Cannae (NYSE:CNNE) Hits New 12-Month High Following Dividend Announcement

Cannae Holdings, Inc. (NYSE:CNNE) reached a new 52-week high during mid-day trading on Wednesday following a dividend announcement from the company. The stock traded as high as $18.29 and last traded at $18.1350, with a volume of 20,736 shares traded. The stock had previously closed at $17.65.

The newly announced dividend which will be paid on Thursday, December 31st. Shareholders of record on Thursday, December 17th will be issued a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 3.4%. The ex-dividend date of this dividend is Thursday, December 17th. Cannae’s dividend payout ratio (DPR) is currently -19.87%.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on CNNE. Weiss Ratings lowered Cannae from a “sell (d)” rating to a “sell (d-)” rating in a research note on Thursday, October 8th. Royal Bank Of Canada upped their price objective on shares of Cannae from $16.00 to $17.00 and gave the company an “outperform” rating in a report on Friday, October 9th. Finally, Wall Street Zen raised shares of Cannae from a “sell” rating to a “hold” rating in a research report on Saturday, August 15th. Two research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $17.00.

Cannae Price Performance

The company’s 50 day moving average price is $15.95 and its 200 day moving average price is $14.26. The company has a current ratio of 1.24, a quick ratio of 1.24 and a debt-to-equity ratio of 0.07.

Cannae (NYSE:CNNE) last announced its quarterly earnings data on Monday, August 10th. The company reported $0.86 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.42) by $1.28. Cannae had a negative net margin of 38.18% and a negative return on equity of 14.10%. The firm had revenue of $102.20 million for the quarter, compared to analyst estimates of $99.65 million.

Institutional Trading of Cannae

Several large investors have recently added to or reduced their stakes in CNNE. Nykredit A S purchased a new stake in shares of Cannae in the second quarter worth about $25,000. GAMMA Investing LLC raised its position in Cannae by 147.0% during the second quarter. GAMMA Investing LLC now owns 2,008 shares of the company’s stock valued at $29,000 after acquiring an additional 1,195 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new position in Cannae during the second quarter valued at approximately $30,000. Essential Partners LLC raised its position in Cannae by 2,913.0% during the first quarter. Essential Partners LLC now owns 2,772 shares of the company’s stock valued at $32,000 after acquiring an additional 2,680 shares in the last quarter. Finally, Allworth Financial LP purchased a new position in Cannae during the second quarter valued at approximately $32,000. Hedge funds and other institutional investors own 88.12% of the company’s stock.

Cannae Company Profile

Cannae Holdings, Inc is a diversified investment company that manages a portfolio of operating businesses and strategic investments. The company focuses on sectors including restaurants, financial services, payments, and business services, with the goal of building long-term value through active ownership and capital allocation.

Cannae has held interests in a range of companies, including restaurant operators, payment technology businesses, and providers of financial and business services.