Saba Capital Management L.P. Acquires 1,065,083 Shares of Cannae Holdings, Inc. (NYSE:CNNE)

Saba Capital Management L.P. lifted its position in shares of Cannae Holdings, Inc. (NYSE:CNNE - Free Report) by 92.3% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 2,219,230 shares of the company's stock after purchasing an additional 1,065,083 shares during the period. Cannae comprises 1.0% of Saba Capital Management L.P.'s investment portfolio, making the stock its 20th largest holding. Saba Capital Management L.P. owned approximately 3.54% of Cannae worth $44,074,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in CNNE. Spire Wealth Management bought a new stake in shares of Cannae in the 4th quarter valued at about $45,000. C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors bought a new stake in Cannae in the fourth quarter valued at approximately $76,000. R Squared Ltd bought a new stake in Cannae in the fourth quarter valued at approximately $78,000. Nomura Asset Management Co. Ltd. increased its position in Cannae by 133.0% during the 4th quarter. Nomura Asset Management Co. Ltd. now owns 4,268 shares of the company's stock valued at $85,000 after purchasing an additional 2,436 shares during the period. Finally, Blue Trust Inc. raised its holdings in Cannae by 457.9% during the 4th quarter. Blue Trust Inc. now owns 4,949 shares of the company's stock worth $94,000 after purchasing an additional 4,062 shares during the last quarter. Institutional investors and hedge funds own 88.12% of the company's stock.

Cannae Stock Up 0.7%

CNNE traded up $0.13 during midday trading on Thursday, hitting $17.76. The company had a trading volume of 141,187 shares, compared to its average volume of 453,391. The stock's 50 day moving average price is $17.76 and its 200 day moving average price is $19.08. Cannae Holdings, Inc. has a 52 week low of $15.92 and a 52 week high of $22.36. The company has a market capitalization of $1.12 billion, a price-to-earnings ratio of -3.69 and a beta of 1.03. The company has a quick ratio of 2.55, a current ratio of 2.55 and a debt-to-equity ratio of 0.10.

Cannae (NYSE:CNNE - Get Free Report) last issued its earnings results on Monday, May 12th. The company reported ($0.59) EPS for the quarter, missing analysts' consensus estimates of ($0.56) by ($0.03). The firm had revenue of $103.20 million during the quarter, compared to the consensus estimate of $105.30 million. Cannae had a negative net margin of 68.61% and a negative return on equity of 8.26%. The business's quarterly revenue was down 6.8% on a year-over-year basis. During the same period in the previous year, the firm earned ($1.27) earnings per share. On average, research analysts anticipate that Cannae Holdings, Inc. will post -3.14 earnings per share for the current fiscal year.

Cannae declared that its Board of Directors has initiated a share repurchase program on Tuesday, March 25th that permits the company to repurchase 10,000,000 outstanding shares. This repurchase authorization permits the company to purchase shares of its stock through open market purchases. Stock repurchase programs are generally an indication that the company's leadership believes its shares are undervalued.

Cannae Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Monday, June 16th will be issued a dividend of $0.12 per share. The ex-dividend date is Monday, June 16th. This represents a $0.48 annualized dividend and a dividend yield of 2.70%. Cannae's dividend payout ratio is -9.13%.

Wall Street Analyst Weigh In

A number of research firms have recently commented on CNNE. Oppenheimer reduced their price objective on shares of Cannae from $27.00 to $22.00 and set an "outperform" rating on the stock in a research note on Friday, March 7th. Royal Bank of Canada reaffirmed an "outperform" rating and set a $22.00 price target on shares of Cannae in a research report on Wednesday, May 14th.

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.