Vanguard Group Inc. Grows Position in Cannae Holdings, Inc. $CNNE

Key Points

• Vanguard Group Inc. increased its stake in Cannae Holdings, Inc. by 3.6%, purchasing an additional 205,785 shares for a total of 5,844,675 shares, valued at approximately $107 million.
• Analysts have raised Cannae's target price from $22.00 to $26.00 with a consensus rating of "Buy" and an average target price of $24.00.
• Cannae has announced an increase in its quarterly dividend from $0.12 to $0.15 per share, translating to an annualized dividend yield of 3.2%.

Vanguard Group Inc. increased its holdings in Cannae Holdings, Inc. (NYSE:CNNE - Free Report) by 3.6% in the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 5,844,675 shares of the company's stock after purchasing an additional 205,785 shares during the period. Vanguard Group Inc. owned approximately 9.30% of Cannae worth $107,133,000 as of its most recent SEC filing.

A number of other institutional investors also recently made changes to their positions in CNNE. Saba Capital Management L.P. raised 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 during the last quarter. Carronade Capital Management LP grew its position in shares of Cannae by 145.5% in the 4th quarter. Carronade Capital Management LP now owns 1,728,926 shares of the company's stock worth $34,336,000 after buying an additional 1,024,663 shares during the period. Private Management Group Inc. grew its position in shares of Cannae by 91.1% in the 1st quarter. Private Management Group Inc. now owns 1,601,334 shares of the company's stock worth $29,352,000 after buying an additional 763,324 shares during the period. Invenomic Capital Management LP purchased a new stake in 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 about $7,790,000. Hedge funds and other institutional investors own 88.12% of the company's stock.

Wall Street Analysts Forecast Growth

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

Cannae Trading Down 0.6%

Shares of CNNE traded down $0.12 during trading hours on Wednesday, reaching $18.64. 242,707 shares of the company traded hands, compared to its average volume of 654,786. The firm has a market cap of $1.04 billion, a price-to-earnings ratio of -2.78 and a beta of 1.06. Cannae Holdings, Inc. has a 12-month low of $15.91 and a 12-month high of $22.36. 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's fifty day moving average price is $20.35 and its 200 day moving average price is $19.00.

Cannae Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Tuesday, September 16th will be paid a dividend of $0.15 per share. 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 of this dividend is Tuesday, September 16th. Cannae's payout ratio 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.