Cannae (NYSE:CNNE) Board Initiates Stock Buyback Program

Cannae (NYSE:CNNE) announced that its Board of Directors has initiated a stock 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 reacquire shares of its stock through open market purchases. Shares buyback plans are often a sign that the company’s management believes its shares are undervalued.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on CNNE. Royal Bank of Canada decreased 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. Oppenheimer decreased their price target on shares of Cannae from $27.00 to $22.00 and set an “outperform” rating for the company in a research report on Friday, March 7th.

Cannae Stock Up 3.6 %

Cannae stock opened at $19.43 on Wednesday. Cannae has a 1-year low of $15.99 and a 1-year high of $22.99. The business has a fifty day moving average price of $18.85 and a 200-day moving average price of $19.47. 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 has a market capitalization of $1.22 billion, a price-to-earnings ratio of -4.04 and a beta of 0.86.

Cannae Announces Dividend

The firm also recently declared 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 annualized dividend and a yield of 2.47%. The ex-dividend date is Monday, March 17th. Cannae’s dividend payout ratio is presently -10.17%.

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.