Cannae Holdings, Inc. (NYSE:CNNE) Shares Acquired by XTX Topco Ltd

Key Points

• XTX Topco Ltd significantly increased its stake in Cannae Holdings, Inc. by 470.9% in the first quarter, owning approximately 61,541 shares valued at $1.13 million.
• Cannae reported a negative EPS of $0.59 in its most recent earnings, missing analyst expectations and reflecting a 6.8% decline in revenue compared to the previous year.
• Royal Bank of Canada has raised Cannae's target price from $22.00 to $26.00, issuing an "outperform" rating for the company, indicating positive sentiment among analysts.

XTX Topco Ltd increased its stake in shares of Cannae Holdings, Inc. (NYSE:CNNE - Free Report) by 470.9% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 61,541 shares of the company's stock after acquiring an additional 50,762 shares during the period. XTX Topco Ltd owned about 0.10% of Cannae worth $1,128,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently modified their holdings of CNNE. Saba Capital Management L.P. increased its holdings in Cannae by 92.3% during the fourth quarter. Saba Capital Management L.P. now owns 2,219,230 shares of the company's stock worth $44,074,000 after buying an additional 1,065,083 shares during the last quarter. Carronade Capital Management LP lifted its position in Cannae by 145.5% during the fourth quarter. Carronade Capital Management LP now owns 1,728,926 shares of the company's stock valued at $34,336,000 after purchasing an additional 1,024,663 shares during the last quarter. Private Management Group Inc. raised its stake in shares of Cannae by 91.1% during the first quarter. Private Management Group Inc. now owns 1,601,334 shares of the company's stock worth $29,352,000 after acquiring an additional 763,324 shares in the last quarter. Invenomic Capital Management LP purchased a new position in shares of Cannae in the fourth quarter worth $10,174,000. Finally, Nuveen Asset Management LLC raised its holdings in Cannae by 53.4% in the 4th quarter. Nuveen Asset Management LLC now owns 866,870 shares of the company's stock worth $17,216,000 after purchasing an additional 301,670 shares in the last quarter. Institutional investors own 88.12% 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 company an "outperform" rating in a research note on Thursday, July 10th.

Cannae Stock Up 0.8%

Shares of CNNE traded up $0.17 during midday trading on Wednesday, hitting $20.41. The company had a trading volume of 174,785 shares, compared to its average volume of 633,803. The company's 50-day simple moving average is $20.55 and its 200-day simple moving average is $19.08. The firm has a market capitalization of $1.28 billion, a P/E ratio of -3.88 and a beta of 1.06. Cannae Holdings, Inc. has a 1 year low of $15.91 and a 1 year high of $22.36. The company has a debt-to-equity ratio of 0.04, a quick ratio of 4.19 and a current ratio of 4.19.

Cannae (NYSE:CNNE - Get Free Report) last posted its earnings results on Monday, May 12th. The company reported ($0.59) earnings per share for the quarter, missing the consensus estimate of ($0.56) by ($0.03). Cannae had a negative net margin of 73.64% and a negative return on equity of 4.86%. The firm had revenue of $103.20 million during the quarter, compared to analyst estimates of $105.30 million. During the same period last year, the company posted ($1.27) EPS. The firm's revenue for the quarter was down 6.8% on a year-over-year basis. As a group, sell-side analysts expect that Cannae Holdings, Inc. will post -3.14 EPS for the current year.

Cannae Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Monday, June 16th were issued a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a yield of 2.4%. The ex-dividend date of this dividend was Monday, June 16th. Cannae's dividend payout ratio (DPR) is currently -9.13%.

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.