Royal Bank Of Canada Issues Positive Forecast for Cannae (NYSE:CNNE) Stock Price

Cannae (NYSE:CNNE - Free Report) had its price target lifted by Royal Bank Of Canada from $22.00 to $26.00 in a research note published on Thursday,Benzinga reports. The firm currently has an outperform rating on the stock.

Cannae Trading Up 0.7%

Cannae stock traded up $0.14 during mid-day trading on Thursday, hitting $21.35. The company's stock had a trading volume of 594,141 shares, compared to its average volume of 501,150. The firm has a market capitalization of $1.34 billion, a PE ratio of -4.06 and a beta of 1.02. Cannae has a 1 year low of $15.92 and a 1 year high of $22.36. The company has a current ratio of 4.19, a quick ratio of 4.19 and a debt-to-equity ratio of 0.04. The stock's fifty day moving average is $19.42 and its two-hundred day moving average is $18.84.

Cannae (NYSE:CNNE - Get Free Report) last released its quarterly earnings results on Monday, May 12th. The company reported ($0.59) EPS for the quarter, missing analysts' consensus estimates of ($0.56) by ($0.03). Cannae had a negative return on equity of 4.86% and a negative net margin of 73.64%. The firm had revenue of $103.20 million for the quarter, compared to analyst estimates of $105.30 million. During the same quarter last year, the company earned ($1.27) earnings per share. The firm's revenue for the quarter was down 6.8% on a year-over-year basis. On average, analysts anticipate that Cannae will post -3.14 EPS for the current year.

Cannae declared that its board has approved a share repurchase program on Tuesday, March 25th that permits the company to buyback 10,000,000 outstanding shares. This buyback authorization permits the company to purchase shares of its stock through open market purchases. Stock buyback programs are usually a sign that the company's leadership believes its shares are undervalued.

Cannae Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Monday, June 16th were paid a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a yield of 2.25%. The ex-dividend date was Monday, June 16th. Cannae's dividend payout ratio (DPR) is -9.13%.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the company. Nuveen Asset Management LLC lifted its stake in 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 in the last quarter. Park Avenue Securities LLC raised its stake in shares of 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 acquiring an additional 777 shares in the last quarter. Spire Wealth Management raised its stake in shares of 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 acquiring an additional 1,840 shares in the last quarter. Two Sigma Investments LP raised its stake in shares of 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 acquiring an additional 52,621 shares in the last quarter. Finally, Two Sigma Advisers LP acquired a new stake in shares of Cannae in the fourth quarter valued at $451,000. 88.12% of the stock is currently owned by institutional investors and hedge funds.

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.