Cannae (NYSE:CNNE) Stock Price Up 6.5% - Here's Why

Shares of Cannae Holdings, Inc. (NYSE:CNNE - Get Free Report) rose 6.5% during trading on Friday . The stock traded as high as $18.73 and last traded at $18.58. Approximately 864,768 shares were traded during mid-day trading, an increase of 91% from the average daily volume of 453,569 shares. The stock had previously closed at $17.45.

Analysts Set New Price Targets

A number of research firms have recently weighed in on CNNE. Royal Bank of Canada reduced their target price on shares of Cannae from $27.00 to $23.00 and set an "outperform" rating for the company in a research report on Wednesday, February 26th. Oppenheimer reduced their price objective on Cannae from $27.00 to $22.00 and set an "outperform" rating for the company in a report on Friday, March 7th.

Cannae Stock Performance

The firm has a market capitalization of $1.20 billion, a PE ratio of -3.96 and a beta of 0.86. The company has a debt-to-equity ratio of 0.10, a current ratio of 2.55 and a quick ratio of 2.55. The company's fifty day simple moving average is $18.84 and its 200 day simple moving average is $19.47.

Cannae Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Monday, March 17th will be paid a dividend of $0.12 per share. The ex-dividend date of this dividend is Monday, March 17th. This represents a $0.48 annualized dividend and a yield of 2.51%. Cannae's dividend payout ratio is currently -10.17%.

Institutional Investors Weigh In On Cannae

Several large investors have recently added to or reduced their stakes in CNNE. Ameriflex Group Inc. bought a new stake in shares of Cannae in the 4th quarter worth approximately $122,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in Cannae by 10.4% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 173,116 shares of the company's stock valued at $3,438,000 after acquiring an additional 16,272 shares during the period. Voloridge Investment Management LLC purchased a new stake in shares of Cannae during the fourth quarter valued at approximately $230,000. Two Sigma Advisers LP bought a new position in shares of Cannae in the fourth quarter worth approximately $451,000. Finally, Two Sigma Investments LP grew its holdings in shares of Cannae by 357.8% in the fourth quarter. Two Sigma Investments LP now owns 67,328 shares of the company's stock worth $1,337,000 after purchasing an additional 52,621 shares during the last quarter. Institutional investors own 88.12% of the company's stock.

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.