Cannae (NYSE:CNNE) Sees Large Volume Increase – Still a Buy?

Shares of Cannae Holdings, Inc. (NYSE:CNNE) saw unusually-strong trading volume on Wednesday . Approximately 886,579 shares traded hands during trading, an increase of 184% from the previous session’s volume of 312,602 shares.The stock last traded at $19.57 and had previously closed at $19.10.

Analyst Ratings Changes

Separately, Royal Bank of Canada decreased their target price on shares of Cannae from $27.00 to $23.00 and set an “outperform” rating on the stock in a research report on Wednesday.

Cannae Stock Performance

The stock has a market capitalization of $1.23 billion, a price-to-earnings ratio of -4.06 and a beta of 0.87. The stock’s 50 day moving average is $19.51 and its two-hundred day moving average is $19.68. 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 disclosed a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Monday, March 17th will be issued a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a yield of 2.46%. The ex-dividend date is Monday, March 17th. Cannae’s dividend payout ratio is -9.98%.

Hedge Funds Weigh In On Cannae

Several hedge funds have recently bought and sold shares of CNNE. Continental Advisors LLC increased its position in Cannae by 0.3% in the 4th quarter. Continental Advisors LLC now owns 239,623 shares of the company’s stock valued at $4,759,000 after acquiring an additional 624 shares during the period. BNP Paribas Financial Markets lifted its position in shares of Cannae by 10.2% during the third quarter. BNP Paribas Financial Markets now owns 12,384 shares of the company’s stock valued at $236,000 after purchasing an additional 1,150 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in shares of Cannae by 3.7% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 32,060 shares of the company’s stock valued at $637,000 after acquiring an additional 1,151 shares during the last quarter. Global Retirement Partners LLC increased its position in Cannae by 29.6% in the fourth quarter. Global Retirement Partners LLC now owns 5,251 shares of the company’s stock worth $104,000 after buying an additional 1,198 shares during the last quarter. Finally, Crescent Grove Advisors LLC lifted its position in shares of Cannae by 0.4% during the third 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. 88.12% of the stock is owned by institutional investors.

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.