Cannae (NYSE:CNNE) Reaches New 1-Year Low on 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 changing hands. The stock had previously closed at $17.79.

Separately, Royal Bank of Canada reduced their target price on shares of Cannae from $27.00 to $23.00 and set an “outperform” rating on the stock in a research note on Wednesday, February 26th.

Hedge Funds Weigh In On Cannae

Several institutional investors and hedge funds have recently modified their holdings of the stock. JPMorgan Chase & Co. boosted its stake in Cannae by 10.9% in the third quarter. JPMorgan Chase & Co. now owns 454,688 shares of the company’s stock valued at $8,666,000 after buying an additional 44,691 shares in the last quarter. Barclays PLC lifted its stake in shares of Cannae by 221.9% in the 3rd quarter. Barclays PLC now owns 95,378 shares of the company’s stock valued at $1,818,000 after purchasing an additional 65,749 shares during the period. Spire Wealth Management acquired a new stake in Cannae during the fourth quarter worth approximately $45,000. Strategic Financial Concepts LLC bought a new stake in Cannae in the fourth quarter worth approximately $281,000. Finally, State Street Corp lifted its stake in Cannae by 1.6% in the third quarter. State Street Corp now owns 1,605,351 shares of the company’s stock valued at $30,598,000 after buying an additional 25,403 shares during the period. 88.12% of the stock is currently owned by institutional investors and hedge funds.

Cannae Trading Down 5.0 %

The firm’s 50-day moving average price is $19.37 and its 200 day moving average price is $19.67. The company has a market cap of $1.06 billion, a price-to-earnings ratio of -3.51 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 business also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Monday, March 17th will be issued a dividend of $0.12 per share. The ex-dividend date of this dividend is Monday, March 17th. This represents a $0.48 annualized dividend and a dividend yield of 2.84%. Cannae’s dividend payout ratio is currently -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.