Alliancebernstein L.P. Reduces Stock Holdings in Cannae Holdings, Inc. (NYSE:CNNE)

Alliancebernstein L.P. lessened its stake in Cannae Holdings, Inc. (NYSE:CNNE) by 13.8% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 61,200 shares of the company’s stock after selling 9,780 shares during the period. Alliancebernstein L.P. owned 0.10% of Cannae worth $1,215,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently added to or reduced their stakes in CNNE. JPMorgan Chase & Co. increased its holdings in shares of Cannae by 10.9% in the third quarter. JPMorgan Chase & Co. now owns 454,688 shares of the company’s stock valued at $8,666,000 after purchasing an additional 44,691 shares during the period. Barclays PLC grew its position in Cannae by 221.9% in the 3rd quarter. Barclays PLC now owns 95,378 shares of the company’s stock valued at $1,818,000 after buying an additional 65,749 shares during the last quarter. Spire Wealth Management acquired a new position in Cannae in the 4th quarter valued at $45,000. Strategic Financial Concepts LLC purchased a new position in Cannae during the 4th quarter worth $281,000. Finally, State Street Corp lifted its stake in shares of Cannae by 1.6% in the 3rd quarter. State Street Corp now owns 1,605,351 shares of the company’s stock worth $30,598,000 after acquiring an additional 25,403 shares during the period. Hedge funds and other institutional investors own 88.12% of the company’s stock.

Cannae Trading Down 0.2 %

NYSE:CNNE opened at $17.33 on Friday. The business’s 50-day moving average is $18.11 and its two-hundred day moving average is $19.25. The firm has a market capitalization of $1.09 billion, a PE ratio of -3.60 and a beta of 0.89. Cannae Holdings, Inc. has a 12 month low of $15.92 and a 12 month high of $22.36. The company has a debt-to-equity ratio of 0.10, a current ratio of 2.55 and a quick ratio of 2.55.

Cannae declared that its board has approved a share repurchase program on Tuesday, March 25th that permits the company to buyback 10,000,000 outstanding shares. This buyback authorization permits the company to buy shares of its stock through open market purchases. Shares buyback programs are generally an indication that the company’s leadership believes its stock is undervalued.

Cannae Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Monday, March 17th were paid a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a dividend yield of 2.77%. The ex-dividend date of this dividend was Monday, March 17th. Cannae’s dividend payout ratio (DPR) is currently -10.17%.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on CNNE. Oppenheimer decreased their price target on Cannae from $27.00 to $22.00 and set an “outperform” rating on the stock in a research note on Friday, March 7th. Royal Bank of Canada lowered their target price on Cannae from $27.00 to $23.00 and set an “outperform” rating on the stock in a report on Wednesday, February 26th.

Cannae 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.