Bulldog Investors LLP Purchases 33,190 Shares of Cannae Holdings, Inc. (NYSE:CNNE)

Bulldog Investors LLP increased its position in Cannae Holdings, Inc. (NYSE:CNNE - Free Report) by 14.0% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 269,631 shares of the company's stock after buying an additional 33,190 shares during the period. Cannae comprises 1.4% of Bulldog Investors LLP's portfolio, making the stock its 27th largest holding. Bulldog Investors LLP owned approximately 0.43% of Cannae worth $5,355,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in the business. JPMorgan Chase & Co. increased its holdings in Cannae by 10.9% in the third quarter. JPMorgan Chase & Co. now owns 454,688 shares of the company's stock valued at $8,666,000 after buying an additional 44,691 shares during the last quarter. Barclays PLC increased its holdings in shares of Cannae by 221.9% in the 3rd quarter. Barclays PLC now owns 95,378 shares of the company's stock valued at $1,818,000 after acquiring an additional 65,749 shares during the last quarter. Spire Wealth Management acquired a new stake in shares of Cannae during the 4th quarter valued at approximately $45,000. Strategic Financial Concepts LLC bought a new position in Cannae during the fourth quarter worth $281,000. Finally, Private Management Group Inc. acquired a new position in Cannae in the fourth quarter worth $16,643,000. 88.12% of the stock is currently owned by institutional investors and hedge funds.

Cannae Price Performance

NYSE:CNNE traded down $0.08 during midday trading on Friday, hitting $18.40. 276,952 shares of the stock were exchanged, compared to its average volume of 444,067. The company has a market capitalization of $1.16 billion, a price-to-earnings ratio of -3.83 and a beta of 1.03. The company has a current ratio of 2.55, a quick ratio of 2.55 and a debt-to-equity ratio of 0.10. The business has a 50-day moving average price of $17.59 and a two-hundred day moving average price of $19.14. Cannae Holdings, Inc. has a one year low of $15.92 and a one year high of $22.36.

Cannae declared that its Board of Directors has approved a stock repurchase program on Tuesday, March 25th that permits the company to repurchase 10,000,000 outstanding shares. This repurchase authorization permits the company to buy shares of its stock through open market purchases. Stock repurchase programs are often a sign that the company's board of directors believes its stock is undervalued.

Cannae Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 30th. Investors of record on Monday, June 16th will be paid a $0.12 dividend. This represents a $0.48 annualized dividend and a yield of 2.61%. The ex-dividend date is Monday, June 16th. Cannae's dividend payout ratio is currently -10.17%.

Analyst Ratings Changes

Several research firms recently weighed in on CNNE. Royal Bank of Canada dropped their price objective on shares of Cannae from $27.00 to $23.00 and set an "outperform" rating on the stock in a research note on Wednesday, February 26th. 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.

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.