Raymond James Financial Inc. Purchases New Stake in Cannae Holdings, Inc. (NYSE:CNNE)

Raymond James Financial Inc. bought a new stake in shares of Cannae Holdings, Inc. (NYSE:CNNE - Free Report) during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm bought 295,378 shares of the company's stock, valued at approximately $5,866,000. Raymond James Financial Inc. owned 0.47% of Cannae at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. Private Management Group Inc. acquired a new stake in Cannae in the fourth quarter worth approximately $16,643,000. Highbridge Capital Management LLC lifted its holdings in shares of Cannae by 12.0% in the fourth quarter. Highbridge Capital Management LLC now owns 581,088 shares of the company's stock valued at $11,540,000 after buying an additional 62,437 shares during the period. JPMorgan Chase & Co. boosted its stake in Cannae by 10.9% during 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. Crescent Grove Advisors LLC raised its position in Cannae by 1.2% in the fourth quarter. Crescent Grove Advisors LLC now owns 324,220 shares of the company's stock worth $6,439,000 after acquiring an additional 3,957 shares in the last quarter. Finally, Bank of New York Mellon Corp raised its position in Cannae by 31.4% in the fourth quarter. Bank of New York Mellon Corp now owns 263,659 shares of the company's stock worth $5,236,000 after acquiring an additional 62,987 shares in the last quarter. 88.12% of the stock is currently owned by institutional investors.

Cannae Price Performance

NYSE CNNE remained flat at $17.91 on Monday. The company's stock had a trading volume of 494,794 shares, compared to its average volume of 450,888. The company has a quick ratio of 2.55, a current ratio of 2.55 and a debt-to-equity ratio of 0.10. Cannae Holdings, Inc. has a 12-month low of $15.92 and a 12-month high of $22.36. The company has a market cap of $1.12 billion, a price-to-earnings ratio of -3.72 and a beta of 0.89. The company's fifty day moving average price is $17.87 and its 200 day moving average price is $19.22.

Cannae declared that its board has authorized a stock repurchase program on Tuesday, March 25th that permits the company to buyback 10,000,000 outstanding shares. This buyback authorization permits the company to repurchase shares of its stock through open market purchases. Stock buyback programs are often an indication that the company's board believes its stock is undervalued.

Cannae Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Monday, March 17th were issued a dividend of $0.12 per share. The ex-dividend date was Monday, March 17th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 2.68%. Cannae's dividend payout ratio is currently -10.17%.

Analyst Ratings Changes

Several research firms recently commented on CNNE. Oppenheimer cut their target price on shares of Cannae from $27.00 to $22.00 and set an "outperform" rating for the company in a research note on Friday, March 7th. Royal Bank of Canada dropped their price target on Cannae from $27.00 to $23.00 and set an "outperform" rating on the stock in a report 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.