Prudential Financial Inc. Reduces Stock Position in Cannae Holdings, Inc. (NYSE:CNNE)

Prudential Financial Inc. decreased its position in Cannae Holdings, Inc. (NYSE:CNNE) by 16.8% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 257,854 shares of the company’s stock after selling 51,958 shares during the quarter. Prudential Financial Inc. owned about 0.41% of Cannae worth $5,121,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. JPMorgan Chase & Co. lifted its stake in shares of Cannae by 10.9% during the third quarter. JPMorgan Chase & Co. now owns 454,688 shares of the company’s stock valued at $8,666,000 after buying an additional 44,691 shares during the period. Barclays PLC raised its holdings in Cannae by 221.9% in the 3rd quarter. Barclays PLC now owns 95,378 shares of the company’s stock valued at $1,818,000 after acquiring an additional 65,749 shares during the last quarter. Spire Wealth Management purchased a new position in shares of Cannae during the 4th quarter worth $45,000. Strategic Financial Concepts LLC purchased a new stake in shares of Cannae in the fourth quarter valued at $281,000. Finally, State Street Corp grew its position in shares of Cannae by 1.6% in the third quarter. State Street Corp now owns 1,605,351 shares of the company’s stock valued at $30,598,000 after purchasing an additional 25,403 shares during the period. 88.12% of the stock is currently owned by hedge funds and other institutional investors.

Cannae Price Performance

Shares of Cannae stock opened at $18.36 on Tuesday. The business’s fifty day moving average price is $18.82 and its 200 day moving average price is $19.46. Cannae Holdings, Inc. has a twelve month low of $15.99 and a twelve month high of $22.99. The company has a current ratio of 2.55, a quick ratio of 2.55 and a debt-to-equity ratio of 0.10. The stock has a market capitalization of $1.15 billion, a P/E ratio of -3.82 and a beta of 0.86.

Cannae declared that its Board of Directors has authorized a share repurchase plan on Tuesday, March 25th that allows the company to buyback 10,000,000 outstanding shares. This buyback authorization allows the company to purchase shares of its stock through open market purchases. Shares buyback plans are usually an indication that the company’s leadership believes its stock is undervalued.

Cannae Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Monday, March 17th were issued a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a dividend yield of 2.62%. The ex-dividend date of this dividend was Monday, March 17th. Cannae’s payout ratio is currently -10.17%.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on the company. Royal Bank of Canada decreased their price target on Cannae from $27.00 to $23.00 and set an “outperform” rating on the stock in a research note on Wednesday, February 26th. Oppenheimer decreased their target price on shares of Cannae from $27.00 to $22.00 and set an “outperform” rating on the stock in a research report on Friday, March 7th.

Cannae 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.