Cannae (NYSE:CNNE) Stock Rating Lowered by Zacks Research

Key Points

• Cannae (NYSE:CNNE) has been downgraded from a "hold" rating to a "strong sell" rating by Zacks Research, signaling a bearish outlook from analysts.
• Royal Bank of Canada has increased its price target for Cannae from $22.00 to $26.00 and maintains an "outperform" rating, contrasting with the downgrade.
• Insider activity includes Director Frank R. Martire selling approximately 26,478 shares at an average price of $18.43, raising questions about investor confidence.

Zacks Research cut shares of Cannae (NYSE:CNNE - Free Report) from a hold rating to a strong sell rating in a research report released on Thursday, September 11th,Zacks.com reports.

Separately, Royal Bank Of Canada lifted their price objective on Cannae from $22.00 to $26.00 and gave the company an "outperform" rating in a research report on Thursday, July 10th. Two research 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, Cannae currently has an average rating of "Hold" and an average target price of $24.00.

Cannae Price Performance

NYSE CNNE traded up $0.19 during trading hours on Thursday, reaching $19.66. 280,555 shares of the stock traded hands, compared to its average volume of 659,652. The company has a market cap of $1.10 billion, a price-to-earnings ratio of -2.93 and a beta of 1.08. The stock has a 50 day simple moving average of $19.77 and a two-hundred day simple moving average of $18.93. The company has a debt-to-equity ratio of 0.05, a current ratio of 2.78 and a quick ratio of 2.78. Cannae has a 1 year low of $15.91 and a 1 year high of $22.36.

Cannae Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 30th. Investors of record on Tuesday, September 16th will be issued a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 3.1%. The ex-dividend date of this dividend is Tuesday, September 16th. This is a positive change from Cannae's previous quarterly dividend of $0.12. Cannae's payout ratio is -8.96%.

Insider Activity

In other news, Director Frank R. Martire sold 106,855 shares of Cannae stock in a transaction on Friday, August 29th. The shares were sold at an average price of $18.63, for a total transaction of $1,990,708.65. Following the completion of the sale, 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 ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 10.90% of the company's stock.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. Nuveen Asset Management LLC raised its holdings in shares of Cannae by 53.4% during the fourth quarter. Nuveen Asset Management LLC now owns 866,870 shares of the company's stock worth $17,216,000 after purchasing an additional 301,670 shares during the last quarter. Park Avenue Securities LLC increased its holdings in Cannae by 6.3% in the first quarter. Park Avenue Securities LLC now owns 13,089 shares of the company's stock valued at $240,000 after buying an additional 777 shares in the last quarter. Spire Wealth Management increased its holdings in Cannae by 81.4% in the first quarter. Spire Wealth Management now owns 4,100 shares of the company's stock valued at $75,000 after buying an additional 1,840 shares in the last quarter. Two Sigma Investments LP increased its holdings in Cannae by 357.8% in the fourth quarter. Two Sigma Investments LP now owns 67,328 shares of the company's stock valued at $1,337,000 after buying an additional 52,621 shares in the last quarter. Finally, Two Sigma Advisers LP purchased a new position in Cannae in the fourth quarter valued at $451,000. Hedge funds and other institutional investors own 88.12% of the company's stock.

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.