Cannae (NYSE:CNNE) Board Declares Stock Repurchase Program

Cannae (NYSE:CNNE) announced that its Board of Directors has authorized a share repurchase plan on Tuesday, March 25th, RTT News reports. The company plans to buyback 10,000,000 outstanding shares. This buyback authorization authorizes the company to purchase shares of its stock through open market purchases. Shares buyback plans are usually a sign that the company’s board of directors believes its shares are undervalued.

Cannae Trading Down 0.8 %

Shares of NYSE:CNNE opened at $18.86 on Friday. The business has a 50 day moving average of $18.84 and a two-hundred day moving average of $19.46. Cannae has a 12-month low of $15.99 and a 12-month 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 current ratio of 2.55, a quick ratio of 2.55 and a debt-to-equity ratio of 0.10.

Cannae Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Stockholders 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 dividend yield of 2.55%. The ex-dividend date of this dividend is Monday, March 17th. Cannae’s payout ratio is currently -10.17%.

Analyst Ratings Changes

A number of research analysts have recently weighed in on the company. Oppenheimer cut their price objective 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 reduced their target price 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.

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.