Cannae (NYSE:CNNE) Sees Unusually-High Trading Volume - Here's Why

Shares of Cannae Holdings, Inc. (NYSE:CNNE - Get Free Report) saw unusually-high trading volume on Wednesday . Approximately 886,579 shares changed hands during mid-day trading, an increase of 184% from the previous session's volume of 312,602 shares.The stock last traded at $19.57 and had previously closed at $19.10.

Analyst Upgrades and Downgrades

Separately, Royal Bank of Canada cut their price target on shares of Cannae from $27.00 to $23.00 and set an "outperform" rating for the company in a report on Wednesday.

Cannae Stock Performance

The stock has a 50-day moving average of $19.51 and a 200 day moving average of $19.70. The company has a debt-to-equity ratio of 0.10, a quick ratio of 2.55 and a current ratio of 2.55. The firm has a market capitalization of $1.26 billion, a P/E ratio of -4.17 and a beta of 0.86.

Cannae Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Monday, March 17th will be paid a $0.12 dividend. The ex-dividend date of this dividend is Monday, March 17th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 2.40%. Cannae's dividend payout ratio (DPR) is presently -10.17%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in CNNE. Spire Wealth Management acquired a new stake in shares of Cannae in the fourth quarter valued at approximately $45,000. Oakview Capital Management L.P. acquired a new position in Cannae during the 3rd quarter worth $67,000. C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors bought a new position in Cannae in the 4th quarter valued at $76,000. R Squared Ltd bought a new stake in shares of Cannae during the fourth quarter worth $78,000. Finally, Nomura Asset Management Co. Ltd. lifted its stake in shares of Cannae by 133.0% during the fourth quarter. Nomura Asset Management Co. Ltd. now owns 4,268 shares of the company's stock valued at $85,000 after acquiring an additional 2,436 shares during the period. Institutional investors and hedge funds own 88.12% of the company's stock.

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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.