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

Cannae (NYSE:CNNE) announced that its Board of Directors has initiated a stock repurchase plan on Tuesday, March 25th, RTT News reports. The company plans to buyback 10,000,000 outstanding shares. This buyback authorization allows the company to repurchase shares of its stock through open market purchases. Stock buyback plans are often a sign that the company’s management believes its shares are undervalued.

Cannae Stock Performance

CNNE stock opened at $19.05 on Thursday. The firm has a market cap of $1.20 billion, a price-to-earnings ratio of -3.96 and a beta of 0.86. Cannae has a twelve month low of $15.99 and a twelve month 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 business’s fifty day simple moving average is $18.85 and its two-hundred day simple moving average is $19.47.

Cannae Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Monday, March 17th will be issued 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 2.52%. Cannae’s payout ratio is -10.17%.

Analyst Upgrades and Downgrades

Several research analysts have commented on CNNE shares. Royal Bank of Canada dropped their price objective on shares of Cannae from $27.00 to $23.00 and set an “outperform” rating for the company in a research note on Wednesday, February 26th. Oppenheimer reduced their price objective 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 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.