Cannae (NYSE:CNNE) Price Target Lowered to $23.00 at Royal Bank of Canada

Cannae (NYSE:CNNE) had its price target cut by Royal Bank of Canada from $27.00 to $23.00 in a research report sent to investors on Wednesday,Benzinga reports. They currently have an outperform rating on the stock.

Cannae Trading Up 2.0 %

NYSE:CNNE opened at $20.04 on Wednesday. The stock has a fifty day simple moving average of $19.51 and a 200 day simple moving average of $19.69. The company has a quick ratio of 2.55, a current ratio of 2.55 and a debt-to-equity ratio of 0.10. The firm has a market capitalization of $1.26 billion, a price-to-earnings ratio of -4.17 and a beta of 0.86. Cannae has a 1-year low of $16.94 and a 1-year high of $22.99.

Cannae Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Monday, March 17th will be given a $0.12 dividend. The ex-dividend date of this dividend is Monday, March 17th. This represents a $0.48 annualized dividend and a dividend yield of 2.40%. Cannae’s dividend payout ratio (DPR) is presently -10.17%.

Hedge Funds Weigh In On Cannae

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Creative Planning raised its stake in Cannae by 53.5% during the 3rd quarter. Creative Planning now owns 34,204 shares of the company’s stock valued at $652,000 after purchasing an additional 11,925 shares during the period. DekaBank Deutsche Girozentrale purchased a new position in shares of Cannae during the third quarter valued at $113,000. River Road Asset Management LLC raised its position in Cannae by 0.9% during the third quarter. River Road Asset Management LLC now owns 5,665,103 shares of the company’s stock valued at $107,977,000 after buying an additional 50,150 shares during the period. Crescent Grove Advisors LLC lifted its stake in Cannae by 0.4% in the 3rd quarter. Crescent Grove Advisors LLC now owns 320,263 shares of the company’s stock worth $6,104,000 after acquiring an additional 1,379 shares in the last quarter. Finally, Oppenheimer Asset Management Inc. lifted its stake in Cannae by 37.3% in the 3rd quarter. Oppenheimer Asset Management Inc. now owns 14,866 shares of the company’s stock worth $283,000 after acquiring an additional 4,039 shares in the last quarter. Institutional investors and hedge funds 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.