Cannae (NYSE:CNNE) Shares Up 6.5% – Here’s Why

Cannae Holdings, Inc. (NYSE:CNNE)’s stock price traded up 6.5% on Friday . The company traded as high as $18.73 and last traded at $18.58. 864,768 shares traded hands during trading, an increase of 91% from the average session volume of 453,569 shares. The stock had previously closed at $17.45.

Analysts Set New Price Targets

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

Cannae Price Performance

The company has a market capitalization of $1.17 billion, a P/E ratio of -3.89 and a beta of 0.86. The company has a quick ratio of 2.55, a current ratio of 2.55 and a debt-to-equity ratio of 0.10. The business has a 50 day simple moving average of $18.83 and a 200-day simple moving average of $19.48.

Cannae Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Monday, March 17th will be paid a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a yield of 2.57%. The ex-dividend date of this dividend is Monday, March 17th. Cannae’s payout ratio is -10.17%.

Institutional Investors Weigh In On Cannae

Several large investors have recently made changes to their positions in the company. FMR LLC boosted its position in shares of Cannae by 17.6% during the third quarter. FMR LLC now owns 2,653,854 shares of the company’s stock worth $50,582,000 after buying an additional 397,352 shares during the period. Saba Capital Management L.P. boosted its position in Cannae by 92.3% during the 4th quarter. Saba Capital Management L.P. now owns 2,219,230 shares of the company’s stock worth $44,074,000 after acquiring an additional 1,065,083 shares during the period. Newtyn Management LLC grew its stake in shares of Cannae by 18.9% in the fourth quarter. Newtyn Management LLC now owns 1,890,000 shares of the company’s stock worth $37,535,000 after purchasing an additional 300,000 shares in the last quarter. Carronade Capital Management LP increased its holdings in shares of Cannae by 145.5% during the fourth quarter. Carronade Capital Management LP now owns 1,728,926 shares of the company’s stock valued at $34,336,000 after purchasing an additional 1,024,663 shares during the period. Finally, State Street Corp raised its stake in shares of Cannae by 1.6% during the third quarter. State Street Corp now owns 1,605,351 shares of the company’s stock valued at $30,598,000 after purchasing an additional 25,403 shares in the last quarter. Institutional investors and hedge funds 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.