Cannae (NYSE:CNNE) Price Target Lowered to $23.00 at Royal Bank of Canada

Cannae (NYSE:CNNE) had its target price reduced by Royal Bank of Canada from $27.00 to $23.00 in a research note published on Wednesday morning,Benzinga reports. They currently have an outperform rating on the stock.

Cannae Trading Up 2.3 %

NYSE CNNE opened at $19.53 on Wednesday. Cannae has a twelve month low of $16.94 and a twelve month high of $22.99. The company has a debt-to-equity ratio of 0.10, a quick ratio of 2.55 and a current ratio of 2.55. The stock has a market cap of $1.23 billion, a price-to-earnings ratio of -4.06 and a beta of 0.87. The firm’s 50 day moving average price is $19.51 and its two-hundred day moving average price is $19.68.

Cannae Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Monday, March 17th will be given a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a yield of 2.46%. The ex-dividend date is Monday, March 17th. Cannae’s payout ratio is -9.98%.

Hedge Funds Weigh In On Cannae

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Spire Wealth Management acquired a new stake in shares of Cannae during the 4th quarter valued at $45,000. Oakview Capital Management L.P. acquired a new stake in shares of Cannae during the 3rd quarter valued at $67,000. C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors acquired a new stake in shares of Cannae during the 4th quarter valued at $76,000. R Squared Ltd acquired a new stake in shares of Cannae during the 4th quarter valued at $78,000. Finally, Nomura Asset Management Co. Ltd. boosted its stake in shares of Cannae by 133.0% during the 4th 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. 88.12% of the stock is currently 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.