Cannae (NYSE:CNNE) Sets New 52-Week Low Following Analyst Downgrade

Shares of Cannae Holdings, Inc. (NYSE:CNNE) hit a new 52-week low during mid-day trading on Monday after Oppenheimer lowered their price target on the stock from $27.00 to $22.00. Oppenheimer currently has an outperform rating on the stock. Cannae traded as low as $16.94 and last traded at $16.88, with a volume of 885566 shares. The stock had previously closed at $17.79.

Separately, Royal Bank of Canada reduced 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.

Institutional Trading of Cannae

Hedge funds have recently made changes to their positions in the stock. Spire Wealth Management bought a new stake in shares of Cannae during the 4th quarter worth $45,000. Oakview Capital Management L.P. bought a new position in shares of Cannae during the third quarter valued at about $67,000. C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors bought a new position in shares of Cannae during the fourth quarter valued at about $76,000. R Squared Ltd bought a new position in Cannae in the fourth quarter worth about $78,000. Finally, Nomura Asset Management Co. Ltd. raised its stake in Cannae by 133.0% in 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 in the last quarter. 88.12% of the stock is owned by institutional investors.

Cannae Trading Down 5.3 %

The company has a market capitalization of $1.06 billion, a P/E ratio of -3.50 and a beta of 0.86. The company has a debt-to-equity ratio of 0.10, a current ratio of 2.55 and a quick ratio of 2.55. The stock’s 50 day moving average is $19.31 and its 200-day moving average is $19.65.

Cannae Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Monday, March 17th will be issued a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a yield of 2.85%. The ex-dividend date of this dividend is Monday, March 17th. Cannae’s dividend payout ratio (DPR) is presently -10.17%.

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.