Renaissance Technologies LLC Decreases Stock Position in Cannae Holdings, Inc. (NYSE:CNNE)

Renaissance Technologies LLC decreased its holdings in shares of Cannae Holdings, Inc. (NYSE:CNNE - Free Report) by 41.6% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 86,400 shares of the company's stock after selling 61,500 shares during the quarter. Renaissance Technologies LLC owned about 0.14% of Cannae worth $1,716,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of the business. Envestnet Asset Management Inc. grew its stake in Cannae by 1.6% during the 4th quarter. Envestnet Asset Management Inc. now owns 237,036 shares of the company's stock valued at $4,708,000 after acquiring an additional 3,828 shares in the last quarter. Wells Fargo & Company MN increased its holdings in shares of Cannae by 13.1% in the fourth quarter. Wells Fargo & Company MN now owns 44,533 shares of the company's stock valued at $884,000 after purchasing an additional 5,172 shares during the last quarter. ExodusPoint Capital Management LP lifted its position in Cannae by 52.8% during the fourth quarter. ExodusPoint Capital Management LP now owns 129,195 shares of the company's stock worth $2,566,000 after buying an additional 44,629 shares in the last quarter. Highbridge Capital Management LLC boosted its stake in Cannae by 12.0% during the fourth quarter. Highbridge Capital Management LLC now owns 581,088 shares of the company's stock worth $11,540,000 after buying an additional 62,437 shares during the last quarter. Finally, Nomura Asset Management Co. Ltd. grew its holdings in Cannae by 133.0% in the 4th quarter. Nomura Asset Management Co. Ltd. now owns 4,268 shares of the company's stock valued at $85,000 after buying an additional 2,436 shares in the last quarter. 88.12% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research firms have recently commented on CNNE. Royal Bank of Canada reduced their price target on Cannae from $27.00 to $23.00 and set an "outperform" rating on the stock in a report on Wednesday, February 26th. Oppenheimer reduced their target price 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 Trading Down 1.3 %

CNNE stock traded down $0.24 during midday trading on Wednesday, hitting $17.71. 407,956 shares of the company's stock were exchanged, compared to its average volume of 450,377. Cannae Holdings, Inc. has a 1-year low of $15.92 and a 1-year high of $22.36. 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 stock has a market capitalization of $1.11 billion, a PE ratio of -3.68 and a beta of 0.89. The business has a 50-day simple moving average of $17.80 and a two-hundred day simple moving average of $19.20.

Cannae announced that its Board of Directors has authorized a share repurchase plan on Tuesday, March 25th that authorizes the company to buyback 10,000,000 shares. This buyback authorization authorizes the company to repurchase shares of its stock through open market purchases. Stock buyback plans are typically an indication that the company's board of directors believes its shares are undervalued.

Cannae Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Monday, March 17th were given a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a dividend yield of 2.71%. The ex-dividend date of this dividend was Monday, March 17th. Cannae's payout ratio is -10.17%.

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.