Cannae (NYSE:CNNE) Sets New 1-Year High After Dividend Announcement

Shares of Cannae Holdings, Inc. (NYSE:CNNE) hit a new 52-week high on Wednesday following a dividend announcement from the company. The stock traded as high as $18.29 and last traded at $18.1350, with a volume of 20,736 shares trading hands. The stock had previously closed at $17.65.

The newly announced dividend which will be paid on Thursday, December 31st. Investors of record on Thursday, December 17th will be paid a $0.15 dividend. This represents a $0.60 annualized dividend and a dividend yield of 3.4%. The ex-dividend date is Thursday, December 17th. Cannae’s dividend payout ratio (DPR) is presently -19.87%.

Analysts Set New Price Targets

A number of brokerages have weighed in on CNNE. Royal Bank Of Canada raised their target price on shares of Cannae from $16.00 to $17.00 and gave the company an “outperform” rating in a research note on Friday, October 9th. Wall Street Zen raised Cannae from a “sell” rating to a “hold” rating in a research report on Saturday, August 15th. Finally, Weiss Ratings downgraded Cannae from a “sell (d)” rating to a “sell (d-)” rating in a research note on Thursday, October 8th. Two equities research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, Cannae presently has an average rating of “Hold” and a consensus target price of $17.00.

Cannae Trading Down 1.0%

The stock has a market cap of $697.86 million, a PE ratio of -5.84 and a beta of 1.19. The company has a quick ratio of 1.24, a current ratio of 1.24 and a debt-to-equity ratio of 0.07. The stock’s fifty day moving average price is $15.95 and its 200 day moving average price is $14.26.

Cannae (NYSE:CNNE) last announced its quarterly earnings data on Monday, August 10th. The company reported $0.86 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.42) by $1.28. The company had revenue of $102.20 million during the quarter, compared to analyst estimates of $99.65 million. Cannae had a negative net margin of 38.18% and a negative return on equity of 14.10%.

Institutional Trading of Cannae

A number of institutional investors and hedge funds have recently modified their holdings of the business. Legal & General Group Plc bought a new stake in Cannae in the 2nd quarter worth approximately $1,460,000. Cygnus Capital Advisors LLC lifted its holdings in shares of Cannae by 39.7% during the 2nd quarter. Cygnus Capital Advisors LLC now owns 300,240 shares of the company’s stock valued at $4,323,000 after buying an additional 85,392 shares during the period. Private Management Group Inc. lifted its holdings in shares of Cannae by 4.4% during the 2nd quarter. Private Management Group Inc. now owns 2,404,943 shares of the company’s stock valued at $34,631,000 after buying an additional 101,200 shares during the period. BlackRock Inc. bought a new position in shares of Cannae during the 2nd quarter valued at $59,496,000. Finally, Bank of New York Mellon Corp bought a new position in shares of Cannae during the 2nd quarter valued at $2,222,000. Institutional investors own 88.12% of the company’s stock.

Cannae Company Profile

Cannae Holdings, Inc is a diversified investment company that manages a portfolio of operating businesses and strategic investments. The company focuses on sectors including restaurants, financial services, payments, and business services, with the goal of building long-term value through active ownership and capital allocation.

Cannae has held interests in a range of companies, including restaurant operators, payment technology businesses, and providers of financial and business services.