Cannae (NYSE:CNNE) Board Declares Stock Repurchase Program

Cannae (NYSE:CNNE) announced that its board has initiated a stock buyback program on Tuesday, March 25th, RTT News reports. The company plans to repurchase 10,000,000 shares. This repurchase authorization permits the company to buy shares of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s management believes its shares are undervalued.

Cannae Stock Performance

Shares of Cannae stock opened at $18.86 on Friday. Cannae has a one year low of $15.99 and a one year high of $22.99. The company has a market capitalization of $1.18 billion, a PE ratio of -3.92 and a beta of 0.86. The company has a debt-to-equity ratio of 0.10, a quick ratio of 2.55 and a current ratio of 2.55. The company has a 50-day simple moving average of $18.84 and a two-hundred day simple moving average of $19.46.

Cannae Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Monday, March 17th will be given a dividend of $0.12 per share. The ex-dividend date of this dividend is Monday, March 17th. This represents a $0.48 dividend on an annualized basis and a yield of 2.55%. Cannae’s payout ratio is -10.17%.

Analysts Set New Price Targets

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

About Cannae

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.