Cannae (NYSE:CNNE) Price Target Raised to $17.00

Cannae (NYSE:CNNE) had its price target increased by Royal Bank Of Canada from $16.00 to $17.00 in a research note published on Friday morning, Marketbeat reports. The firm currently has an outperform rating on the stock.

CNNE has been the subject of a number of other research reports. Wall Street Zen upgraded shares of Cannae from a “sell” rating to a “hold” rating in a research note on Saturday, August 15th. Weiss Ratings raised Cannae from a “sell (d-)” rating to a “sell (d)” rating in a report on Wednesday, August 26th. Two equities research 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. According to data from MarketBeat, Cannae presently has an average rating of “Hold” and an average target price of $17.00.

Cannae Price Performance

Shares of Cannae stock opened at $15.53 on Friday. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.24 and a current ratio of 1.24. The firm’s 50-day simple moving average is $15.37 and its 200-day simple moving average is $14.29. Cannae has a twelve month low of $10.46 and a twelve month high of $19.00. The firm has a market cap of $673.62 million, a P/E ratio of -5.14 and a beta of 1.23.

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

Cannae Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, September 30th. Shareholders of record on Wednesday, September 16th were paid a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 3.9%. The ex-dividend date was Wednesday, September 16th. Cannae’s dividend payout ratio is currently -19.87%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in CNNE. BlackRock Inc. bought a new stake in shares of Cannae in the 2nd quarter worth about $59,496,000. Private Management Group Inc. increased its position 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 worth $34,631,000 after purchasing an additional 101,200 shares in the last quarter. Poehling Capital Management INC. increased its position in shares of Cannae by 46.4% during the 1st quarter. Poehling Capital Management INC. now owns 954,190 shares of the company’s stock worth $10,849,000 after purchasing an additional 302,494 shares in the last quarter. Almitas Capital LLC bought a new position in Cannae during the 2nd quarter valued at about $10,675,000. Finally, Cygnus Capital Advisors LLC lifted its holdings in 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 purchasing an additional 85,392 shares during the last quarter. 88.12% of the stock is owned by institutional investors.

Cannae Company Profile

Cannae Holdings, Inc (NYSE: CNNE) is a diversified holding company that invests in and manages operating businesses and other strategic investments. The company focuses on building long-term value through ownership interests in businesses across sectors including financial services, payments, software, data and analytics, restaurants, and consumer services.

Cannae’s portfolio has included both controlling and minority investments in public and private companies. Its activities may involve providing capital, strategic oversight, and operational support to portfolio companies, while also managing investments in publicly traded securities and other assets.