Cannae Holdings, Inc. (NYSE:CNNE) Short Interest Up 29.9% in April

Cannae Holdings, Inc. (NYSE:CNNE - Get Free Report) was the recipient of a significant growth in short interest in the month of April. As of April 15th, there was short interest totalling 1,870,000 shares, a growth of 29.9% from the March 31st total of 1,440,000 shares. Based on an average daily volume of 634,400 shares, the days-to-cover ratio is currently 2.9 days. Approximately 3.4% of the company's shares are sold short.

Wall Street Analyst Weigh In

CNNE has been the subject of several analyst reports. Oppenheimer dropped their price target on shares of Cannae from $27.00 to $22.00 and set an "outperform" rating for the company in a research note on Friday, March 7th. Royal Bank of Canada cut their target price on Cannae from $27.00 to $23.00 and set an "outperform" rating for the company in a research note on Wednesday, February 26th.

Cannae Trading Up 1.4 %

Shares of CNNE stock traded up $0.25 during trading hours on Wednesday, hitting $17.98. The company had a trading volume of 59,488 shares, compared to its average volume of 445,710. Cannae has a fifty-two week low of $15.92 and a fifty-two week high of $22.36. The company has a debt-to-equity ratio of 0.10, a current ratio of 2.55 and a quick ratio of 2.55. The company's fifty day moving average is $17.66 and its 200 day moving average is $19.16. The stock has a market capitalization of $1.13 billion, a PE ratio of -3.74 and a beta of 1.03.

Cannae Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Monday, March 17th were issued a $0.12 dividend. The ex-dividend date was Monday, March 17th. This represents a $0.48 annualized dividend and a dividend yield of 2.67%. Cannae's dividend payout ratio is presently -10.17%.

Cannae declared that its board has authorized a stock repurchase plan on Tuesday, March 25th that permits the company to repurchase 10,000,000 shares. This repurchase authorization permits the company to repurchase shares of its stock through open market purchases. Shares repurchase plans are generally an indication that the company's board of directors believes its stock is undervalued.

Institutional Trading of Cannae

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Private Management Group Inc. increased its stake in Cannae by 91.1% during the 1st quarter. Private Management Group Inc. now owns 1,601,334 shares of the company's stock worth $29,352,000 after buying an additional 763,324 shares during the period. Universal Beteiligungs und Servicegesellschaft mbH acquired a new stake in shares of Cannae in the first quarter valued at $1,507,000. Y Intercept Hong Kong Ltd purchased a new stake in Cannae during the 1st quarter worth about $762,000. Poehling Capital Management INC. boosted its stake in shares of Cannae by 6.9% in the 1st quarter. Poehling Capital Management INC. now owns 773,490 shares of the company's stock valued at $14,178,000 after buying an additional 50,025 shares during the period. Finally, Bank of New York Mellon Corp raised its holdings in Cannae by 1.5% in the first quarter. Bank of New York Mellon Corp now owns 267,675 shares of the company's stock valued at $4,906,000 after acquiring an additional 4,016 shares in the last quarter. 88.12% of the stock is currently owned by hedge funds and other institutional investors.

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.