Cannae (NYSE:CNNE - Free Report) had its price target decreased by Royal Bank of Canada from $27.00 to $23.00 in a research note released on Wednesday,Benzinga reports. Royal Bank of Canada currently has an outperform rating on the stock.
Cannae Price Performance
CNNE traded up $0.40 during midday trading on Wednesday, hitting $20.04. 891,668 shares of the company traded hands, compared to its average volume of 365,891. The company has a current ratio of 2.55, a quick ratio of 2.55 and a debt-to-equity ratio of 0.10. The company has a market capitalization of $1.26 billion, a price-to-earnings ratio of -4.17 and a beta of 0.86. Cannae has a 52-week low of $16.94 and a 52-week high of $22.99. The business has a 50 day simple moving average of $19.51 and a two-hundred day simple moving average of $19.69.
Cannae Announces Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Monday, March 17th will be issued a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a yield of 2.40%. The ex-dividend date of this dividend is Monday, March 17th. Cannae's payout ratio is -10.17%.
Hedge Funds Weigh In On Cannae
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Ameriflex Group Inc. purchased a new position in Cannae during the fourth quarter valued at $122,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in shares of Cannae by 10.4% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 173,116 shares of the company's stock worth $3,438,000 after buying an additional 16,272 shares in the last quarter. Voloridge Investment Management LLC purchased a new position in shares of Cannae in the fourth quarter worth about $230,000. Two Sigma Advisers LP purchased a new position in shares of Cannae in the fourth quarter worth about $451,000. Finally, Two Sigma Investments LP lifted its stake 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 buying an additional 52,621 shares in the last quarter. 88.12% of the stock is owned by hedge funds and other institutional investors.
About Cannae
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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.
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