Raymond James Financial Inc. Purchases Shares of 295,378 Cannae Holdings, Inc. (NYSE:CNNE)

Raymond James Financial Inc. acquired a new stake in Cannae Holdings, Inc. (NYSE:CNNE - Free Report) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 295,378 shares of the company's stock, valued at approximately $5,866,000. Raymond James Financial Inc. owned 0.47% of Cannae at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of CNNE. Private Management Group Inc. acquired a new stake in shares of Cannae in the fourth quarter valued at $16,643,000. Levin Capital Strategies L.P. boosted its stake in Cannae by 435.4% during the 4th quarter. Levin Capital Strategies L.P. now owns 157,397 shares of the company's stock worth $3,126,000 after purchasing an additional 128,000 shares during the period. Barclays PLC grew its holdings in shares of Cannae by 221.9% during the third quarter. Barclays PLC now owns 95,378 shares of the company's stock worth $1,818,000 after buying an additional 65,749 shares during the last quarter. Bank of New York Mellon Corp increased its holdings in shares of Cannae by 31.4% in the fourth quarter. Bank of New York Mellon Corp now owns 263,659 shares of the company's stock valued at $5,236,000 after purchasing an additional 62,987 shares during the period. Finally, Highbridge Capital Management LLC increased its stake in Cannae by 12.0% in the 4th quarter. Highbridge Capital Management LLC now owns 581,088 shares of the company's stock valued at $11,540,000 after buying an additional 62,437 shares during the period. 88.12% of the stock is currently owned by institutional investors and hedge funds.

Cannae Price Performance

Shares of NYSE CNNE traded down $0.24 during midday trading on Wednesday, hitting $17.71. The company had a trading volume of 407,956 shares, compared to its average volume of 449,027. The firm has a market capitalization of $1.11 billion, a price-to-earnings ratio of -3.68 and a beta of 0.89. Cannae Holdings, Inc. has a twelve month low of $15.92 and a twelve month high of $22.36. The business has a 50-day simple moving average of $17.77 and a two-hundred day simple moving average of $19.19. 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 company also recently declared 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 2.71%. The ex-dividend date was Monday, March 17th. Cannae's dividend payout ratio (DPR) is -10.17%.

Cannae declared that its Board of Directors has initiated a stock repurchase program on Tuesday, March 25th that permits the company to buyback 10,000,000 shares. This buyback authorization permits the company to purchase shares of its stock through open market purchases. Shares buyback programs are typically an indication that the company's board believes its stock is undervalued.

Analysts Set New Price Targets

A number of brokerages have weighed in on CNNE. Royal Bank of Canada lowered their price objective on Cannae from $27.00 to $23.00 and set an "outperform" rating on the stock in a report on Wednesday, February 26th. 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.

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.