Northern Trust Corp Boosts Position in Cannae Holdings, Inc. (NYSE:CNNE)

Northern Trust Corp boosted its position in shares of Cannae Holdings, Inc. (NYSE:CNNE) by 1.8% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 609,504 shares of the company’s stock after purchasing an additional 10,895 shares during the quarter. Northern Trust Corp owned approximately 0.97% of Cannae worth $12,105,000 at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of CNNE. Private Management Group Inc. purchased a new stake in Cannae during the fourth quarter worth $16,643,000. Raymond James Financial Inc. purchased a new stake in shares of Cannae in the fourth quarter valued at $5,866,000. Credit Industriel ET Commercial purchased a new stake in shares of Cannae in the fourth quarter valued at $2,995,000. Levin Capital Strategies L.P. lifted its position in shares of Cannae by 435.4% in the fourth quarter. Levin Capital Strategies L.P. now owns 157,397 shares of the company’s stock valued at $3,126,000 after acquiring an additional 128,000 shares in the last quarter. Finally, Barclays PLC lifted its position in shares of Cannae by 221.9% in the third quarter. Barclays PLC now owns 95,378 shares of the company’s stock valued at $1,818,000 after acquiring an additional 65,749 shares in the last quarter. 88.12% of the stock is currently owned by hedge funds and other institutional investors.

Cannae Stock Up 1.7%

CNNE opened at $18.38 on Friday. Cannae Holdings, Inc. has a one year low of $15.92 and a one year high of $22.36. The company has a debt-to-equity ratio of 0.10, a quick ratio of 2.55 and a current ratio of 2.55. The stock’s fifty day moving average is $17.65 and its 200-day moving average is $19.11. The company has a market capitalization of $1.15 billion, a PE ratio of -3.82 and a beta of 1.03.

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

Cannae declared that its Board of Directors has approved a share repurchase plan on Tuesday, March 25th that permits the company to repurchase 10,000,000 outstanding shares. This repurchase authorization permits the company to reacquire shares of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s board of directors believes its stock is undervalued.

Cannae Announces Dividend

The firm also recently declared 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 of this dividend is Monday, June 16th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 2.61%. Cannae’s dividend payout ratio is -9.13%.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on CNNE. Royal Bank of Canada restated an “outperform” rating and issued a $22.00 price objective on shares of Cannae in a research report on Wednesday. Oppenheimer dropped their price target on Cannae from $27.00 to $22.00 and set an “outperform” rating for the company in a research note on Friday, March 7th.

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.