Cannae (NYSE:CNNE) Sees Unusually-High Trading Volume - Here's What Happened

Cannae Holdings, Inc. (NYSE:CNNE - Get Free Report) saw an uptick in trading volume on Friday . 1,082,110 shares changed hands during trading, an increase of 125% from the previous session's volume of 479,920 shares.The stock last traded at $19.41 and had previously closed at $19.75.

Analysts Set New Price Targets

Several research firms recently issued reports on CNNE. Royal Bank of Canada reaffirmed an "outperform" rating and set a $22.00 price target on shares of Cannae in a research note on Wednesday, May 14th. Oppenheimer dropped their price target on shares of Cannae from $27.00 to $22.00 and set an "outperform" rating on the stock in a research note on Friday, March 7th.

Cannae Price Performance

The stock has a market cap of $1.23 billion, a PE ratio of -4.08 and a beta of 1.00. 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's 50 day moving average is $18.04 and its 200-day moving average is $18.87.

Cannae (NYSE:CNNE - Get Free Report) last released its quarterly earnings results on Monday, May 12th. The company reported ($0.59) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.56) by ($0.03). The firm had revenue of $103.20 million for the quarter, compared to analysts' expectations of $105.30 million. Cannae had a negative return on equity of 8.26% and a negative net margin of 68.61%. The business's quarterly revenue was down 6.8% on a year-over-year basis. During the same period last year, the firm earned ($1.27) EPS. As a group, sell-side analysts predict that Cannae Holdings, Inc. will post -3.14 earnings per share for the current year.

Cannae Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Monday, June 16th will be given a $0.12 dividend. This represents a $0.48 annualized dividend and a dividend yield of 2.45%. The ex-dividend date is Monday, June 16th. Cannae's payout ratio is currently -9.13%.

Cannae announced that its board has authorized a stock buyback program on Tuesday, March 25th that authorizes the company to repurchase 10,000,000 shares. This repurchase authorization authorizes the company to reacquire shares of its stock through open market purchases. Shares repurchase programs are often a sign that the company's board believes its shares are undervalued.

Institutional Investors Weigh In On Cannae

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Continental Advisors LLC increased its position in shares of Cannae by 0.3% in the 4th quarter. Continental Advisors LLC now owns 239,623 shares of the company's stock worth $4,759,000 after purchasing an additional 624 shares during the last quarter. Park Avenue Securities LLC increased its position in shares of Cannae by 6.3% in 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 last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in shares of Cannae by 3.7% in 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 last quarter. Global Retirement Partners LLC increased its position in shares of Cannae by 29.6% in the 4th quarter. Global Retirement Partners LLC now owns 5,251 shares of the company's stock worth $104,000 after purchasing an additional 1,198 shares during the last quarter. Finally, Crescent Grove Advisors LLC increased its position 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 purchasing an additional 1,259 shares during the last quarter. 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.