Cannae (NYSE:CNNE) Board of Directors Announces Stock Repurchase Plan

Cannae (NYSE:CNNE) announced that its board has initiated a share buyback plan on Tuesday, March 25th, RTT News reports. The company plans to repurchase 10,000,000 outstanding shares. This repurchase authorization allows the company to reacquire shares of its stock through open market purchases. Shares repurchase plans are often a sign that the company’s leadership believes its stock is undervalued.

Cannae Stock Performance

CNNE stock traded up $0.68 during trading on Tuesday, reaching $19.43. 1,299,571 shares of the stock were exchanged, compared to its average volume of 457,581. Cannae has a twelve month low of $15.99 and a twelve month high of $22.99. The company has a current ratio of 2.55, a quick ratio of 2.55 and a debt-to-equity ratio of 0.10. The company has a market capitalization of $1.22 billion, a P/E ratio of -4.04 and a beta of 0.86. The stock has a 50 day simple moving average of $18.84 and a 200-day simple moving average of $19.47.

Cannae Announces Dividend

The company 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. This represents a $0.48 annualized dividend and a dividend yield of 2.47%. The ex-dividend date is Monday, March 17th. Cannae’s payout ratio is presently -10.17%.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on the company. Oppenheimer reduced their price objective on Cannae from $27.00 to $22.00 and set an “outperform” rating for the company in a research report on Friday, March 7th. Royal Bank of Canada cut their target price 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.

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.