 1st quarter valued at approximately $14,816,000. Private Management Group Inc. raised its position in shares of Cannae by 91.1% during the 1st quarter. Private Management Group Inc. now owns 1,601,334 shares of the company's stock valued at $29,352,000 after buying an additional 763,324 shares in the last quarter. Invenomic Capital Management LP purchased a new stake in shares of Cannae during the 4th quarter valued at about $10,174,000. Finally, Alberta Investment Management Corp purchased a new stake in Cannae during the 1st quarter valued at $7,790,000. 88.12% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Cannae

In related news, Director Frank R. Martire sold 26,478 shares of Cannae stock in a transaction dated Tuesday, September 2nd. The stock was 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 SEC, which is available through this hyperlink. Insiders own 10.90% of the company's stock.

Analysts Set New Price Targets

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

Cannae Stock Performance

Shares of NYSE CNNE traded up $0.23 during mid-day trading on Tuesday, hitting $18.89. The stock had a trading volume of 850,572 shares, compared to its average volume of 805,883. The company has a debt-to-equity ratio of 0.05, a quick ratio of 2.78 and a current ratio of 2.78. The company has a 50 day moving average of $20.00 and a two-hundred day moving average of $18.93. The firm has a market cap of $1.06 billion, a PE ratio of -2.82 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.

Cannae Increases Dividend

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

Cannae 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.