Cannae (NYSE:CNNE) Sets New 12-Month High - Here's What Happened

Key Points

• Cannae shares reached a new 52-week high of $18.29, up from the previous close of $17.65.
• Analyst views are mixed, with a consensus Hold rating and a $17.00 target price; RBC raised its target to $17 while maintaining an Outperform rating.
• The company reported quarterly EPS of $0.86, beating the consensus estimate of a $0.42 loss, and pays an annualized dividend of $0.60, a yield of about 3.3%.

Cannae Holdings, Inc. (NYSE:CNNE - Get Free Report) hit a new 52-week high during trading on Wednesday. The stock traded as high as $18.29 and last traded at $18.1350, with a volume of 20,736 shares. The stock had previously closed at $17.65.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on the company. Royal Bank Of Canada boosted their target price on Cannae from $16.00 to $17.00 and gave the stock an "outperform" rating in a report on Friday, October 9th. Weiss Ratings downgraded Cannae from a "sell (d)" rating to a "sell (d-)" rating in a report on Thursday, October 8th. Finally, Wall Street Zen raised Cannae from a "sell" rating to a "hold" rating in a report on Saturday, August 15th. Two investment analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus target price of $17.00.

Cannae Price Performance

The stock has a market capitalization of $714.47 million, a price-to-earnings ratio of -5.99 and a beta of 1.19. The company's 50-day simple moving average is $15.84 and its 200-day simple moving average is $14.24. The company has a debt-to-equity ratio of 0.07, a current ratio of 1.24 and a quick ratio of 1.24.

Cannae (NYSE:CNNE - Get Free Report) last posted its earnings results on Monday, August 10th. The company reported $0.86 EPS for the quarter, beating the consensus estimate of ($0.42) by $1.28. The company had revenue of $102.20 million for the quarter, compared to the consensus estimate of $99.65 million. Cannae had a negative return on equity of 14.10% and a negative net margin of 38.18%.

Cannae Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, September 30th. Investors of record on Wednesday, September 16th were paid a $0.15 dividend. The ex-dividend date was Wednesday, September 16th. This represents a $0.60 annualized dividend and a yield of 3.3%. Cannae's payout ratio is -19.87%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Legal & General Group Plc bought a new stake in shares of Cannae in the second quarter valued at about $1,460,000. Cygnus Capital Advisors LLC grew its stake in shares of Cannae by 39.7% in the second quarter. Cygnus Capital Advisors LLC now owns 300,240 shares of the company's stock valued at $4,323,000 after acquiring an additional 85,392 shares in the last quarter. Private Management Group Inc. increased its position in Cannae by 4.4% during the second quarter. Private Management Group Inc. now owns 2,404,943 shares of the company's stock worth $34,631,000 after acquiring an additional 101,200 shares during the period. BlackRock Inc. bought a new position in Cannae during the second quarter worth about $59,496,000. Finally, Bank of New York Mellon Corp bought a new position in Cannae during the second quarter worth about $2,222,000. 88.12% of the stock is owned by institutional investors and hedge funds.

About Cannae

Cannae Holdings, Inc is a diversified investment company that manages a portfolio of operating businesses and strategic investments. The company focuses on sectors including restaurants, financial services, payments, and business services, with the goal of building long-term value through active ownership and capital allocation.

Cannae has held interests in a range of companies, including restaurant operators, payment technology businesses, and providers of financial and business services.

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