Cannae (NYSE:CNNE) Shares Gap Down – What’s Next?

Cannae Holdings, Inc. (NYSE:CNNE) shares gapped down before the market opened on Wednesday . The stock had previously closed at $19.39, but opened at $18.95. Cannae shares last traded at $19.05, with a volume of 37,939 shares traded.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on the stock. Royal Bank of Canada decreased their target price on shares of Cannae from $27.00 to $23.00 and set an “outperform” rating for the company in a research note on Wednesday, February 26th. Oppenheimer lowered their price objective on shares of Cannae from $27.00 to $22.00 and set an “outperform” rating on the stock in a research note on Friday, March 7th.

Cannae Stock Performance

The company has a debt-to-equity ratio of 0.10, a current ratio of 2.55 and a quick ratio of 2.55. The company has a market capitalization of $1.18 billion, a price-to-earnings ratio of -3.92 and a beta of 0.86. The stock has a 50-day moving average price of $18.84 and a 200-day moving average price of $19.46.

Cannae Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Monday, March 17th will be issued a $0.12 dividend. The ex-dividend date is Monday, March 17th. This represents a $0.48 annualized dividend and a dividend yield of 2.55%. Cannae’s dividend payout ratio is currently -10.17%.

Cannae announced that its board has initiated a share repurchase program on Tuesday, March 25th that authorizes the company to buyback 10,000,000 shares. This buyback authorization authorizes the company to reacquire shares of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board believes its stock is undervalued.

Institutional Trading of Cannae

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Ameriflex Group Inc. acquired a new stake in Cannae during the fourth quarter worth approximately $122,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in Cannae by 10.4% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 173,116 shares of the company’s stock valued at $3,438,000 after purchasing an additional 16,272 shares during the period. Voloridge Investment Management LLC acquired a new position in Cannae in the 4th quarter valued at $230,000. Two Sigma Advisers LP acquired a new position in Cannae in the 4th quarter valued at $451,000. Finally, Two Sigma Investments LP increased its position in Cannae by 357.8% during the 4th quarter. Two Sigma Investments LP now owns 67,328 shares of the company’s stock worth $1,337,000 after buying an additional 52,621 shares during the period. Institutional investors own 88.12% of the company’s stock.

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.