Cannae (NYSE:CNNE) Shares Gap Down – Time to Sell?

Shares of Cannae Holdings, Inc. (NYSE:CNNE) gapped down prior to trading 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 changing hands.

Analyst Upgrades and Downgrades

CNNE has been the subject of a number of recent analyst reports. Royal Bank of Canada decreased their target price on Cannae from $27.00 to $23.00 and set an “outperform” rating for the company in a research report on Wednesday, February 26th. Oppenheimer cut their target price on shares of Cannae from $27.00 to $22.00 and set an “outperform” rating for the company in a research report on Friday, March 7th.

Cannae Trading Down 2.4 %

The company has a market capitalization of $1.19 billion, a P/E ratio of -3.92 and a beta of 0.86. The company has a 50-day simple moving average of $18.85 and a 200 day simple moving average of $19.47. The company has a debt-to-equity ratio of 0.10, a quick ratio of 2.55 and a current ratio of 2.55.

Cannae Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Monday, March 17th will be paid a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a yield of 2.54%. The ex-dividend date is Monday, March 17th. Cannae’s payout ratio is currently -10.17%.

Cannae announced that its board has initiated a stock repurchase program on Tuesday, March 25th that authorizes the company to repurchase 10,000,000 outstanding shares. This repurchase authorization authorizes the company to purchase shares of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s board of directors believes its stock is undervalued.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the stock. JPMorgan Chase & Co. increased its stake in Cannae by 10.9% during the third quarter. JPMorgan Chase & Co. now owns 454,688 shares of the company’s stock valued at $8,666,000 after acquiring an additional 44,691 shares during the period. Barclays PLC raised its stake in shares of Cannae by 221.9% in the third quarter. Barclays PLC now owns 95,378 shares of the company’s stock valued at $1,818,000 after purchasing an additional 65,749 shares in the last quarter. Spire Wealth Management bought a new position in Cannae in the fourth quarter worth $45,000. Strategic Financial Concepts LLC acquired a new stake in Cannae during the fourth quarter worth $281,000. Finally, State Street Corp raised its position in Cannae by 1.6% in the third quarter. State Street Corp now owns 1,605,351 shares of the company’s stock worth $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.