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

Cannae (NYSE:CNNE) had its price objective raised by Royal Bank of Canada from $26.00 to $27.00 in a research report sent to investors on Thursday morning,Benzinga reports. They currently have an outperform rating on the stock.

Cannae Trading Down 0.7 %

Shares of NYSE CNNE opened at $20.29 on Thursday. The business has a fifty day simple moving average of $19.38 and a 200-day simple moving average of $19.18. The company has a market cap of $1.27 billion, a price-to-earnings ratio of -4.22 and a beta of 0.87. Cannae has a 12 month low of $16.94 and a 12 month high of $22.99. The company has a quick ratio of 1.01, a current ratio of 2.55 and a debt-to-equity ratio of 0.10.

Cannae (NYSE:CNNE) last posted its quarterly earnings data on Tuesday, November 12th. The company reported ($0.22) EPS for the quarter, meeting analysts’ consensus estimates of ($0.22). The company had revenue of $113.90 million during the quarter, compared to analyst estimates of $105.67 million. Cannae had a negative net margin of 68.61% and a negative return on equity of 8.26%. The business’s quarterly revenue was down 20.7% on a year-over-year basis. During the same period in the prior year, the firm earned ($2.18) earnings per share. Sell-side analysts predict that Cannae will post -3.03 EPS for the current year.

Cannae Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Tuesday, December 17th will be given a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a yield of 2.37%. The ex-dividend date is Tuesday, December 17th. Cannae’s payout ratio is -9.98%.

Institutional Trading of Cannae

A number of hedge funds have recently modified their holdings of the business. BNP Paribas Financial Markets raised its position in Cannae by 82.8% during the first quarter. BNP Paribas Financial Markets now owns 32,482 shares of the company’s stock valued at $722,000 after buying an additional 14,711 shares during the period. SG Americas Securities LLC grew its stake in Cannae by 90.3% during the 1st quarter. SG Americas Securities LLC now owns 22,804 shares of the company’s stock valued at $507,000 after acquiring an additional 10,823 shares in the last quarter. Oppenheimer Asset Management Inc. increased its holdings in shares of Cannae by 3.7% in the 1st quarter. Oppenheimer Asset Management Inc. now owns 14,071 shares of the company’s stock valued at $313,000 after purchasing an additional 498 shares during the period. Sei Investments Co. lifted its position in shares of Cannae by 1.7% in the first quarter. Sei Investments Co. now owns 44,237 shares of the company’s stock worth $984,000 after purchasing an additional 756 shares in the last quarter. Finally, Russell Investments Group Ltd. boosted its holdings in shares of Cannae by 17.8% during the first quarter. Russell Investments Group Ltd. now owns 226,852 shares of the company’s stock worth $5,045,000 after purchasing an additional 34,246 shares during the period. Hedge funds and other institutional investors own 88.12% of the company’s stock.

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.