Davenport & Co. Reports 4,000 Share Stake in Cannae Holdings (CNNE)
Ticker: CNNE · Form: SC 13G · Filed: Feb 7, 2024 · CIK: 1704720
Complexity: simple
Sentiment: neutral
Topics: institutional-ownership, passive-investment, SC-13G
TL;DR
**Davenport & Co. just disclosed a small, passive stake in Cannae Holdings.**
AI Summary
Davenport & Company LLC, an investment advisor based in Virginia, reported beneficial ownership of 4,000 shares of Cannae Holdings, Inc. (CNNE) common stock as of December 31, 2023. This filing, an SC 13G, indicates that Davenport & Company LLC holds less than 5% of Cannae's outstanding shares, classifying them as a passive investor. This matters to investors because it signals a minor, non-influential stake by an institutional investor, suggesting a vote of confidence without any intent to control or significantly influence the company's operations.
Why It Matters
This filing shows a small, passive institutional investment in Cannae Holdings, indicating a vote of confidence from Davenport & Company LLC without any active involvement in company management.
Risk Assessment
Risk Level: low — This filing represents a passive, non-controlling stake, posing minimal risk to existing shareholders.
Analyst Insight
A smart investor would note this as a minor institutional endorsement but recognize it's too small to signal any significant change or influence on Cannae Holdings' future performance.
Key Numbers
- 4,000 — Shares Beneficially Owned (Represents the total number of Cannae Holdings shares Davenport & Company LLC holds with sole voting power.)
- 13765N107 — CUSIP Number (Identifies the specific class of securities (Cannae Holdings Common Stock) being reported.)
Key Players & Entities
- Davenport & Company LLC (company) — the reporting person and institutional investor
- Cannae Holdings, Inc. (company) — the subject company whose shares were acquired
- Virginia, USA (person) — place of organization for Davenport & Company LLC
- December 31, 2023 (person) — the date of the event requiring the filing
Forward-Looking Statements
- Davenport & Company LLC will maintain a passive investment stance in Cannae Holdings. (Davenport & Company LLC) — high confidence, target: Next 12 months
- The small stake held by Davenport & Company LLC will not significantly impact Cannae Holdings' stock price or operational decisions. (Cannae Holdings, Inc.) — high confidence, target: Next 6 months
FAQ
What is the purpose of an SC 13G filing?
An SC 13G filing is used by passive investors who acquire beneficial ownership of more than 5% of a company's stock, or by certain institutional investors (like Davenport & Company LLC, which filed under Rule 13d-1(b)) who acquire less than 5% but meet specific criteria, to disclose their holdings to the SEC. It signifies a passive investment intent, meaning they do not intend to influence or control the company.
Who is the reporting person in this SC 13G filing?
The reporting person is Davenport & Company LLC, an entity with IRS Identification No. 54-1835842, organized in Virginia, USA, as stated on the cover page of the filing.
What is the subject company whose shares are being reported?
The subject company is Cannae Holdings, Inc. (CUSIP No. 13765N107), as identified in the 'Name of Issuer' section of the filing.
How many shares of Cannae Holdings, Inc. does Davenport & Company LLC beneficially own with sole voting power?
Davenport & Company LLC beneficially owns 4,000 shares of Cannae Holdings, Inc. with sole voting power, as reported under 'NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH SOLE VOTING POWER' on the cover page.
What was the date of the event that required this filing?
The date of the event which required this filing was December 31, 2023, as specified in the 'Date of Event which Requires Filing of this Statement' section.
Filing Stats: 936 words · 4 min read · ~3 pages · Grade level 8.3 · Accepted 2024-02-07 12:39:57
Filing Documents
- cnne_20724.htm (SC 13G) — 25KB
- 0001085146-24-000803.txt ( ) — 27KB
(a)
ITEM 1(a). NAME OF ISSUER: CANNAE HLDGS INC COM
(b)
ITEM 1(b). ADDRESS OF ISSUER'S PRINCIPAL EXECUTIVE OFFICES: C/O CANNAE HOLDINGS, INC. 1701 VILLAGE CENTER CIRCLE LAS VEGAS, NV 89134
(a)
ITEM 2(a). NAME OF PERSON FILING: Davenport & Company LLC
(b)
ITEM 2(b). ADDRESS OF PRINCIPAL BUSINESS OFFICE OR, IF NONE, RESIDENCE: ONE JAMES CENTER 901 E. CARY ST. STE 1100 RICHMOND, VA 23219
(c)
ITEM 2(c). CITIZENSHIP: Virginia, USA
(d)
ITEM 2(d). TITLE OF CLASS OF SECURITIES: Common Stock
(e)
ITEM 2(e). CUSIP NUMBER: 13765N107 ITEM 3. IF THIS STATEMENT IS FILED PURSUANT TO SECTION 240.13d-1(b), or 13d-2(b) or (c) CHECK WHETHER THE PERSON FILING IS A: (a) [ ] Broker or dealer registered under Section 15 of the Act (15 U.S.C. 78c); (b) [ ] Bank as defined in Section 3(a)(6) of the Act (15 U.S.C. 78c); (c) [ ] Insurance company as defined in Section 3(a)(19) of the Act (15 U.S.C. 78c); (d) [ ] Investment company registered under Section 8 of the Investment Company Act of 1940 (15 U.S.C 80a-8); (e) [X] An investment adviser in accordance with 240.13d-1(b)(1)(ii)(E); (f) [ ] An employee benefit plan or endowment fund in accordance with 240.13d-1(b)(1)(ii)(F); (g) [ ] A parent holding company or control person in accordance with 240.13d-1(b)(1)(ii)(G); (h) [ ] A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813); (i) [ ] A church plan that is excluded from the definition of an investment company under Section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3); (j) [ ] A non-U.S. institution in accordance with 240.13d-1(b)(1)(ii)(J); (k) [ ] Group, in accordance with 240.13d-1(b)(1)(ii)(K). If filing as a non-U.S. institution in accordance with 240.13d1(b)(1)(ii)(J), please specify the type of institution: ITEM 4. (a) Amount beneficially owned: 4,758,233 (b) Percent of class: 6.73% (c) Number of shares as to which the person has: (i) sole power to vote or to direct the vote: Davenport & Company LLC : 4,727,070 (ii) shared power to vote or to direct the vote: Davenport & Company LLC : 0 (iii) sole power to dispose or direct the disposition of: Davenport & Company LLC : 4,758,233 (iv) shared power to dispose or to direct the disposition of: Davenport & Company LLC : 0 ITEM 5. If this statement is being filed to report the fact that as of the date hereof the re