Cannae Holdings, Inc. (NYSE:CNNE) Announces $0.12 Quarterly Dividend

Cannae Holdings, Inc. (NYSE:CNNE) announced a quarterly dividend on Thursday, May 8th, RTT News reports. Stockholders of record on Monday, June 16th will be paid a dividend of 0.12 per share on Monday, June 30th. This represents a $0.48 annualized dividend and a dividend yield of 2.45%. The ex-dividend date of this dividend is Monday, June 16th.

Cannae has a dividend payout ratio of -45.3% indicating that the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Research analysts expect Cannae to earn ($1.17) per share next year, which means the company may not be able to cover its $0.48 annual dividend with an expected future payout ratio of -41.0%.

Cannae Stock Down 0.7%

Shares of CNNE opened at $19.62 on Friday. The stock has a market capitalization of $1.23 billion, a price-to-earnings ratio of -4.08 and a beta of 1.00. Cannae has a 1 year low of $15.92 and a 1 year high of $22.36. The business’s 50 day simple moving average is $18.04 and its 200-day simple moving average is $18.87. 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 issued its quarterly earnings data on Monday, May 12th. The company reported ($0.59) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.56) by ($0.03). The firm had revenue of $103.20 million for the quarter, compared to analysts’ expectations 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 was down 6.8% on a year-over-year basis. During the same period last year, the company earned ($1.27) earnings per share. As a group, equities analysts expect that Cannae will post -3.14 earnings per share for the current fiscal year.

Institutional Trading of Cannae

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Jane Street Group LLC raised its holdings in Cannae by 95.4% during the 1st quarter. Jane Street Group LLC now owns 54,393 shares of the company’s stock valued at $997,000 after buying an additional 26,550 shares during the period. Goldman Sachs Group Inc. increased its stake in Cannae by 4.1% in the first quarter. Goldman Sachs Group Inc. now owns 299,843 shares of the company’s stock worth $5,496,000 after purchasing an additional 11,788 shares during the period. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in Cannae by 4.4% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 33,465 shares of the company’s stock worth $613,000 after purchasing an additional 1,405 shares during the period. Hedge funds and other institutional investors own 88.12% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms recently weighed in on CNNE. Oppenheimer decreased their price target on Cannae from $27.00 to $22.00 and set an “outperform” rating on the stock in a report on Friday, March 7th. Royal Bank of Canada restated an “outperform” rating and set a $22.00 price target on shares of Cannae in a report on Wednesday, May 14th.

Cannae announced that its board has authorized a stock buyback plan on Tuesday, March 25th that authorizes the company to buyback 10,000,000 outstanding shares. This buyback authorization authorizes the company to reacquire shares of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s board believes its stock is undervalued.

Cannae Company 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.