Wedge Capital Management L L P NC Has $2.77 Million Stock Holdings in Cannae Holdings, Inc. $CNNE

Key Points

• Wedge Capital Management reduced its stake in Cannae Holdings, Inc. by 22%, selling 37,555 shares, and now holds 132,849 shares valued at approximately $2.77 million.
• Cannae Holdings announced an increase in its quarterly dividend to $0.15 per share, reflecting a yield of 3.1%, with the payout scheduled for September 30th.
• Mitsubishi UFJ Asset Management significantly boosted its position in Cannae by 460.7%, increasing its holdings to 2,069 shares worth $38,000.

Wedge Capital Management L L P NC lowered its position in shares of Cannae Holdings, Inc. (NYSE:CNNE - Free Report) by 22.0% in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 132,849 shares of the company's stock after selling 37,555 shares during the period. Wedge Capital Management L L P NC owned about 0.21% of Cannae worth $2,770,000 at the end of the most recent reporting period.

A number of other hedge funds also recently added to or reduced their stakes in the company. Nuveen Asset Management LLC grew its stake in Cannae by 53.4% during the fourth quarter. Nuveen Asset Management LLC now owns 866,870 shares of the company's stock valued at $17,216,000 after acquiring an additional 301,670 shares in the last quarter. Park Avenue Securities LLC grew its position in Cannae by 6.3% in the first quarter. Park Avenue Securities LLC now owns 13,089 shares of the company's stock worth $240,000 after acquiring an additional 777 shares in the last quarter. Spire Wealth Management lifted its stake in shares of Cannae by 81.4% in the 1st 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 last quarter. Two Sigma Investments LP increased its position in shares of Cannae by 357.8% during the 4th quarter. Two Sigma Investments LP now owns 67,328 shares of the company's stock valued at $1,337,000 after purchasing an additional 52,621 shares during the last quarter. Finally, Two Sigma Advisers LP bought a new stake in Cannae in the fourth quarter worth $451,000. 88.12% of the stock is currently owned by hedge funds and other institutional investors.

Cannae Trading Down 0.8%

Shares of NYSE:CNNE traded down $0.16 during midday trading on Monday, reaching $18.94. The company's stock had a trading volume of 797,966 shares, compared to its average volume of 707,510. The company has a quick ratio of 2.78, a current ratio of 2.78 and a debt-to-equity ratio of 0.05. Cannae Holdings, Inc. has a 1 year low of $15.91 and a 1 year high of $22.36. The business has a 50 day moving average price of $19.64 and a 200 day moving average price of $18.94. The firm has a market cap of $1.06 billion, a price-to-earnings ratio of -2.83 and a beta of 1.08.

Cannae Increases Dividend

The company also recently disclosed 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 of this dividend is Tuesday, September 16th. This represents a $0.60 dividend on an annualized basis and a yield of 3.2%. This is a positive change from Cannae's previous quarterly dividend of $0.12. Cannae's dividend payout ratio (DPR) is -8.96%.

Insider Activity

In related news, Director Frank R. Martire sold 26,478 shares of the company's stock in a transaction on Tuesday, September 2nd. The shares were sold at an average price of $18.43, for a total transaction of $487,989.54. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 10.90% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on the stock. 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 report on Thursday, July 10th. Zacks Research downgraded shares of Cannae from a "hold" rating to a "strong sell" rating in a report on Thursday, September 11th. Two investment analysts have rated the stock with a Buy rating and one has given a Sell rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Hold" 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.