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

Key Points

• Cannae Holdings, Inc. experienced a significant decline in short interest, dropping 32.4% to 2,840,000 shares as of September 30th, representing 5.7% of the company's shares sold short.
• Analysts have mixed views on Cannae, with Royal Bank Of Canada increasing its target price to $26.00 and Zacks upgrading it to a "hold," while Weiss Ratings maintains a "sell" rating.
• The company recently increased its quarterly dividend from $0.12 to $0.15 per share, translating to an annualized yield of 3.2%.

Cannae Holdings, Inc. (NYSE:CNNE - Get Free Report) was the recipient of a large drop in short interest in September. As of September 30th, there was short interest totaling 2,840,000 shares, a drop of 32.4% from the September 15th total of 4,200,000 shares. Based on an average trading volume of 721,700 shares, the short-interest ratio is currently 3.9 days. Currently, 5.7% of the company's shares are sold short. Currently, 5.7% of the company's shares are sold short. Based on an average trading volume of 721,700 shares, the short-interest ratio is currently 3.9 days.

Wall Street Analyst Weigh In

CNNE has been the subject of a number of research analyst reports. Royal Bank Of Canada lifted their target price on Cannae from $22.00 to $26.00 and gave the stock an "outperform" rating in a report on Thursday, July 10th. Weiss Ratings reiterated a "sell (d-)" rating on shares of Cannae in a research note on Tuesday, October 14th. Finally, Zacks Research upgraded shares of Cannae from a "strong sell" rating to a "hold" rating in a research note on Wednesday, October 15th. Two equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat, the stock has an average rating of "Hold" and a consensus price target of $24.00.

Cannae Stock Up 0.9%

Shares of NYSE CNNE traded up $0.16 during midday trading on Thursday, hitting $18.52. 357,613 shares of the stock traded hands, compared to its average volume of 658,590. The company has a market cap of $1.04 billion, a PE ratio of -2.76 and a beta of 1.09. Cannae has a one year low of $15.91 and a one year high of $22.36. The business has a 50 day moving average price of $18.60 and a two-hundred day moving average price of $19.05. 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 firm also recently declared a quarterly dividend, which was paid on Tuesday, September 30th. Shareholders of record on Tuesday, September 16th were paid a dividend of $0.15 per share. This is a boost from Cannae's previous quarterly dividend of $0.12. The ex-dividend date was Tuesday, September 16th. This represents a $0.60 dividend on an annualized basis and a yield of 3.2%. Cannae's dividend payout ratio (DPR) is presently -8.96%.

Insider Buying and Selling at Cannae

In other news, Director Frank R. Martire sold 106,855 shares of Cannae stock in a transaction dated 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 of the company's stock, valued at approximately $493,285.14. This trade represents a 80.14% decrease in their position. The transaction 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 Investors Weigh In On Cannae

Several hedge funds and other institutional investors have recently made changes to their positions in CNNE. Police & Firemen s Retirement System of New Jersey grew its holdings in Cannae by 6.3% during the second quarter. Police & Firemen s Retirement System of New Jersey now owns 12,189 shares of the company's stock worth $254,000 after buying an additional 725 shares in the last quarter. CWM LLC grew its stake in shares of Cannae by 25.0% in the 3rd quarter. CWM LLC now owns 4,065 shares of the company's stock worth $74,000 after acquiring an additional 812 shares in the last quarter. Crescent Grove Advisors LLC grew its stake in shares of Cannae by 0.4% in the 1st quarter. Crescent Grove Advisors LLC now owns 325,479 shares of the company's stock worth $5,966,000 after acquiring an additional 1,259 shares in the last quarter. Raymond James Financial Inc. grew its stake in shares of Cannae by 0.5% in the 2nd quarter. Raymond James Financial Inc. now owns 267,358 shares of the company's stock worth $5,574,000 after acquiring an additional 1,265 shares in the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in shares of Cannae by 4.4% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 33,465 shares of the company's stock worth $613,000 after acquiring an additional 1,405 shares in the last quarter. 88.12% of the stock is owned by 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.

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