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

Cannae Holdings, Inc. (NYSE:CNNE - Get Free Report) was the recipient of a significant increase in short interest in 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. Currently, 3.4% of the company's stock are short sold. Based on an average daily volume of 634,400 shares, the short-interest ratio is presently 2.9 days.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the stock. Saba Capital Management L.P. lifted its position in Cannae by 92.3% in the fourth quarter. Saba Capital Management L.P. now owns 2,219,230 shares of the company's stock valued at $44,074,000 after acquiring an additional 1,065,083 shares during the last quarter. Carronade Capital Management LP lifted its holdings in shares of Cannae by 145.5% in the 4th quarter. Carronade Capital Management LP now owns 1,728,926 shares of the company's stock valued at $34,336,000 after purchasing an additional 1,024,663 shares during the last quarter. Private Management Group Inc. acquired a new stake in shares of Cannae in the 4th quarter valued at about $16,643,000. Invenomic Capital Management LP acquired a new stake in shares of Cannae in the 4th quarter valued at about $10,174,000. Finally, Nuveen Asset Management LLC grew its stake in Cannae by 53.4% during the 4th quarter. Nuveen Asset Management LLC now owns 866,870 shares of the company's stock worth $17,216,000 after buying an additional 301,670 shares during the last quarter. Institutional investors and hedge funds own 88.12% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages have weighed in on CNNE. Oppenheimer cut their price target on Cannae from $27.00 to $22.00 and set an "outperform" rating on the stock in a report on Friday, March 7th. Royal Bank of Canada reduced their target price on shares of Cannae from $27.00 to $23.00 and set an "outperform" rating on the stock in a report on Wednesday, February 26th.

Cannae Stock Up 2.1 %

Cannae stock traded up $0.38 during midday trading on Friday, reaching $18.12. The company's stock had a trading volume of 230,830 shares, compared to its average volume of 447,756. The company has a market cap of $1.14 billion, a P/E ratio of -3.77 and a beta of 1.03. The company has a quick ratio of 2.55, a current ratio of 2.55 and a debt-to-equity ratio of 0.10. The business has a 50-day simple moving average of $17.73 and a 200-day simple moving average of $19.19. Cannae has a fifty-two week low of $15.92 and a fifty-two week high of $22.36.

Cannae announced that its Board of Directors has authorized a stock repurchase program on Tuesday, March 25th that authorizes the company to buyback 10,000,000 shares. This buyback authorization authorizes the company to buy shares of its stock through open market purchases. Stock buyback programs are generally a sign that the company's management believes its shares are undervalued.

Cannae Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Monday, March 17th were issued a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a yield of 2.65%. The ex-dividend date was Monday, March 17th. Cannae's dividend payout ratio (DPR) is -10.17%.

About Cannae

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.