Cannae (NYSE:CNNE) Shares Gap Down – Here’s Why

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 trading hands.

Analyst Upgrades and Downgrades

A number of research firms have commented on CNNE. Royal Bank of Canada lowered their price objective on Cannae from $27.00 to $23.00 and set an “outperform” rating on the stock in a research note on Wednesday, February 26th. Oppenheimer decreased their price target on Cannae from $27.00 to $22.00 and set an “outperform” rating on the stock in a research report on Friday, March 7th.

Cannae Stock Performance

The stock’s fifty day moving average price is $18.84 and its two-hundred day moving average price is $19.46. The company has a market cap of $1.18 billion, a P/E 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.

Cannae Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Monday, March 17th will be paid 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 payout ratio is -10.17%.

Cannae announced that its Board of Directors has authorized a stock repurchase program on Tuesday, March 25th that allows the company to buyback 10,000,000 shares. This buyback authorization allows the company to purchase shares of its stock through open market purchases. Stock buyback programs are often an indication that the company’s leadership believes its shares are undervalued.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. Spire Wealth Management acquired a new stake in shares of Cannae in the 4th quarter valued at approximately $45,000. C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors acquired a new stake in Cannae in the fourth quarter valued at approximately $76,000. R Squared Ltd acquired a new stake in Cannae in the fourth quarter valued at approximately $78,000. Nomura Asset Management Co. Ltd. grew its stake in shares of Cannae by 133.0% during the fourth quarter. Nomura Asset Management Co. Ltd. now owns 4,268 shares of the company’s stock worth $85,000 after buying an additional 2,436 shares during the last quarter. Finally, Blue Trust Inc. increased its holdings in shares of Cannae by 457.9% during the fourth quarter. Blue Trust Inc. now owns 4,949 shares of the company’s stock worth $94,000 after buying an additional 4,062 shares in the last quarter. 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.