Cannae (NYSE:CNNE) Trading Up 6.5% – What’s Next?

Cannae Holdings, Inc. (NYSE:CNNE)’s share price shot up 6.5% during mid-day trading on Friday . The stock traded as high as $18.73 and last traded at $18.58. 864,768 shares traded hands during mid-day 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

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

Cannae Price Performance

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’s 50 day moving average price is $18.83 and its 200-day moving average price is $19.48. The company has a market cap of $1.17 billion, a price-to-earnings ratio of -3.89 and a beta of 0.86.

Cannae Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Monday, March 17th will be given a $0.12 dividend. The ex-dividend date is Monday, March 17th. This represents a $0.48 annualized dividend and a yield of 2.57%. Cannae’s dividend payout ratio (DPR) is -10.17%.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. JPMorgan Chase & Co. grew its holdings in shares of Cannae by 10.9% in the 3rd quarter. JPMorgan Chase & Co. now owns 454,688 shares of the company’s stock worth $8,666,000 after acquiring an additional 44,691 shares during the last quarter. Barclays PLC increased its stake in Cannae by 221.9% in the 3rd quarter. Barclays PLC now owns 95,378 shares of the company’s stock worth $1,818,000 after purchasing an additional 65,749 shares in the last quarter. Spire Wealth Management acquired a new stake in Cannae during the 4th quarter worth about $45,000. Strategic Financial Concepts LLC purchased a new stake in Cannae during the fourth quarter valued at about $281,000. Finally, State Street Corp boosted its holdings in shares of 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 buying an additional 25,403 shares during the period. Institutional investors own 88.12% of the company’s stock.

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.