Envestnet Portfolio Solutions Inc. Takes $203,000 Position in Cannae Holdings, Inc. (NYSE:CNNE)

Envestnet Portfolio Solutions Inc. bought a new position in shares of Cannae Holdings, Inc. (NYSE:CNNE) during the fourth quarter, Holdings Channel.com reports. The fund bought 10,237 shares of the company’s stock, valued at approximately $203,000.

Several other hedge funds have also recently added to or reduced their stakes in the company. Spire Wealth Management acquired a new position in Cannae during the 4th quarter worth approximately $45,000. C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors purchased a new stake in shares of Cannae during the 4th quarter worth $76,000. R Squared Ltd acquired a new position in shares of Cannae during the fourth quarter worth $78,000. Blue Trust Inc. increased its holdings in Cannae by 457.9% in the fourth quarter. Blue Trust Inc. now owns 4,949 shares of the company’s stock valued at $94,000 after buying an additional 4,062 shares during the last quarter. Finally, Global Retirement Partners LLC raised its stake in Cannae by 29.6% in the fourth quarter. Global Retirement Partners LLC now owns 5,251 shares of the company’s stock valued at $104,000 after buying an additional 1,198 shares in the last quarter. Institutional investors and hedge funds own 88.12% of the company’s stock.

Cannae Stock Performance

NYSE CNNE opened at $18.51 on Friday. The company has a fifty day moving average of $18.83 and a two-hundred day moving average of $19.46. The company has a market capitalization of $1.16 billion, a PE ratio of -3.85 and a beta of 0.86. Cannae Holdings, Inc. has a 1 year low of $15.99 and a 1 year high of $22.99. The company has a debt-to-equity ratio of 0.10, a current ratio of 2.55 and a quick ratio of 2.55.

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 paid a dividend of $0.12 per share. The ex-dividend date of this dividend is Monday, March 17th. This represents a $0.48 dividend on an annualized basis and a yield of 2.59%. Cannae’s dividend payout ratio is presently -10.17%.

Cannae announced that its Board of Directors has authorized a share buyback plan on Tuesday, March 25th that permits the company to repurchase 10,000,000 shares. This repurchase authorization permits the company to buy shares of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s management believes its shares are undervalued.

Wall Street Analysts Forecast Growth

CNNE has been the subject of several analyst reports. Oppenheimer lowered their price objective on Cannae from $27.00 to $22.00 and set an “outperform” rating for the company in a research report on Friday, March 7th. Royal Bank of Canada dropped their price target on shares of Cannae from $27.00 to $23.00 and set an “outperform” rating on the stock in a research note on Wednesday, February 26th.

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.