44,900 Shares in Cannae Holdings, Inc. $CNNE Acquired by VIRGINIA RETIREMENT SYSTEMS ET Al

VIRGINIA RETIREMENT SYSTEMS ET Al bought a new stake in shares of Cannae Holdings, Inc. (NYSE:CNNE) in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 44,900 shares of the company’s stock, valued at approximately $689,000.

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

Analysts Set New Price Targets

Several brokerages have recently issued reports on CNNE. Weiss Ratings downgraded shares of Cannae from a “sell (d)” rating to a “sell (d-)” rating in a report on Thursday, October 8th. Wall Street Zen upgraded shares of Cannae from a “sell” rating to a “hold” rating in a research report on Saturday, August 15th. Finally, Royal Bank Of Canada boosted their target price on shares of Cannae from $16.00 to $17.00 and gave the company an “outperform” rating in a research note on Friday, October 9th. Two analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $17.00.

Cannae Price Performance

CNNE stock traded down $0.12 during trading on Friday, hitting $17.70. The company had a trading volume of 372,346 shares, compared to its average volume of 443,141. The firm has a market capitalization of $700.23 million, a price-to-earnings ratio of -5.86 and a beta of 1.19. The business has a 50 day moving average of $15.99 and a 200 day moving average of $14.27. Cannae Holdings, Inc. has a fifty-two week low of $10.46 and a fifty-two week high of $18.48. The company has a current ratio of 1.24, a quick ratio of 1.24 and a debt-to-equity ratio of 0.07.

Cannae (NYSE:CNNE) last released 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. Cannae had a negative net margin of 38.18% and a negative return on equity of 14.10%. The firm had revenue of $102.20 million for the quarter, compared to analysts’ expectations of $99.65 million.

Cannae Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 31st. Stockholders of record on Thursday, December 17th will be paid a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 3.4%. The ex-dividend date of this dividend is Thursday, December 17th. Cannae’s payout ratio is currently -19.87%.

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.