Cannae (NYSE:CNNE) Shares Gap Down - Time to Sell?

Key Points

• Cannae Holdings, Inc. experienced a significant gap down in shares, opening at $19.48 after previously closing at $20.11, and last trading at $18.39.
• Analysts from Royal Bank Of Canada have increased their price target for Cannae from $22.00 to $26.00, giving the stock an "outperform" rating.
• Cannae has raised its quarterly dividend from $0.12 to $0.15, representing a yield of 3.4%, despite a negative return on equity of 4.86% and a net margin of -73.64%.

Cannae Holdings, Inc. (NYSE:CNNE - Get Free Report) shares gapped down prior to trading on Tuesday . The stock had previously closed at $20.11, but opened at $19.48. Cannae shares last traded at $18.39, with a volume of 166,911 shares traded.

Wall Street Analyst Weigh In

Separately, Royal Bank Of Canada raised their price objective on Cannae from $22.00 to $26.00 and gave the company an "outperform" rating in a research note on Thursday, July 10th.

Cannae Trading Down 0.4%

The company has a debt-to-equity ratio of 0.05, a quick ratio of 4.19 and a current ratio of 2.78. The firm has a 50 day simple moving average of $20.56 and a two-hundred day simple moving average of $19.07. The firm has a market capitalization of $998.19 million, a P/E ratio of -2.66 and a beta of 1.06.

Cannae Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 30th. Investors of record on Tuesday, September 16th will be paid a $0.15 dividend. The ex-dividend date is Tuesday, September 16th. This represents a $0.60 dividend on an annualized basis and a yield of 3.4%. This is an increase from Cannae's previous quarterly dividend of $0.12. Cannae's dividend payout ratio (DPR) is presently -8.96%.

Institutional Investors Weigh In On Cannae

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Rubric Capital Management LP grew its holdings in Cannae by 41.3% during the 2nd quarter. Rubric Capital Management LP now owns 2,105,864 shares of the company's stock valued at $43,907,000 after buying an additional 615,616 shares in the last quarter. Man Group plc grew its holdings in Cannae by 6.0% during the 2nd quarter. Man Group plc now owns 450,627 shares of the company's stock valued at $9,396,000 after buying an additional 25,552 shares in the last quarter. BNP Paribas Financial Markets grew its holdings in Cannae by 7.3% during the 2nd quarter. BNP Paribas Financial Markets now owns 69,317 shares of the company's stock valued at $1,445,000 after buying an additional 4,731 shares in the last quarter. Brevan Howard Capital Management LP purchased a new position in Cannae during the 2nd quarter valued at about $551,000. Finally, Bank of America Corp DE grew its holdings in Cannae by 7.7% during the 2nd quarter. Bank of America Corp DE now owns 546,862 shares of the company's stock valued at $11,402,000 after buying an additional 38,960 shares in the last quarter. 88.12% of the stock is currently owned by institutional investors.

Cannae Company Profile

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.