Frank Martire Sells 26,478 Shares of Cannae (NYSE:CNNE) Stock

Key Points

• Frank Martire, a director at Cannae Holdings, Inc., sold 26,478 shares at an average price of $18.43, totaling nearly $488,000.
• Cannae has increased its quarterly dividend from $0.12 to $0.15, representing an annual yield of 3.2%.
• Royal Bank of Canada has upgraded Cannae's price target from $22.00 to $26.00, maintaining an "outperform" rating for the stock.

Cannae Holdings, Inc. (NYSE:CNNE - Get Free Report) Director Frank Martire sold 26,478 shares of the firm's stock in a transaction that occurred on Tuesday, September 2nd. The shares were sold at an average price of $18.43, for a total value of $487,989.54. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website.

Cannae Stock Performance

NYSE CNNE traded up $0.17 during trading on Wednesday, hitting $18.72. The company's stock had a trading volume of 342,278 shares, compared to its average volume of 656,793. The company has a quick ratio of 2.78, a current ratio of 2.78 and a debt-to-equity ratio of 0.05. The firm has a 50 day moving average price of $20.20 and a 200 day moving average price of $18.97. The firm has a market cap of $1.05 billion, a P/E ratio of -2.79 and a beta of 1.08. Cannae Holdings, Inc. has a 52 week low of $15.91 and a 52 week high of $22.36.

Cannae Increases Dividend

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

Institutional Trading of Cannae

A number of institutional investors and hedge funds have recently modified their holdings of CNNE. Mitsubishi UFJ Asset Management Co. Ltd. boosted its stake in Cannae by 460.7% in the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 2,069 shares of the company's stock valued at $38,000 after buying an additional 1,700 shares in the last quarter. Summit Securities Group LLC acquired a new position in Cannae in the first quarter worth $49,000. Quantbot Technologies LP acquired a new position in Cannae in the second quarter worth $62,000. CWM LLC boosted its stake in Cannae by 40.4% in the second quarter. CWM LLC now owns 3,253 shares of the company's stock worth $68,000 after purchasing an additional 936 shares in the last quarter. Finally, Spire Wealth Management lifted its stake in shares of Cannae by 81.4% during the first quarter. Spire Wealth Management now owns 4,100 shares of the company's stock valued at $75,000 after acquiring an additional 1,840 shares during the period. 88.12% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

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

Cannae Company 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.

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