Cannae (NYSE:CNNE) to Repurchase 10,000,000 Shares

Cannae (NYSE:CNNE) announced that its Board of Directors has initiated a share repurchase plan on Tuesday, March 25th, RTT News reports. The company plans to buyback 10,000,000 shares. This buyback authorization allows the company to reacquire shares of its stock through open market purchases. Shares buyback plans are generally an indication that the company’s board of directors believes its stock is undervalued.

Analyst Ratings Changes

Several equities analysts recently weighed in on CNNE shares. Oppenheimer lowered their target price on Cannae from $27.00 to $22.00 and set an “outperform” rating on the stock in a research report on Friday, March 7th. Royal Bank of Canada cut their price objective on Cannae from $27.00 to $23.00 and set an “outperform” rating for the company in a research note on Wednesday, February 26th.

Cannae Trading Down 1.8 %

Shares of CNNE stock opened at $19.05 on Thursday. The stock has a fifty day simple moving average of $18.85 and a two-hundred day simple moving average of $19.47. Cannae has a 52-week low of $15.99 and a 52-week high of $22.99. The firm has a market capitalization of $1.20 billion, a PE ratio of -3.96 and a beta of 0.86. The company has a debt-to-equity ratio of 0.10, a quick ratio of 2.55 and a current ratio of 2.55.

Cannae Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Monday, March 17th will be paid a $0.12 dividend. The ex-dividend date of this dividend is Monday, March 17th. This represents a $0.48 annualized dividend and a yield of 2.52%. Cannae’s payout ratio is -10.17%.

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.