Cannae Holdings, Inc. (NYSE:CNNE) Shares Sold by JPMorgan Chase & Co.

JPMorgan Chase & Co. trimmed its position in shares of Cannae Holdings, Inc. (NYSE:CNNE) by 45.0% in the fourth quarter, Holdings Channel.com reports. The firm owned 250,273 shares of the company’s stock after selling 204,415 shares during the period. JPMorgan Chase & Co.’s holdings in Cannae were worth $4,970,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. State Street Corp lifted its stake 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 worth $30,598,000 after acquiring an additional 25,403 shares in the last quarter. MML Investors Services LLC increased its holdings in Cannae by 10.7% during the 3rd quarter. MML Investors Services LLC now owns 38,871 shares of the company’s stock worth $741,000 after purchasing an additional 3,771 shares during the last quarter. Barclays PLC raised its position in shares of 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 purchasing an additional 65,749 shares in the last quarter. Sanctuary Advisors LLC purchased a new position in shares of Cannae during the 3rd quarter valued at approximately $906,000. Finally, Park Avenue Securities LLC grew its position in shares of Cannae by 19.6% during the fourth quarter. Park Avenue Securities LLC now owns 12,312 shares of the company’s stock worth $245,000 after buying an additional 2,014 shares in the last quarter. Hedge funds and other institutional investors own 88.12% of the company’s stock.

Cannae Price Performance

Shares of CNNE opened at $17.33 on Friday. 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 firm has a market cap of $1.09 billion, a price-to-earnings ratio of -3.60 and a beta of 0.89. Cannae Holdings, Inc. has a 52 week low of $15.92 and a 52 week high of $22.36. The stock has a 50 day moving average of $18.11 and a 200-day moving average of $19.25.

Cannae declared that its board has initiated a share buyback program on Tuesday, March 25th that allows the company to repurchase 10,000,000 outstanding shares. This repurchase authorization allows the company to repurchase shares of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s board believes its stock is undervalued.

Cannae Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Monday, March 17th were issued a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a yield of 2.77%. The ex-dividend date of this dividend was Monday, March 17th. Cannae’s dividend payout ratio is presently -10.17%.

Analyst Ratings Changes

Several analysts recently issued reports on the stock. Oppenheimer cut their price target 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 cut their target price 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.

About Cannae

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.