Cannae (NYSE:CNNE) Announces Earnings Results, Beats Expectations By $1.28 EPS

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

Cannae Stock Down 0.5%

Shares of CNNE traded down $0.07 during midday trading on Monday, reaching $14.71. 335,793 shares of the company were exchanged, compared to its average volume of 548,926. The stock has a 50-day moving average price of $14.51 and a 200-day moving average price of $13.55. The company has a market cap of $646.36 million, a price-to-earnings ratio of -1.88 and a beta of 1.20. Cannae has a 1-year low of $10.46 and a 1-year high of $20.23. The company has a current ratio of 1.71, a quick ratio of 1.71 and a debt-to-equity ratio of 0.07.

Cannae Announces Dividend

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

Analyst Ratings Changes

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

Institutional Investors Weigh In On Cannae

Several hedge funds have recently modified their holdings of the stock. Mercer Global Advisors Inc. ADV acquired a new position in Cannae during the 4th quarter worth approximately $299,000. XTX Topco Ltd purchased a new stake in shares of Cannae during the fourth quarter valued at approximately $2,362,000. VARCOV Co. acquired a new position in shares of Cannae during the fourth quarter worth $533,000. Saba Capital Management L.P. boosted its stake in shares of Cannae by 23.3% in the fourth quarter. Saba Capital Management L.P. now owns 1,714,994 shares of the company’s stock valued at $26,977,000 after purchasing an additional 323,531 shares during the period. Finally, Man Group plc boosted its stake in shares of Cannae by 11.3% in the fourth quarter. Man Group plc now owns 512,577 shares of the company’s stock valued at $8,063,000 after purchasing an additional 52,209 shares during the period. 88.12% of the stock is currently owned by hedge funds and other institutional investors.

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.