Cannae (NYSE:CNNE) Releases Quarterly Earnings Results, Beats Estimates By $1.28 EPS

Cannae (NYSE:CNNE) issued its quarterly earnings results on Monday. The company reported $0.86 EPS for the quarter, beating analysts’ consensus estimates of ($0.42) by $1.28, FiscalAI reports. Cannae had a negative return on equity of 36.53% and a negative net margin of 103.77%.The company had revenue of $102.20 million for the quarter, compared to analyst estimates of $99.65 million.

Cannae Price Performance

Shares of CNNE traded down $0.07 during mid-day trading on Monday, hitting $14.71. The company’s stock had a trading volume of 321,464 shares, compared to its average volume of 548,926. The company has a debt-to-equity ratio of 0.07, a current ratio of 1.71 and a quick ratio of 1.71. The firm has a 50-day moving average price of $14.51 and a 200 day moving average price of $13.55. Cannae has a fifty-two week low of $10.46 and a fifty-two week high of $20.23. The stock has a market capitalization of $646.36 million, a price-to-earnings ratio of -1.88 and a beta of 1.20.

Cannae Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Wednesday, September 16th will be paid a $0.15 dividend. The ex-dividend date of this dividend is Wednesday, September 16th. This represents a $0.60 annualized dividend and a dividend yield of 4.1%. Cannae’s payout ratio is currently -7.68%.

Institutional Trading of Cannae

A number of large investors have recently added to or reduced their stakes in the business. Mercer Global Advisors Inc. ADV bought a new position in shares of Cannae in the fourth quarter valued at $299,000. XTX Topco Ltd bought a new stake in shares of Cannae during the 4th quarter worth $2,362,000. VARCOV Co. acquired a new position in shares of Cannae in the 4th quarter worth $533,000. Saba Capital Management L.P. grew its holdings in shares of Cannae by 23.3% in the 4th quarter. Saba Capital Management L.P. now owns 1,714,994 shares of the company’s stock worth $26,977,000 after acquiring an additional 323,531 shares during the last quarter. Finally, Man Group plc raised its position in shares of Cannae by 11.3% during the fourth quarter. Man Group plc now owns 512,577 shares of the company’s stock worth $8,063,000 after purchasing an additional 52,209 shares during the period. 88.12% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

CNNE has been the topic of several research analyst reports. Stephens reissued an “overweight” rating and set a $17.00 target price on shares of Cannae in a research note on Thursday, April 23rd. Weiss Ratings reiterated a “sell (d-)” rating on shares of Cannae in a report on Monday, July 6th. Finally, Royal Bank Of Canada reissued an “outperform” rating on shares of Cannae in a report on Tuesday, May 12th. Two research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $17.00.

About Cannae

Cannae Holdings, Inc (NYSE: CNNE) is a publicly traded diversified holding company that focuses on partnering with and investing in businesses across a range of industry sectors. The company seeks to identify attractive opportunities in both private and public markets, leveraging its capital resources and management expertise to support operational growth and value creation. Cannae’s investment strategy emphasizes companies in data and analytics, marketing services, healthcare technology, and payment processing.

Through its portfolio, Cannae holds controlling or significant minority stakes in companies that provide critical software, data and services to corporate clients.