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

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

Cannae Stock Up 2.0 %

Cannae stock opened at $20.04 on Wednesday. Cannae has a 52 week low of $16.94 and a 52 week high of $22.99. The stock has a market cap of $1.26 billion, a price-to-earnings ratio of -4.17 and a beta of 0.86. The company’s 50-day moving average price is $19.51 and its two-hundred day moving average price is $19.69. The company has a current ratio of 2.55, a quick ratio of 2.55 and a debt-to-equity ratio of 0.10.

Cannae Dividend Announcement

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

Hedge Funds Weigh In On Cannae

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Creative Planning lifted its holdings in shares of Cannae by 53.5% in the third quarter. Creative Planning now owns 34,204 shares of the company’s stock valued at $652,000 after buying an additional 11,925 shares during the period. DekaBank Deutsche Girozentrale acquired a new stake in Cannae in the 3rd quarter valued at about $113,000. River Road Asset Management LLC boosted its position in shares of Cannae by 0.9% during the 3rd quarter. River Road Asset Management LLC now owns 5,665,103 shares of the company’s stock valued at $107,977,000 after purchasing an additional 50,150 shares in the last quarter. Crescent Grove Advisors LLC boosted its position in shares of Cannae by 0.4% during the 3rd quarter. Crescent Grove Advisors LLC now owns 320,263 shares of the company’s stock valued at $6,104,000 after purchasing an additional 1,379 shares in the last quarter. Finally, Oppenheimer Asset Management Inc. grew its stake in shares of 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 purchasing an additional 4,039 shares during the last quarter. 88.12% of the stock is owned by institutional investors.

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.