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

Cannae Holdings, Inc. (NYSE:CNNE)’s stock price gapped down before the market opened 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.

Analyst Upgrades and Downgrades

CNNE has been the subject of several recent research reports. 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 note on Friday, March 7th. Royal Bank of Canada reduced their price objective on Cannae from $27.00 to $23.00 and set an “outperform” rating for the company in a research note on Wednesday, February 26th.

Cannae Stock Performance

The company has a market capitalization of $1.19 billion, a price-to-earnings ratio of -3.92 and a beta of 0.86. The firm’s 50 day simple moving average is $18.85 and its 200-day simple moving average is $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 firm also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Monday, March 17th will be paid a dividend of $0.12 per share. The ex-dividend date is Monday, March 17th. This represents a $0.48 annualized dividend and a yield of 2.54%. Cannae’s dividend payout ratio (DPR) is presently -10.17%.

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

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of CNNE. Continental Advisors LLC lifted its holdings in shares of Cannae by 0.3% during the 4th quarter. Continental Advisors LLC now owns 239,623 shares of the company’s stock valued at $4,759,000 after buying an additional 624 shares during the last quarter. BNP Paribas Financial Markets grew its position in Cannae by 10.2% in the third quarter. BNP Paribas Financial Markets now owns 12,384 shares of the company’s stock worth $236,000 after acquiring an additional 1,150 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in shares of Cannae by 3.7% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 32,060 shares of the company’s stock worth $637,000 after purchasing an additional 1,151 shares during the last quarter. Global Retirement Partners LLC raised its holdings in shares of Cannae by 29.6% during the 4th quarter. Global Retirement Partners LLC now owns 5,251 shares of the company’s stock valued at $104,000 after purchasing an additional 1,198 shares in the last quarter. Finally, Y Intercept Hong Kong Ltd lifted its stake in shares of Cannae by 9.8% in the 3rd quarter. Y Intercept Hong Kong Ltd now owns 20,133 shares of the company’s stock valued at $384,000 after purchasing an additional 1,789 shares during the last quarter. Hedge funds and other 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.