Cannae (NYSE:CNNE) Board of Directors Declares Stock Buyback Program

Cannae (NYSE:CNNE) declared that its board has approved a share repurchase program on Tuesday, March 25th, RTT News reports. The company plans to repurchase 10,000,000 outstanding shares. This repurchase authorization permits the company to buy shares of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s board believes its stock is undervalued.

Analyst Upgrades and Downgrades

Several analysts have commented on CNNE shares. Oppenheimer decreased their target price on shares of 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 reduced 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.

Cannae Stock Up 3.6 %

Shares of NYSE CNNE traded up $0.68 during mid-day trading on Tuesday, reaching $19.43. 1,299,571 shares of the company traded hands, compared to its average volume of 457,581. The company’s fifty day moving average is $18.84 and its two-hundred day moving average is $19.47. The company has a debt-to-equity ratio of 0.10, a quick ratio of 2.55 and a current ratio of 2.55. Cannae has a fifty-two week low of $15.99 and a fifty-two week high of $22.99. The stock has a market cap of $1.22 billion, a PE ratio of -4.04 and a beta of 0.86.

Cannae Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Monday, March 17th will be issued a dividend of $0.12 per share. The ex-dividend date is Monday, March 17th. This represents a $0.48 annualized dividend and a yield of 2.47%. Cannae’s dividend payout ratio (DPR) is presently -10.17%.

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.