Cannae Holdings, Inc. (NYSE:CNNE) Short Interest Update

Key Points

• Cannae Holdings experienced a significant increase in short interest, rising 37.3% to a total of 2,650,000 shares as of August 15th.
• The company declared an increased quarterly dividend of $0.15 per share, effective September 30th, raising the annualized dividend yield to 3.2%.
• Royal Bank of Canada raised its price target for Cannae from $22.00 to $26.00, with analysts currently giving the stock a consensus rating of "Buy".

Cannae Holdings, Inc. (NYSE:CNNE - Get Free Report) saw a large growth in short interest during the month of August. As of August 15th, there was short interest totaling 2,650,000 shares, a growth of 37.3% from the July 31st total of 1,930,000 shares. Approximately 5.3% of the company's shares are sold short. Based on an average trading volume of 801,700 shares, the short-interest ratio is currently 3.3 days. Based on an average trading volume of 801,700 shares, the short-interest ratio is currently 3.3 days. Approximately 5.3% of the company's shares are sold short.

Cannae Trading Down 1.0%

Shares of NYSE CNNE traded down $0.19 during trading on Friday, hitting $19.10. 602,822 shares of the company traded hands, compared to its average volume of 656,672. Cannae has a 1 year low of $15.91 and a 1 year high of $22.36. The company has a 50-day moving average price of $19.87 and a 200-day moving average price of $18.93. The firm has a market capitalization of $1.07 billion, a P/E ratio of -2.85 and a beta of 1.08. The company has a quick ratio of 2.78, a current ratio of 2.78 and a debt-to-equity ratio of 0.05.

Cannae Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Tuesday, September 16th will be paid a dividend of $0.15 per share. The ex-dividend date of this dividend is Tuesday, September 16th. This represents a $0.60 annualized dividend and a dividend yield of 3.1%. This is a boost from Cannae's previous quarterly dividend of $0.12. Cannae's dividend payout ratio is presently -8.96%.

Analysts Set New Price Targets

Several research analysts have weighed in on the company. Royal Bank Of Canada boosted their price target on Cannae from $22.00 to $26.00 and gave the company an "outperform" rating in a report on Thursday, July 10th. Zacks Research downgraded Cannae from a "hold" rating to a "strong sell" rating in a report on Thursday. Two analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus target price of $24.00.

Insiders Place Their Bets

In other Cannae news, Director Frank R. Martire sold 106,855 shares of the business's stock in a transaction on Friday, August 29th. The stock was sold at an average price of $18.63, for a total value of $1,990,708.65. Following the completion of the transaction, the director directly owned 26,478 shares in the company, valued at approximately $493,285.14. The trade was a 80.14% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 10.90% of the company's stock.

Institutional Trading of Cannae

Several institutional investors have recently made changes to their positions in the stock. Police & Firemen s Retirement System of New Jersey grew its stake in shares of Cannae by 6.3% during the 2nd quarter. Police & Firemen s Retirement System of New Jersey now owns 12,189 shares of the company's stock valued at $254,000 after buying an additional 725 shares during the period. Park Avenue Securities LLC boosted its position in Cannae by 6.3% during the 1st quarter. Park Avenue Securities LLC now owns 13,089 shares of the company's stock worth $240,000 after purchasing an additional 777 shares during the period. CWM LLC boosted its position in Cannae by 40.4% during the 2nd quarter. CWM LLC now owns 3,253 shares of the company's stock worth $68,000 after purchasing an additional 936 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in Cannae by 3.7% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 32,060 shares of the company's stock worth $637,000 after purchasing an additional 1,151 shares during the period. Finally, Crescent Grove Advisors LLC boosted its position in Cannae by 0.4% during the 1st quarter. Crescent Grove Advisors LLC now owns 325,479 shares of the company's stock worth $5,966,000 after purchasing an additional 1,259 shares during the period. 88.12% of the stock is 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.