Legal & General Group Plc Sells 107,095 Shares of Cannae Holdings, Inc. (NYSE:CNNE)

Legal & General Group Plc lessened its holdings in Cannae Holdings, Inc. (NYSE:CNNE - Free Report) by 45.8% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 126,770 shares of the company's stock after selling 107,095 shares during the quarter. Legal & General Group Plc owned 0.20% of Cannae worth $2,518,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of the business. Private Management Group Inc. bought a new stake in shares of Cannae in the fourth quarter valued at about $16,643,000. Highbridge Capital Management LLC boosted its position in shares of Cannae by 12.0% in the fourth quarter. Highbridge Capital Management LLC now owns 581,088 shares of the company's stock valued at $11,540,000 after acquiring an additional 62,437 shares during the period. JPMorgan Chase & Co. lifted its position in Cannae by 10.9% during the third quarter. JPMorgan Chase & Co. now owns 454,688 shares of the company's stock worth $8,666,000 after purchasing an additional 44,691 shares during the period. Crescent Grove Advisors LLC lifted its position in Cannae by 1.2% during the fourth quarter. Crescent Grove Advisors LLC now owns 324,220 shares of the company's stock worth $6,439,000 after purchasing an additional 3,957 shares during the period. Finally, Raymond James Financial Inc. bought a new stake in Cannae during the fourth quarter worth about $5,866,000. Institutional investors own 88.12% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages have commented on CNNE. Oppenheimer lowered their target price on 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 lowered 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 Price Performance

NYSE CNNE traded down $0.14 during trading on Tuesday, hitting $17.77. 22,961 shares of the company's stock were exchanged, compared to its average volume of 449,201. The stock's 50 day moving average price is $17.83 and its two-hundred day moving average price is $19.21. Cannae Holdings, Inc. has a fifty-two week low of $15.92 and a fifty-two week high of $22.36. 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 company has a market cap of $1.12 billion, a PE ratio of -3.69 and a beta of 0.89.

Cannae Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Monday, March 17th were given a $0.12 dividend. This represents a $0.48 annualized dividend and a yield of 2.70%. The ex-dividend date of this dividend was Monday, March 17th. Cannae's dividend payout ratio (DPR) is currently -10.17%.

Cannae declared that its Board of Directors has approved a share repurchase program on Tuesday, March 25th that allows the company to buyback 10,000,000 outstanding shares. This buyback authorization allows the company to reacquire shares of its stock through open market purchases. Stock buyback programs are usually an indication that the company's board believes its shares are undervalued.

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.