Cannae (NYSE:CNNE) Shares Gap Up – Still a Buy?

Cannae Holdings, Inc. (NYSE:CNNE) gapped up prior to trading on Thursday . The stock had previously closed at $16.98, but opened at $17.35. Cannae shares last traded at $17.62, with a volume of 46,150 shares traded.

Analyst Upgrades and Downgrades

Several analysts have issued reports on CNNE shares. Royal Bank of Canada decreased their price objective on shares of Cannae from $27.00 to $23.00 and set an “outperform” rating for the company in a research note on Wednesday, February 26th. Oppenheimer cut their price objective on shares of Cannae from $27.00 to $22.00 and set an “outperform” rating on the stock in a report on Friday, March 7th.

Cannae Trading Up 7.7 %

The company has a market capitalization of $1.18 billion, a PE ratio of -3.91 and a beta of 0.86. The company’s fifty day moving average is $18.84 and its 200-day moving average is $19.47. 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 Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Investors 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 2.55%. The ex-dividend date of this dividend is Monday, March 17th. Cannae’s payout ratio is -10.17%.

Hedge Funds Weigh In On Cannae

Institutional investors and hedge funds have recently bought and sold shares of the company. Spire Wealth Management purchased a new position in Cannae in the fourth quarter worth $45,000. C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors purchased a new position in Cannae in the fourth quarter worth $76,000. R Squared Ltd purchased a new position in Cannae in the fourth quarter worth $78,000. Nomura Asset Management Co. Ltd. grew its holdings in Cannae by 133.0% in the fourth quarter. Nomura Asset Management Co. Ltd. now owns 4,268 shares of the company’s stock worth $85,000 after purchasing an additional 2,436 shares during the last quarter. Finally, Blue Trust Inc. grew its holdings in Cannae by 457.9% in the fourth quarter. Blue Trust Inc. now owns 4,949 shares of the company’s stock worth $94,000 after purchasing an additional 4,062 shares during the last quarter. 88.12% of the stock is owned by hedge funds and other institutional investors.

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.