Cannae (NYSE:CNNE) Shares Gap Up – What’s Next?

Cannae Holdings, Inc. (NYSE:CNNE)’s stock price gapped up before the market opened on Thursday . The stock had previously closed at $16.98, but opened at $17.35. Cannae shares last traded at $17.62, with a volume of 46,150 shares.

Analysts Set New Price Targets

CNNE has been the subject of several research reports. 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 note on Wednesday, February 26th. Oppenheimer lowered their price objective 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.

Cannae Stock Up 7.7 %

The company has a market capitalization of $1.18 billion, a price-to-earnings ratio of -3.91 and a beta of 0.86. The business’s 50-day moving average is $18.84 and its 200-day moving average is $19.47. The company has a quick ratio of 2.55, a current ratio of 2.55 and a debt-to-equity ratio of 0.10.

Cannae Announces Dividend

The firm 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 dividend payout ratio is presently -10.17%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Ameriflex Group Inc. acquired a new position in Cannae during the fourth quarter valued at $122,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in shares of Cannae by 10.4% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 173,116 shares of the company’s stock worth $3,438,000 after acquiring an additional 16,272 shares during the period. Voloridge Investment Management LLC acquired a new position in shares of Cannae in the fourth quarter worth about $230,000. Two Sigma Advisers LP acquired a new position in shares of Cannae in the fourth quarter worth about $451,000. Finally, Two Sigma Investments LP raised its position in shares of Cannae by 357.8% in the fourth quarter. Two Sigma Investments LP now owns 67,328 shares of the company’s stock worth $1,337,000 after acquiring an additional 52,621 shares during the period. 88.12% of the stock is currently owned by institutional investors and hedge funds.

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.