Cannae (NYSE:CNNE) Upgraded to “Hold” at Zacks Research

Zacks Research upgraded shares of Cannae (NYSE:CNNE) from a strong sell rating to a hold rating in a research note published on Wednesday,Zacks.com reports.

Other equities research analysts also recently issued reports about the company. Weiss Ratings reiterated a “sell (d-)” rating on shares of Cannae in a report on Tuesday. Royal Bank Of Canada lifted their price objective on Cannae from $22.00 to $26.00 and gave the stock an “outperform” rating in a report on Thursday, July 10th. Two analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $24.00.

Cannae Price Performance

NYSE CNNE opened at $18.14 on Wednesday. Cannae has a one year low of $15.91 and a one year high of $22.36. The stock has a 50-day moving average of $18.64 and a 200 day moving average of $19.04. The company has a market capitalization of $1.02 billion, a price-to-earnings ratio of -2.71 and a beta of 1.09. The company has a debt-to-equity ratio of 0.05, a quick ratio of 2.78 and a current ratio of 2.78.

Cannae Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, September 30th. Shareholders of record on Tuesday, September 16th were paid a dividend of $0.15 per share. The ex-dividend date was Tuesday, September 16th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 3.3%. This is an increase from Cannae’s previous quarterly dividend of $0.12. Cannae’s dividend payout ratio is presently -8.96%.

Insider Activity

In other Cannae news, Director Frank R. Martire sold 26,478 shares of the business’s stock in a transaction dated Tuesday, September 2nd. The stock was sold at an average price of $18.43, for a total transaction of $487,989.54. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 10.90% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Cannae

A number of large investors have recently made changes to their positions in CNNE. Newtyn Management LLC lifted its position in shares of Cannae by 143.4% during the 1st quarter. Newtyn Management LLC now owns 4,600,000 shares of the company’s stock valued at $84,318,000 after buying an additional 2,710,000 shares in the last quarter. Carronade Capital Management LP lifted its position in shares of Cannae by 66.2% during the 1st quarter. Carronade Capital Management LP now owns 2,874,116 shares of the company’s stock valued at $52,683,000 after buying an additional 1,145,190 shares in the last quarter. Nuveen LLC purchased a new position in shares of Cannae during the 1st quarter valued at about $14,816,000. Private Management Group Inc. lifted its position in shares of Cannae by 91.1% during the 1st quarter. Private Management Group Inc. now owns 1,601,334 shares of the company’s stock valued at $29,352,000 after buying an additional 763,324 shares in the last quarter. Finally, Rubric Capital Management LP lifted its position in shares of Cannae by 41.3% during the 2nd quarter. Rubric Capital Management LP now owns 2,105,864 shares of the company’s stock valued at $43,907,000 after buying an additional 615,616 shares in the last quarter. 88.12% of the stock is currently owned by institutional investors.

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.