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

Key Points

• Cannae Holdings experienced a significant increase in short interest, rising by 50.5% in September, resulting in a total of 4,200,000 shares shorted.
• The company recently announced a quarterly dividend increase from $0.12 to $0.15 per share, resulting in an annual yield of 3.2%.
• Analysts have mixed opinions on Cannae, with Royal Bank of Canada issuing an "outperform" rating while Zacks Research downgraded the stock to a "strong sell."

Cannae Holdings, Inc. (NYSE:CNNE - Get Free Report) was the recipient of a large growth in short interest in the month of September. As of September 15th, there was short interest totaling 4,200,000 shares, a growth of 50.5% from the August 31st total of 2,790,000 shares. Based on an average trading volume of 727,000 shares, the short-interest ratio is presently 5.8 days. Approximately 8.4% of the shares of the company are short sold. Approximately 8.4% of the shares of the company are short sold. Based on an average trading volume of 727,000 shares, the short-interest ratio is presently 5.8 days.

Insider Activity

In related news, Director Frank R. Martire sold 26,478 shares of Cannae stock in a transaction that occurred on Tuesday, September 2nd. The shares were sold at an average price of $18.43, for a total value of $487,989.54. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 10.90% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in CNNE. Mitsubishi UFJ Asset Management Co. Ltd. boosted its position in Cannae by 460.7% during the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 2,069 shares of the company's stock valued at $38,000 after purchasing an additional 1,700 shares in the last quarter. Summit Securities Group LLC bought a new stake in shares of Cannae in the 1st quarter valued at about $49,000. Quantbot Technologies LP bought a new position in shares of Cannae during the 2nd quarter worth approximately $62,000. CWM LLC raised its stake in shares of Cannae by 40.4% during the 2nd quarter. CWM LLC now owns 3,253 shares of the company's stock worth $68,000 after acquiring an additional 936 shares in the last quarter. Finally, Spire Wealth Management lifted its position in Cannae by 81.4% during the first quarter. Spire Wealth Management now owns 4,100 shares of the company's stock valued at $75,000 after acquiring an additional 1,840 shares during the last quarter. 88.12% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the stock. Royal Bank Of Canada upped their price target on shares of Cannae from $22.00 to $26.00 and gave the company an "outperform" rating in a research report on Thursday, July 10th. Zacks Research cut Cannae from a "hold" rating to a "strong sell" rating in a research note on Thursday, September 11th. Finally, Weiss Ratings restated a "sell (d)" rating on shares of Cannae in a research report on Saturday, September 27th. Two investment analysts have rated the stock with a Buy rating and two have given a Sell rating to the stock. According to MarketBeat.com, Cannae currently has an average rating of "Hold" and a consensus price target of $24.00.

Cannae Trading Down 0.9%

NYSE CNNE traded down $0.17 during trading on Tuesday, hitting $18.64. The stock had a trading volume of 345,107 shares, compared to its average volume of 665,511. Cannae has a one year low of $15.91 and a one year high of $22.36. The stock has a market capitalization of $1.04 billion, a price-to-earnings ratio of -2.78 and a beta of 1.09. The stock has a 50 day simple moving average of $19.01 and a 200 day simple moving average of $19.06. The company has a debt-to-equity ratio of 0.05, a quick ratio of 2.78 and a current ratio of 2.78.

Cannae Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, September 30th. Shareholders of record on Tuesday, September 16th were issued a dividend of $0.15 per share. This is an increase from Cannae's previous quarterly dividend of $0.12. This represents a $0.60 dividend on an annualized basis and a yield of 3.2%. The ex-dividend date was Tuesday, September 16th. Cannae's dividend payout ratio (DPR) is currently -8.96%.

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.

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