Cannae (NYSE:CNNE) Board Initiates Stock Buyback Program

Cannae (NYSE:CNNE) declared that its Board of Directors has initiated a stock repurchase program on Tuesday, March 25th, RTT News reports. The company plans to repurchase 10,000,000 shares. This repurchase authorization permits the company to repurchase shares of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s leadership believes its stock is undervalued.

Cannae Trading Up 3.6 %

CNNE stock opened at $19.43 on Wednesday. Cannae has a 52-week low of $15.99 and a 52-week high of $22.99. The company has a quick ratio of 2.55, a current ratio of 2.55 and a debt-to-equity ratio of 0.10. The firm has a market cap of $1.22 billion, a P/E ratio of -4.04 and a beta of 0.86. The company’s 50-day simple moving average is $18.85 and its 200-day simple moving average is $19.47.

Cannae Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Monday, March 17th will be given a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a dividend yield of 2.47%. The ex-dividend date is Monday, March 17th. Cannae’s dividend payout ratio (DPR) is presently -10.17%.

Analyst Ratings Changes

Several analysts have recently commented on CNNE shares. Oppenheimer dropped their price objective on shares of Cannae from $27.00 to $22.00 and set an “outperform” rating on the stock in a report on Friday, March 7th. Royal Bank of Canada lowered their price target on shares of Cannae from $27.00 to $23.00 and set an “outperform” rating on the stock in a report 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.