Cannae (NYSE:CNNE) Board of Directors Announces Stock Buyback Program

Cannae (NYSE:CNNE - Get Free Report) announced that its board has initiated a share buyback program on Tuesday, March 25th, RTT News reports. The company plans to repurchase 10,000,000 outstanding shares. This repurchase authorization permits the company to buy shares of its stock through open market purchases. Shares repurchase programs are often an indication that the company's board of directors believes its stock is undervalued.

Analyst Ratings Changes

CNNE has been the subject of a number of research reports. Royal Bank of Canada lowered their target price on Cannae from $27.00 to $23.00 and set an "outperform" rating for the company in a research report on Wednesday, February 26th. Oppenheimer dropped their price objective 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.

Cannae Trading Down 1.8 %

NYSE CNNE traded down $0.33 during trading hours on Friday, hitting $18.51. 872,402 shares of the company were exchanged, compared to its average volume of 463,259. The stock has a market cap of $1.16 billion, a PE ratio of -3.85 and a beta of 0.86. Cannae has a 52 week low of $15.99 and a 52 week high of $22.99. The stock has a 50-day moving average price of $18.83 and a 200 day moving average price of $19.46. 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 Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Monday, March 17th will be issued a dividend of $0.12 per share. The ex-dividend date is Monday, March 17th. This represents a $0.48 annualized dividend and a yield of 2.59%. Cannae's payout ratio is presently -10.17%.

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.