Highbridge Capital Management LLC Has $11.54 Million Position in Cannae Holdings, Inc. (NYSE:CNNE)

Highbridge Capital Management LLC raised its stake in shares of Cannae Holdings, Inc. (NYSE:CNNE - Free Report) by 12.0% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 581,088 shares of the company's stock after acquiring an additional 62,437 shares during the quarter. Highbridge Capital Management LLC owned approximately 0.93% of Cannae worth $11,540,000 at the end of the most recent quarter.

Other hedge funds also recently added to or reduced their stakes in the company. Private Management Group Inc. bought a new position in Cannae in the fourth quarter worth about $16,643,000. FMR LLC raised its position in shares of Cannae by 17.6% during the 3rd quarter. FMR LLC now owns 2,653,854 shares of the company's stock worth $50,582,000 after purchasing an additional 397,352 shares during the period. Raymond James Financial Inc. bought a new stake in shares of Cannae in the 4th quarter worth approximately $5,866,000. Levin Capital Strategies L.P. boosted its position in Cannae by 435.4% during the 4th quarter. Levin Capital Strategies L.P. now owns 157,397 shares of the company's stock valued at $3,126,000 after purchasing an additional 128,000 shares during the period. Finally, Barclays PLC grew its stake in Cannae by 221.9% during the 3rd quarter. Barclays PLC now owns 95,378 shares of the company's stock worth $1,818,000 after buying an additional 65,749 shares during the last quarter. 88.12% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on CNNE shares. Oppenheimer reduced their price target on shares of Cannae from $27.00 to $22.00 and set an "outperform" rating for the company in a report on Friday, March 7th. Royal Bank of Canada decreased 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.

Cannae Stock Performance

CNNE stock traded up $0.22 during trading on Tuesday, reaching $18.55. 160,013 shares of the company's stock were exchanged, compared to its average volume of 463,111. The firm has a market cap of $1.16 billion, a PE ratio of -3.86 and a beta of 0.86. 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 1-year low of $15.99 and a 1-year high of $22.99. The company's fifty day moving average price is $18.82 and its 200-day moving average price is $19.46.

Cannae Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Monday, March 17th were issued a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a dividend yield of 2.59%. The ex-dividend date of this dividend was Monday, March 17th. Cannae's payout ratio is -10.17%.

Cannae declared that its Board of Directors has authorized a share repurchase plan on Tuesday, March 25th that allows the company to buyback 10,000,000 outstanding shares. This buyback authorization allows the company to buy shares of its stock through open market purchases. Stock buyback plans are usually a sign that the company's management believes its stock is undervalued.

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.