Cannae (NYSE:CNNE) Stock Price Expected to Rise, Royal Bank of Canada Analyst Says

Cannae (NYSE:CNNE) had its price target lifted by Royal Bank of Canada from $26.00 to $27.00 in a research note published on Thursday,Benzinga reports. The firm currently has an outperform rating on the stock.

Cannae Stock Performance

Shares of CNNE opened at $20.29 on Thursday. The company has a 50-day simple moving average of $19.38 and a 200-day simple moving average of $19.18. The company has a quick ratio of 1.01, a current ratio of 2.55 and a debt-to-equity ratio of 0.10. The company has a market capitalization of $1.27 billion, a PE ratio of -4.22 and a beta of 0.87. Cannae has a 52-week low of $16.94 and a 52-week high of $22.99.

Cannae (NYSE:CNNE) last announced its quarterly earnings results on Tuesday, November 12th. The company reported ($0.22) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.22). The business had revenue of $113.90 million during the quarter, compared to the consensus estimate of $105.67 million. Cannae had a negative net margin of 68.61% and a negative return on equity of 8.26%. The business’s revenue was down 20.7% compared to the same quarter last year. During the same quarter last year, the firm posted ($2.18) EPS. Equities research analysts predict that Cannae will post -2.97 earnings per share for the current fiscal year.

Cannae Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Tuesday, December 17th will be paid a dividend of $0.12 per share. The ex-dividend date of this dividend is Tuesday, December 17th. This represents a $0.48 annualized dividend and a dividend yield of 2.37%. Cannae’s dividend payout ratio is currently -9.98%.

Institutional Investors Weigh In On Cannae

Hedge funds have recently modified their holdings of the company. CWM LLC boosted its position in shares of Cannae by 1,616.0% in the second quarter. CWM LLC now owns 1,390 shares of the company’s stock worth $25,000 after acquiring an additional 1,309 shares during the last quarter. EntryPoint Capital LLC boosted its position in shares of Cannae by 48.9% in the first quarter. EntryPoint Capital LLC now owns 1,629 shares of the company’s stock worth $36,000 after acquiring an additional 535 shares during the last quarter. Innealta Capital LLC acquired a new stake in shares of Cannae in the second quarter worth approximately $48,000. Oakview Capital Management L.P. acquired a new stake in shares of Cannae in the third quarter worth approximately $67,000. Finally, nVerses Capital LLC acquired a new stake in shares of Cannae in the second quarter worth approximately $71,000. 88.12% of the stock is owned by institutional investors and hedge funds.

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.