Short Interest in Cannae Holdings, Inc. (NYSE:CNNE) Increases By 29.9%

Cannae Holdings, Inc. (NYSE:CNNE) saw a large increase in short interest during the month of April. As of April 15th, there was short interest totalling 1,870,000 shares, an increase of 29.9% from the March 31st total of 1,440,000 shares. Based on an average daily trading volume, of 634,400 shares, the days-to-cover ratio is presently 2.9 days. Approximately 3.4% of the shares of the company are sold short.

Analyst Ratings Changes

CNNE has been the subject of several research reports. Royal Bank of Canada cut their price objective 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 target on Cannae from $27.00 to $22.00 and set an “outperform” rating for the company in a research note on Friday, March 7th.

Cannae Stock Performance

NYSE CNNE opened at $18.12 on Friday. Cannae has a 12-month low of $15.92 and a 12-month high of $22.36. The firm has a 50-day moving average price of $17.73 and a two-hundred day moving average price of $19.19. The company has a market capitalization of $1.14 billion, a P/E ratio of -3.77 and a beta of 0.89. 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 Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Monday, March 17th were given a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a yield of 2.65%. The ex-dividend date of this dividend was Monday, March 17th. Cannae’s dividend payout ratio is currently -10.17%.

Cannae announced that its board has authorized a share repurchase plan on Tuesday, March 25th that authorizes the company to buyback 10,000,000 shares. This buyback authorization authorizes the company to repurchase shares of its stock through open market purchases. Stock buyback plans are often an indication that the company’s board believes its stock is undervalued.

Institutional Trading of Cannae

Several large investors have recently modified their holdings of CNNE. Spire Wealth Management bought a new position in shares of Cannae in the fourth quarter worth about $45,000. C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors bought a new stake in Cannae during the 4th quarter worth $76,000. R Squared Ltd acquired a new position in Cannae in the 4th quarter worth about $78,000. Nomura Asset Management Co. Ltd. increased its stake in shares of Cannae by 133.0% in the fourth quarter. Nomura Asset Management Co. Ltd. now owns 4,268 shares of the company’s stock valued at $85,000 after buying an additional 2,436 shares during the period. Finally, Blue Trust Inc. raised its holdings in Cannae by 457.9% in the 4th quarter. Blue Trust Inc. now owns 4,949 shares of the company’s stock valued at $94,000 after buying an additional 4,062 shares during the last quarter. 88.12% of the stock is owned by institutional investors and hedge funds.

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.