Cannae Holdings, Inc. (NYSE:CNNE) Shares Bought by Saba Capital Management L.P.

Saba Capital Management L.P. raised its stake in Cannae Holdings, Inc. (NYSE:CNNE) by 92.3% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 2,219,230 shares of the company’s stock after acquiring an additional 1,065,083 shares during the quarter. Cannae makes up 1.0% of Saba Capital Management L.P.’s portfolio, making the stock its 20th biggest holding. Saba Capital Management L.P.’s holdings in Cannae were worth $44,074,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also recently added to or reduced their stakes in the company. Spire Wealth Management purchased a new stake in Cannae during the fourth quarter valued at about $45,000. C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors purchased a new stake in shares of Cannae in the fourth quarter worth about $76,000. R Squared Ltd purchased a new position in Cannae in the fourth quarter valued at about $78,000. Nomura Asset Management Co. Ltd. boosted its holdings in Cannae by 133.0% in the fourth 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 last quarter. Finally, Blue Trust Inc. boosted its holdings in Cannae by 457.9% in the fourth quarter. Blue Trust Inc. now owns 4,949 shares of the company’s stock valued at $94,000 after purchasing an additional 4,062 shares during the last quarter. 88.12% of the stock is currently owned by institutional investors and hedge funds.

Cannae Trading Up 1.7%

Cannae stock opened at $18.38 on Friday. The company has a market capitalization of $1.15 billion, a price-to-earnings ratio of -3.82 and a beta of 1.03. The company’s fifty day moving average price is $17.65 and its two-hundred day moving average price is $19.11. 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 current ratio of 2.55 and a quick ratio of 2.55.

Cannae (NYSE:CNNE) last released its earnings results on Monday, May 12th. The company reported ($0.59) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.56) by ($0.03). The firm 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 quarterly revenue was down 6.8% compared to the same quarter last year. During the same period last year, the business earned ($1.27) earnings per share. On average, analysts forecast that Cannae Holdings, Inc. will post -3.14 earnings per share for the current fiscal year.

Cannae announced that its board has approved a share buyback plan on Tuesday, March 25th that permits the company to repurchase 10,000,000 shares. This repurchase authorization permits the company to buy shares of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s leadership believes its shares are undervalued.

Cannae Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Monday, June 16th will be issued a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a yield of 2.61%. The ex-dividend date of this dividend is Monday, June 16th. Cannae’s dividend payout ratio is -9.13%.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on the company. Royal Bank of Canada reiterated an “outperform” rating and set a $22.00 price target on shares of Cannae in a research report on Wednesday. Oppenheimer decreased 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.